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Wildcat Silver Corporation (TSX-V: WS) ("Wildcat��� or "the Company���) announces that it has closed the $13 million
private placement of 10 million common shares at a price of $1.30 per share
with Silver Wheaton Corp. ("Silver Wheaton").
As part of the agreement, Silver Wheaton has a right
of first refusal over any silver stream or royalty financing that Wildcat may
choose to sell from its Hermosa project located in Arizona.
Proceeds from the private placement will be used for
general working capital purposes.
As required under securities regulations, the common
shares issued through this transaction are subject to a hold period expiring
August 28, 2011.
About Wildcat
Wildcat is a Canadian mineral exploration company
focused on development of Hermosa, its 80% owned silver project located in
Santa Cruz County, Arizona. The project currently has an indicated mineral
resource of 6.0 million tonnes averaging 187.8
grams per tonne silver for a total of 36 million
ounces of silver in addition to an inferred mineral resource of 46.3 million tonnes averaging 58.6 grams per tonne
silver for a total of 85 million ounces of silver. The Company has completed
an updated preliminary economic assessment which contemplates an 18 year mine
life with expected annual production in excess of 6 million ounces of silver
for the first full six years of production.
Wildcat trades on the TSX Venture Exchange under the
symbol WS.
For additional information please visit www.wildcatsilver.com or contact:
Letitia Cornacchia, Vice
President, Investor Relations and Corporate Communications
Telephone: +1 416 860 6310
Email: lcornacchia@wildcatsilver.com
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this
release.
FORWARD LOOKING STATEMENTS
The statements that are not historical facts are
forward-looking statements involving known and unknown risks and
uncertainties that could cause actual results to vary materially from
targeted results. Such risks and uncertainties include those described from
time to time in Wildcat's latest annual report and management discussion and
analysis. Wildcat assumes no obligation to publicly update any
forward-looking statements, whether as a result of new information, future
events or otherwise.
CAUTIONARY NOTE CONCERNING INFERRED MINERAL
RESOURCES
A preliminary economic assessment is preliminary in
nature and includes inferred mineral resources. Inferred mineral resources
have a great amount of uncertainty as to their existence and as to their
economic and legal feasibility. It cannot be assumed that an inferred mineral
resource will have the economic consideration applied that would enable it to
be categorized in the mineral reserve category, and there is no certainty
that the preliminary assessment will be realized.
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