South
American Silver Files Second Quarter 2012
Financial Statements and MD&A
-South American Silver Corp. (TSX: SAC, US OTC: SOHAF) reports the release of its unaudited
condensed interim consolidated financial statements for the three and six
months ended June 30, 2012 and the related management's discussion and analysis
of financial position and results of operations ("MD&A"). In this press release, all amounts are expressed in U.S.
dollars.
As at June 30, 2012, the Company had working capital
of $31.8 million, including cash and cash equivalents of $32.3 million. With
these funds in place, the Company is in a strong financial position to expand
activities at its Escalones project, to pursue
compensation for the fair market value of the Malku Khota project, and to pursue other corporate initiatives.
In Chile, the Company
will expand activities at the Escalones copper-gold
project. Interpretation of the H1-2012 drill program will be announced once
available. Planning is underway for the restart of drilling in November and
additional metallurgical testing.
In Bolivia, the Company
is aggressively pursuing all options to maximize the value from the Malku Khota project and intends
to pursue compensation for the fair market value of the project through
international arbitration.
The Company has several
essential components that position it well for the future including experienced
leadership, a strong balance sheet and proprietary
acid chloride leach technology that gives it a competitive advantage for
developing bulk mineable deposits that contain both precious and base metals as
well as indium and gallium. The Company has the opportunity in the period ahead
to also look at other projects in a market that is very challenging for many
companies to raise capital.
Copies of the unaudited financial statements and
related MD&A can be found on SEDAR at www.sedar.com and on the Company's
website at www.soamsilver.com.
About
South American Silver Corp.
South American Silver
Corp. is a growth focused mineral exploration company creating value through
the exploration and development of the large scale Escalones
copper-gold project in Chile and the realization of value from the Malku Khota project in Bolivia.
The Company's approach to business combines the team's track record of
discovery and advancement of large projects, key operational and process
expertise, and a focus on community relations and sustainable development.
Management has extensive experience in the global exploration and mining
industry. The Company's shares are listed on
the Toronto Stock Exchange under the symbol "SAC" and on the US OTC
market as "SOHAF". Additional information related to South
American Silver Corp. is available at www.soamsilver.com and on SEDAR at www.sedar.com