News - LOI with SNSSorry, my first post got somehow screwed up.
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SNS delays upgrading LOIs because of Silver valley
2009-06-18 12:35 ET - News Release
See News Release (C-SNS) SNS Silver Corp
Mr. David Greenway of SNS Silver reports
SNS SILVER (SNS) AND PREMIUM EXPLORATION (PEM) UPDATE
SNS Silver Corp. is continuing to work with Premium Exploration Inc. to jointly develop and explore two central Idaho gold projects: Buffalo Gulch and Friday/Petsite. The letter of intent allows SNS Silver to earn in to a maximum of 50 per cent by advancing financing and paying certain exploration and development costs to help advance Premium Exploration's Friday/Petsite and Buffalo Gulch properties. SNS Silver initially paid Premium Exploration $125,000 on each letter of intent.
The parties have been delayed on the signing of the definitive agreement due to SNS Silver's focus on the Silver valley. The final consideration will include a transfer of SNS Silver stock along with continuing financing as scheduled in the agreements signed for each project.
"I would like to assure all parties that SNS will be focusing on the completion of the agreement following management's court appearance on July 23 regarding the Sunshine mine lease. In the interim, it should be noted that PEM has commenced with an exploration and development program and both companies remain extremely optimistic on the net benefits this will create for our shareholders, the state of Idaho and the mine workers in the district. SNS is focused and committed to development and production as we continue to advance the company toward a positive cash flow position," stated president David Greenway.