FMEC Won’t Proceed with Option on Southern Silver’s Cerro Las Minitas

Southern Silver Exploration Corp. (TSXV:SSV) released the details of a capital consolidation of the company, also noting that Freeport-McMoRan Exploration Corp. (FMEC) has decided not to proceed with its option to earn an initial 51-percent interest in the Cerro Las Minitas project.

As quoted in the press release:

The board of directors has approved a capital consolidation of the Company’s issued and outstanding common shares on a one new share for ten old shares basis.  The consolidation, which is subject to acceptance by the TSX Venture Exchange, is expected to take effect next week. Southern Silver’s shares will then trade on a consolidated basis under the symbol “SSV” (with new CUSIP number 843814203). There are currently 170,479,059 common shares issued and outstanding and, upon completion of the consolidation, there will be 17,047,436 common shares issued and outstanding.

Lawrence Page, president of Southern Silver, commented:

We thank FMEC for its efforts in advancing the CLM project on an accelerated basis. Through the expenditure of money, Freeport has greatly assisted our Company in the acquisition of this property with significant mineral endowments and, as well, through the utilization of science and experience in the exploration of the property, it has enhanced the Project’s potential for silver, lead and zinc metals. A good portion of the exploration endeavors of FMEC was directed to discover at depth potential copper and gold mineralization. Although this objective was not accomplished, data developed through FMEC’s efforts has assisted our Company in planning its continued exploration and development of the Ag-Pb-Zn resources on the project.

Click here to read the full Southern Silver Exploration Corp. (TSXV:SSV) press release.