South American Silver Reports Q2 of 2013 Financial Statements and MD&A

South American Silver Corp. (TSX:SAC,OTCQX:SOHAF) announced its unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2013 and the related management’s discussion and analysis of financial position and results of operations. Highlights include a working capital of $14.2 million including cash and cash equivalents of $14.6 million as of June 30, 2013, and ownership of an 18.5% equity interest in High Desert Gold Corporation.

As quoted in the press release:

As at June 30, 2013, the Company had a working capital of $14.2 million including cash and cash equivalents of $14.6 million. As at the date of this news release the Company also owns an 18.5% equity interest in High Desert Gold Corporation (TSX VENTURE:HDG)(OTCQX:HDGCF) which had a quoted value as at June 30, 2013 of Cdn. $1.5 million.
At the Escalones copper-gold project in Chile, drilling for the season that started in November 2012 ended on May 2, 2013 with a total of 9,070 metres of drilling completed. On June 28, 2013, the Company announced an updated NI 43-101-qualified resource estimate for Escalones showing a significant increase in copper, molybdenum and gold resources from the previous estimate as well as a category upgrade of approximately a third of the resource to Indicated from Inferred (See News Release 13-13 dated June 28, 2013). The total exploration costs for the season amounted to $7.6 million of which $6.3 million were incurred during the first half of 2013. Effective June 27, 2013 the Company extended for 5 years the terms of its Option Agreement to acquire the remaining portion of the Escalones property, resulting in a $2.4 million cash savings for the Company in the current year.

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