VANCOUVER, BRITISH COLUMBIA, Aug 29, 2011 (MARKETWIRE via COMTEX) — Southern Silver Exploration Corp. (“Southern Silver”) (frankfurt:SEG) announces that it has closed the final tranche of its previously reported non-brokered private placement by issuing 43,534 units at a price of $0.17 per unit for gross proceeds of $7,400.78. 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 $0.22 per share. Together with the first tranche closing on July 20, 2011 and the second tranche closing on August 16, 2011, Southern Silver has raised an aggregate $3,274,785.
Net proceeds from the private placement will be utilized for exploration and property maintenance expenses incurred on the Cerro Las Minitas and Minas de Ameca projects in Mexico and the Oro project in the USA. Securities issued pursuant to this tranche of the private placement, including common shares, share purchase warrants and finder’s warrants issued as finder’s fees, carry a legend restricting trading of the securities until December 30, 2011. The private placement and finder’s fees are subject to regulatory approval.
On behalf of the Board of Directors
Lawrence Page, Q.C., President
Southern Silver Exploration Corp.
