TORONTO, ONTARIO--(Marketwired - July 9, 2014) -
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Silvermet Inc. ("Silvermet" or the "Company") (TSX VENTURE:SYI) is pleased to provide an update on its expansion plans. The Board of Directors of the Company have decided to upgrade the existing Iskenderun plant as a first and less expensive step prior to starting construction of the new processing facility in Adana, Turkey.
Detailed engineering and permitting related to the expansion is ongoing, with commissioning anticipated during the second half of 2015. The expansion will increase electric arc furnace dust ("EAFD") recycling capacity from the current 60,000 metric tonnes per annum to 110,000 metric tonnes per annum, which will allow for a significant increase in zinc concentrate production to over 50,000,000 pounds of contained zinc per annum.
Silvermet also announced today the grant of 5,400,000 stock options at $0.10 per share to the Board, management and consultants. This grant includes the replacement of 3,900,000 options that expired in March, 2014.
About Silvermet:
Silvermet's principal business activity is the development of the electric arc furnace dust ("EAFD") recycling business in Turkey to recover zinc in concentrate, which is sold to smelters, primarily in the European market. The Company owns 49% of a joint venture, Befesa Silvermet Turkey S.L. ("BST"), which operates a Waelz kiln facility located in Iskenderun, Turkey.
"Neither the 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."
Caution concerning forward-looking statements: The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, political instability, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events except as may be required under applicable securities laws.