🕐12.09.11 - 19:54 Uhr
IMPACT SILVER CORP. REVISES ZACATECAS OPTION TO DEFIANCE SILVER CORP.
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Re: News Release - Monday, September 12, 2011
IMPACT Silver Corp.
Revises Zacatecas Option to Defiance Silver
Corp.
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IMPACT Silver Corp.
("IMPACT") announces that it has revised its
agreement with Defiance Silver Corp.
("Defiance") (TSX.V: DEF) to
option its Veta Grande Project assets in Zacatecas, Mexico to Defiance.
As announced on August 25, 2011 the option agreement consists of two
staged payments of Defiance shares to IMPACT in order for Defiance to
exercise the option (see IMPACT news release dated August 25, 2011).
The terms are now amended such that the first payment will be 1,787,000
shares, and the second payment upon the earlier of two years or
achieving commercial production at the mill will be paid in cash
($1,955,200).
Commercial production is defined as production of 160
tonnes in a 30 consecutive day period.
During the term of the option,
Defiance will be the operator responsible for carrying out work
programs and maintaining the assets in good standing under terms of an
operating licence with IMPACT.
This includes an existing operating
permit for the processing plant that requires a schedule of upgrades to
be completed to keep it current.
Under the option agreement, Defiance
shall complete a financing for a minimum of $1,500,000 prior to
exercising the option and IMPACT shall have the right to have a
representative appointed to the board of Defiance during the term of
the option agreement.
The Zacatecas Veta Grande Project assets include the 200 tonne per day
Santa Gabriela processing plant, surface rights, ten mineral
concessions owned 100% by IMPACT and three mineral concessions owned
27% by IMPACT but subject to a right of first refusal for acquisition
by joint venture partner Silver Sun Resource Corp.
IMPACT management believes that this amended option agreement is in the
best interest of its shareholders, and will allow the Company to focus
its resources on expanding its flagship mining operations at the Royal
Mines of Zacualpan Silver District and, in the immediate future, the
Capire Mine Development Project scheduled for production in late 2011
as well as developing other projects and opportunities.
IMPACT Silver Corp.
is a profitable silver-focused mining and
exploration company operating in Mexico with a producing silver
operation at the 423-square-kilometer Royal Mines of Zacualpan
District, the adjacent 200-square-kilometer Mamatla Mineral District
which includes the Capire Mine Development Project and a portfolio of
projects with an operational processing plant at Zacatecas under option
to Defiance Silver Corp.
Additional information including details of
the Zacatecas assets can be found on the company website at
www.IMPACTSilver.com.
On behalf of the Directors of IMPACT Silver Corp.,
"Frederick W.
Davidson"
President and CEO
For further information, please contact:
Sunny Pannu, Investor Relations
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This IMPACT News Release may contain certain "forward-looking"
statements and information relating to IMPACT that are based on the
beliefs of IMPACT management, as well as assumptions made by and
information currently available to IMPACT management.
Such statements
reflect the current risks, uncertainties and assumptions related to
certain factors including but not limited to, without limitations,
exploration and development risks, expenditure and financing
requirements, title matters, operating hazards, metal prices, political
and economic factors, competitive factors, general economic conditions,
relationships with vendors and strategic partners, governmental
regulation and supervision, seasonality, technological change, industry
practices, and one-time events.
Should any one or more risks or
uncertainties materialize or change, or should any underlying
assumptions prove incorrect, actual results and forward-looking
statements may vary materially from those described herein.
IMPACT does
not assume the obligation to update any forward-looking statement.
Associated File:
http://www.impactsilver.com/i/pdf/2011-09-12_NR.pdf
212 KB in size, approx.
40 seconds to download at 56.6Kbps
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Copyright (c) 2011 IMPACT SILVER CORP.
(IPT) All rights reserved.
For
more information visit our website at http://www.impactsilver.com/ or
send mailto:
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