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Southern Silver Exploration Corp. (TSXV:SSV) issued six million shares to Radius Gold Inc. to pay for a debt of $300,000 owed by Southern Silver to Radius pursuant to a loan agreement dated November 13, 2014 in the amount of $800,000. Southern Silver has already paid the balance of $500,000, plus accrued interest in cash and has accordingly satisfied the loan agreement in advance of its due date. Southern Silver also announced the appointments of Larry Buchanan and Peter Cheesbrough as Directors of the Company.
“Conversion of $300,000 of the debt by Radius results in its holding approximately 13% of the currently issued shares of the Company,” said President, Lawrence Page Q.C. “We welcome Radius as a significant shareholder of our Company due to the depth of experience of its principals in the mineral exploration sector. This transaction, coupled with the recent acquisition by Electrum Global Holdings L.P. (“Electrum”) of an approximate 35% shareholding provides the Company with two major shareholders and helps underpin the Company’s efforts toward the exploration and development of the Cerro Las Minitas project. The addition of Dr. Buchanan and Mr. Cheesbrough to our Board of Directors with extensive experience in the mineral resource industry from discovery to production will greatly assist our geology team as it continues to develop the Cerro Las Minitas project in Mexico and the Oro project in New Mexico.”
Project geologists from the Company will meet with geological representatives from Electrum at the property next week for an extensive review of results from the most recent drilling on the property conducted by the Company and Freeport‐McMoRan Exploration Corporation totalling 7,598 metres and to develop a schedule and plan for continuing exploration on the project. Priorities for future exploration include off‐set drilling of known mineralization on the Blind and El Sol zones and on district‐scale evaluation for new discoveries within the larger, 13,700 ha property located 70 kilometres northeast of Durango, Durango State, Mexico.
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