Silver Range Resources Ltd V.SNG

Alternate Symbol(s): SLRRF

Metals & Mining Industrial Metals & Minerals

Silver Range Resources Ltd. is a Canada-based precious metals prospect generator with projects in the Southwest United States and Northern Canada. The Company's work is focused on the Southwest United States. It has assembled a portfolio of over 38 properties, of which 10 are under option to others. Five other projects have been converted to royalty interests. Its mineral property interests include various mineral properties located in the Yukon Territory, Northwest Territories, and Nunavut in Canada and in Nevada and Arizona, United States. Its active property transactions include Silver Range Project, South Kitikmeot Gold Project and Bellehelen Project. Its featured projects in Nevada include Shamrock, Cambridge Mine, Tonto del Pueblo and Sand Springs. It has retained interests in mineral properties acquired by third parties, which include Yuge Property, Cabin Lake Property, Michelle Property, Tom Property and South Weepah Property. It has a 25% interest in East Gold Point property.

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Silver Range Resources Ltd

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Comment by kelsat01on Mar 25, 2009 4:33pm

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Post# 15870653

RE: Default not Likely

According to SNG CEO affidavit (para 20) - he believes if Challenger does not come up with the money the 25% will revert to SNG.

I assume if SNG sells their 25 of 45% and assumes Challenger's 25%, then they effectively retain 45% and thus BG has no right of first refusal or any other beefs pertaining to ownership change.

It appears that an unsolicited bid of at least $110MM has come forward for the western assests. Also several letters of intent from large companies to bid on block 5C (well in excess of CWB's loan) and Palo Alto may have some financing options. Either way it appears they have several options to cover CWB's loan and thus SNG should be able to emerge from CCAA with plenty of equity

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