Toronto, Ontario (FSCwire) - Silver Predator Corp. (TSX.V: SPD) (the “Company” or “Silver Predator”) announces that it has reached agreement with Till Capital Ltd. (Nasdaq: TIL; TSX.V: TIL) (“Till”) and its wholly owned subsidiary Resource Re, Ltd. (“Resource Re”) to exchange the remaining balance of $3.97 million in principal and interest due to Resource Re on an original Promissory Note of US $4.5 million for 100% of the shares of Springer Mining Company, a wholly owned subsidiary of Silver Predator, subject to receipt of any required regulatory approvals, including approval of the TSX-V. The principal asset of the Springer Mining Company is the Springer tungsten mine and mill facility located near Winnemucca, NV. Resource Re owns a 64% controlling interest in Silver Predator.
Having extinguished the bulk of its debt, the Company is now focusing on revitalizing exploration activities by refining exploration targets from its current portfolio of projects and actively pursuing new opportunities.
“This transaction will provide a great restart opportunity for Silver Predator, enabling us to focus our future efforts on precious metals properties, which we believe are the most desirable markets for us to pursue at this time,” said Michael Maslowski, CEO of Silver Predator.
“This exchange will benefit Resource Re, both by enhancing the balance sheet of Silver Predator and by enabling us independently to exploit the Springer mine and mill asset to its fullest advantage,” said Dr. Terry Rickard, President of Resource Re and CEO of Till.
Silver Predator Corp.
The Company holds the Taylor silver-gold project in Nevada. The Taylor project hosts a current measured and indicated silver resource estimate of 16.8 million ounces of silver at an average grade of 1.89 ounces per ton and an inferred resource of 3.9 million silver ounces at 2.30 ounces per ton (1), is open to expansion, and is located in a district that has identified the potential for discovery of additional silver and gold deposits. The company also holds additional early stage exploration properties in Nevada and the Silver Valley of Idaho.
