Southern Silver Exploration Corp. announces that it has closed the first tranche of its previously reported non-brokered private placement by issuing 6,417,000 units at a price of $0.15 per unit for gross proceeds of $962,550. Each unit consists of one common share and one share purchase warrant exercisable to purchase one additional common share for a period of two years at an exercise price of $0.20 per share.
VANCOUVER, British Columbia, Dec. 6, 2011 /PRNewswire/ — Silver Bull Resources, Inc. (AMEX: SVBL, TSX: SVB) (“Silver Bull”) is pleased to announce that it has received commitments from various investors for the sale of 6,000,000 shares of common stock at a price of $US 0.50 per share (“the Offering) resulting in gross proceeds of $US 3,000,000. These commitments are in addition to the commitments received from various investors for the sale of 15,050,000 shares of common stock at a price of $US 0.50 per share, resulting in gross proceeds of $US 7,525,000 as described in the Silver Bull news release dated December 2, 2011.
Mercator Minerals Ltd. is pleased to announce that it has closed its previously announced private placement of 11,428,572 units to raise gross proceeds of C$20 million. Each Unit was comprised of one common share and one-quarter of one common share purchase warrant. Each Warrant entitles the holder to purchase one additional Common Share of the Company at a price of C$2.50 per share until December 2, 2014. A finders fee of C$0.54 million was paid in connection with the financing.
Canasil Resources Inc. is pleased to report that MAG Silver Corp. has started the planned diamond drill program at the La Esperanza silver-lead-zinc project in Durango and Zacatecas States, Mexico. The drill program is planned for up to 5,000 metres in 16 drill holes to test two of the veins in the project area, including extensions of the La Esperanza vein previously drill tested by Canasil with encouraging results. MAG is earning a 60% interest in the property from Canasil under an option agreement dated August 19, 2010. Expenditures on the project reported by MAG up to September 30, 2011, were $831,681.
Great Panther Silver Ltd. is pleased to provide an update on a further 12 surface diamond drill holes from the ongoing program at the Company’s wholly-owned San Ignacio Project in Guanajuato, Mexico. Drill-holes ESI11-039 to ESI11-050, inclusive, were drilled from section 450N to section 700N, confirming vein continuity with mineralized vein widths of up to nine metres, and in-filling the Intermediate zone extension to the south, and defining the Nombre de Dios zone. Assays from drill core continue to demonstrate higher gold:silver ratios than at the main Guanajuato Mine.
Geologix Explorations Inc. is pleased to announce additional assay results from the Company’s resource expansion and infill drilling program completed at its 100% owned Tepal gold-copper project in the state of Michoacán, Mexico.
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