|  Posted: Wed Jan 05, 2011 8:32 pm Post subject: |  | |
| Kind of a back door approach on the Yale topic. It might have some merit for Yale shareholders though. Silver Sun reached a decision to begin production or at least begin negotiations for milling of stockpiles. If I recall correctly SSU stills owes Yale about 200,000 shares. This could result in a windfall for YLL and have caused the recent spike.
we will await word from our sponsor
thanks to all
jim
Silver Sun Provides Corporate Update on Zacatecas Properties and Proceeds from Exercise of Warrants
Vancouver, British Columbia (January 4, 2011) -- Silver Sun Resource Corp. ("Silver Sun" or "the Company") is pleased to announce that the Company's board has determined to proceed with the production of the stockpiles within the Zacatecas concessions located in the Zacatecas District in north-central Mexico. Further, the Company has access to additional mineralized stockpiles in the immediate area of which the company has previously trenched, sampled and surveyed. The Company's Zacatecas project is jointly owned with IMPACT Silver (TSX-V: IPT) with the Company holding a 73% interest in the project. A copy of the Company's NI 43-101 technical report on the Zacatecas properties dated August 21, 2008 is available at www.sedar.com.
Further to the Company's news release of October 4, 2010 and as disclosed in the Company's management discussion and analysis for three months ended October 31, 2010, the Company has received the mining and reclamation permits required from the Mexican government in order to put the property into production. The Company's ability to commence production is subject to a number of conditions including reaching agreements with mill owners to process material from the Company's stockpiles. There is no assurance that the Company will commence production on the Zacatecas properties or that such production will produce economically feasible results.
The Company is currently negotiating with local mill owners regarding the opportunity to produce through their mills. There is no assurance that the Company will reach an agreement on commercially acceptable terms with the local mill owners as planned or at all.
Exercise of Warrants
As a corporate update, the Company is pleased to announce that it has received gross proceeds of $1,220,738.40 from the exercise of 12,207,384 warrants at a price of
.10 per warrant into common stock of the Company from prior private placements. The Company intends to use its cash on hand to continue with their exploration/exploitation activities on their Mexican projects.
About Silver Sun Resource Corp.
Silver Sun is a Canadian-based resource company focused on the acquisition and exploration of silver deposits in Mexico. The Company is engaged in an on-going work program on the Zacatecas, Salvador and Mina San Jose properties, located within the prolific Zacatecas Silver District in Mexico as well as its newly acquired Yoreme silver project in the mining District of Alamos, state of Sonora, Mexico. The Company has an experienced management team with a growth strategy to develop a diversified portfolio of mining projects that can be taken to production in the near term.
ON BEHALF OF THE BOARD OF DIRECTORS
"Mark A. McLeary"
President
Forward Looking Statements
The reader is cautioned that the potential quantity and grade of the regional exploration target is conceptual in nature; it is uncertain if further exploration will result in the exploration target being delineated as a mineral resource and there is no guarantee that these resources, if delineated, will be economic or sufficient to support a commercial mining operation. The Company's production objectives are intended to provide an indication of management's current expectations and are still conceptual in nature. It is uncertain that it will be established that these resources will be converted into economically viable mining reserves. Until a feasibility study has been completed, there is no certainty that these objectives will be met.
This release contains forward-looking statements including management's assessments of future plans and operations, and expectations of future production. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to, the risks associated with the mining and exploration industry (e.g. operational risks in development, exploration and production; delays in obtaining any governmental approvals required for production of the Company's mineral properties, inability to obtain access to mills or reach an agreement on commercially acceptable terms for processing of mineralized material from the Company's Mexican mining projects, delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production and the uncertainty of the availability of capital). The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
You can view the Previous News Releases item: Tue Dec 14, 2010, Silver Sun Begins Work Program at Yoreme
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