Silver Sun to Acquire Majority Interest in Cherry Hill Mining Company
(firmenpresse) - Silver Sun to Acquire Majority Interest in Cherry Hill Mining Company
Vancouver, British Columbia–(March 3, 2011) – Silver Sun Resource Corp. (TSXV:SSU) (TSX-V: SSU)(“Silver Sun” or “the Company”) is pleased to announce it has signed a binding letter of intent with Cherry Hill Mining Company, Inc. (“Cherry Hill”) to acquire a fifty one percent (51%) undivided interest in the Cherry Hill Mine (the “Property”). The Cherry Hill Mine is fully permitted and consists of a high grade underground quartz lode mine that is located on a claim block consisting of six unpatented mining claims. The Cherry Hill purchase includes one mill site claim including a 750 ton per month gravity circuit mill with all machinery and equipment.
The Property is approximately 125 acres located in the Klamath National Forest in Siskiyou County, California, approximately 8 miles from Yreka. Cherry Hill has completed a substantial amount of development work in the mine. Gold was recovered by gravity with the sulphide concentrates sent to Nevada for processing. In January 2009, Cherry Hill contracted Robert L. Hill, CA Reg. Geologist #3386, to provide an assessment report on the property. His report stated historical production data from the California State Mining Bureau in Jan. 1925, “continuous production along veins with repeated ore grades of 1 ounce gold per ton” (32g/t Au). Further, historical production results from the California Journal of Mines and Geology stated recoveries from the Property at 2.4 ounces gold per ton (76.80 g/t Au).
“We are very excited about closing the Cherry Hill acquisition”, stated Company President, Mark McLeary. “The potential for near-term production should bring immediate value to the growth of Silver Sun. Coupled with our continued commitment to put our Zacatecas, Mexico stockpiles into production, the Company may have two of its three projects close to production in the near-term”.
In consideration of the acquisition of a 51% interest in the Property, the Company agreed to pay US$555,000 to Cherry Hill. The Company made a non-refundable deposit of US$10,000 to Cherry Hill to be credited against the purchase price at closing. Closing of the transaction is subject to a number of conditions including: the parties’ entry into a definitive agreement on customary terms on or before March 15th, 2011; the satisfactory completion of the parties’ due diligence investigations; and obtaining all applicable regulatory, corporate approvals and consents including the approval of the TSX Venture Exchange. There are no finder fees payable in connection with the proposed transaction.
About Silver Sun Resource Corp.
Silver Sun Resource Corp. is a Canadian-based resource company focused on the acquisition, exploration and development of precious metal deposits in North America. The Company is engaged in an on-going work programme 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, Sonora State, 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. The company’s design is to add shareholder value through efficient exploration, strategic acquisitions and effective marketing while maintaining a low risk profile through project diversification and sound financial (OTCBB:SNFL) management.
Ian Foreman, P.Geo, is the Company’s Qualified Person as defined by National Instrument 43-101, and is responsible for monitoring the supervision and quality control of Silver Sun’s exploration programs and has not verified the historical data contained herein.
ON BEHALF OF THE BOARD OF DIRECTORS
“Mark A. McLeary”
President
Forward Looking Statements
The data included in the report of Robert L. Hill CA Reg. Geologist #3386 with respect to the Property is historical in nature. The Company is not treating the data as National Instrument defined resources or reserves verified by a Qualified Person, and the historical estimate should not be relied upon. 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 risk that the conditions to complete the acquisition of the Property are not met including satisfactory completion of the Company’s due diligence and any inability to obtain any applicable regulatory or corporate consents or approvals for the proposed acquisition, the risks associated with the mining and exploration industry including 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 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.
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.
For more information, please contact:
Mark A. Mcleary
President
Silver Sun Resource Corp.
Telephone: (604) 678-2531
Leseranfragen:
Silver Sun Resource Corporation
400 - 409 Granville Street
Vancouver, BC, V6C 1T2
Kanada
Mark McLeary, Investor Relations
Tel: +1 604.678-2531 DW 226
E-Mail: mark(at)silversunresource.com
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Datum: 04.03.2011 - 12:53 Uhr
Sprache: Deutsch
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