South American Silver appoints Fitch as president, CEO
South American Silver Corp (C:SAC)
Monday December 02 2013 - News Release
Mr. Ralph Fitch reports
SOUTH AMERICAN SILVER ANNOUNCES APPOINTMENT OF NEW PRESIDENT AND CEO
South American Silver Corp.'s Ralph Fitch has been reappointed to the position of president and chief executive officer. Mr. Fitch, who is currently Executive Chairman, is the founder of the Company. He takes over the role from Phillip Brodie-Hall who has served as Interim President and CEO since August 2012. Mr. Brodie-Hall had previously served as Chief Operating Officer of the Company, having been appointed to that position in November 2011, following his appointment as Vice President, Project Development in August of 2010. Mr. Brodie-Hall will return to Australia to pursue other business interests. He will continue to provide services to the Company on an as needed basis as a consultant going forward.
On taking up his new appointment, Mr. Fitch said, "Mr. Brodie-Hall came into the role of President and CEO in the immediate aftermath of the Malku Khota expropriation in Bolivia. He has done an excellent job in the role and has led the company very capably through a difficult transitional phase. The Company is well-positioned to extract full value from Malku Khota through its strong, third-party funded arbitration claim against Bolivia and is now very lean and refocused on creating additional shareholder value through exploration and development of its key projects. We are very fortunate to have had the services of Mr. Brodie-Hall and are sorry to see him go. The board and management appreciate his efforts and wish him every success in his future endeavours."
Mr. Fitch went on to say, "The Company looks forward to the meeting of its Shareholders to be held on December 9, to approve the Plan of Arrangement which includes the acquisition of High Desert Gold Corporation ("HDGC"). It is noteworthy that the share prices of both SASC and HDGC have doubled since the announcement of the transaction. I believe this shows that shareholders understand the significant additional value that has been added to the Company by putting the near- term, near surface, likely heap leachable Gold Springs gold-silver deposit, located in the safe and mining friendly jurisdictions within Nevada and Utah, together with the right team and funding. From discussions with shareholders, it is clearly also important that the Plan of Arrangement splits the outstanding shares of SASC into two classes of shares. This allows shareholders who wish to invest in the outcome of the Malku Khota arbitration to purchase the SAC.B shares (Class B) and those who want to focus on the outcome of continuing exploration and development of both the Gold Springs project and the longer term Escalones porphyry copper-gold project in Chile can hold the SAC common shares (Class A)".
The TSX has conditionally approved the Arrangement including the listing of the Class B Shares to be issued thereunder.
If you are a Registered Shareholder of SASC Common Shares please exercise your right to vote by signing and returning form of proxy, that you will have received by mail, not later than 5:00 p.m. (Toronto time) on Thursday December 5th, 2013. If you are a Beneficial Owner of SASC Common Shares registered in the name of a broker, custodian, nominee or other intermediary, you should have received materials from your broker, custodian, nominee or other intermediary with instructions on how to vote your shares. If you have not yet received materials related to the meeting from your intermediary, please follow up with them in order to vote your SASC Common Shares before the deadline of 5:00 p.m. (Toronto time) on Thursday December 5th, 2013.
For further information, including voting procedures, Registered Shareholders and Beneficial Owners of SASC Common Shares are invited to refer to the Management Information Circular with respect to the Plan of Arrangement dated November 7, 2013 available at www.soamsilver.com and on SEDAR at www.sedar.com.
Outlook
The immediate priorities of the Company for 2013 remain to (i) diligently manage and preserve the Company's cash resources; (ii) complete the acquisition of HDG; (iii) recover fair market value for the Malku Khota project by pursuing international arbitration proceedings against Bolivia at the same time remaining open to a negotiated settlement; and (iv) evaluate the potential of joint venturing future stages of Escalones.
We seek Safe Harbor.
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South American Silver Corp.
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EXPLORATION STAGE |
CODE : SAC.TO |
ISIN : CA8363071082 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
South American Silver is a silver exploration company based in Canada. Its main exploration properties are ESCALONES in Chile and MALKU KHOTA in Bolivia. South American Silver is listed in Canada. Its market capitalisation is CA$ 61.7 millions as of today (US$ 47.0 millions, € 41.7 millions). Its stock quote reached its lowest recent point on November 21, 2008 at CA$ 0.10, and its highest recent level on April 15, 2011 at CA$ 3.35. South American Silver has 251 990 000 shares outstanding. |