(TheNewswire)
Toronto – TheNewswire - April 13, 2023: AbraSilver Resource Corp. (TSXV:ABRA; ( OTC:ABBRF) ("AbraSilver" or the “Company”) is pleased to announce it has filed itsaudited annual consolidated financial statements for the years endedDecember 31, 2022 and December 31, 2021 (the “ 2022 FS ”), relatedmanagement’s discussion and analysis (the “ 2022 MD&A ”) andannual information form of the year ended December 31, 2022 (andtogether with the 2022 FS and 2022 MD&A, the “ Annual Filings ”).Copies of the Annual Filings can be accessed on the Company’s SEDARpage at www.sedar.com .
In connection with the Ontario SecuritiesCommission’s (the “ OSC ”) review of the Company’s preliminarybase shelf prospectus filing, the OSC staff requested certaincorrective disclosures be made by the Company in the Annual Filings.In particular, during the year ended December31, 2022, the Company has made certaincorrective disclosures in accounting for the consideration payable under the secondamended and restated share purchase agreement among SSR Mining Inc.,Huayra Minerals Corporation, AbraSilver and Fitzcarraldo Ventures Inc.dated as of March 21, 2017, as amended on December 31, 2017, and asfurther amended on September 11, 2019 (the “ Diablillos SPA ”) which previously resulted in anunderstatement of mineral property interests, considerationpayable, accumulated deficit and accumulatedother comprehensive loss as at January 1, 2021, and December 31, 2021.The Company previously disclosed the unpaidremaining consideration of US$7,000,000 as a commitment. TheCompany has now remediedthis by recognizing the remaining considerationpayable as at January 1, 2021 of US$7,000,000, discounted at 15% discount rate per annum, with an estimatedpayment date of July 31, 2025. The Company has also recognized a corresponding addition to mineral propertyinterests since the date of the Diablillos SPA, considering thehyperinflation impact in the Company’s subsidiary. Theconsideration payable has been accreted.
As a result of the filing of this corrective disclosurethe Company will be placed on the public list of Refiling and Errorsin accordance with OSC Staff Notice 51-711 (Revised) Refilings andCorrections of Errors.
About AbraSilver
AbraSilver is an advanced-stage exploration companyfocused on rapidly advancing its 100%-owned Diablillos silver-goldproject in the mining-friendly Salta province of Argentina. Thecurrent Measured and Indicated Mineral Resource estimate forDiablillos consists of 51.3 Mt grading 66g/t Ag and 0.79g/t Au,containing approximately 109Moz silver and 1.3Moz gold, withsignificant further upside potential based on recent explorationdrilling. The Company is led by an experienced management team and haslong-term supportive shareholders including Mr. Eric Sprott. Inaddition, AbraSilver owns a portfolio of earlier-stage copper-goldprojects including the La Coipita copper-gold project in the San Juanprovince of Argentina. AbraSilver is listed on the TSX-V under thesymbol “ABRA” and in the U.S. under the symbol “ABBRF”.
For further information please visit the AbraSilverResource website at www.abrasilver.com , our LinkedInpage at , andfollow us on Twitter at
Alternatively please contact:
John Miniotis, President and CEO
Tel: +1 416-306-8334
Cautionary Statements
This news release includes certain"forward-looking statements" under applicable Canadiansecurities legislation. Forward-looking statements are necessarilybased upon a number of estimates and assumptions that, whileconsidered reasonable, are subject to known and unknown risks,uncertainties, and other factors which may cause the actual resultsand future events to differ materially from those expressed or impliedby such forward-looking statements. All statements that address futureplans, activities, events or developments that the Company believes,expects or anticipates will or may occur are forward-lookinginformation. There can be no assurance that such statements will proveto be accurate, as actual results and future events could differmaterially from those anticipated in such statements. Accordingly,readers should not place undue reliance on forward-looking statements.When considering this forward-looking information, readers should keepin mind the risk factors and other cautionarystatements in the Company’s disclosure documents filed with theapplicable Canadian securities regulatory authorities on SEDAR at www.sedar.com . The risk factorsand other factors noted in the disclosure documents could cause actualevents or results to differ materially from those described in anyforward-looking information. The Company disclaims any intention orobligation to update or revise any forward-looking statements, whetheras a result of new information, future events or otherwise, except asrequired by law.
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this news release
Copyright (c) 2023 TheNewswire - All rights reserved.