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IMPACT Silver Corp.
Revises Zacatecas Option to Defiance Silver Corp.
IMPACT Silver Corp. ("IMPACT") announces that it has revised its
agreement with Defiance Silver Corp. ("Defiance") (TSX.V: DEF) to
option its Veta Grande Project assets in
Zacatecas, Mexico to Defiance.
As announced on August 25, 2011 the option agreement consists of two staged
payments of Defiance shares to IMPACT in order for Defiance to exercise the
option (see IMPACT news release dated August 25, 2011). The terms are now
amended such that the first payment will be 1,787,000 shares, and the
second payment upon the earlier of two years or achieving commercial
production at the mill will be paid in cash ($1,955,200). Commercial
production is defined as production of 160 tonnes
in a 30 consecutive day period. During the term of the option, Defiance
will be the operator responsible for carrying out work programs and
maintaining the assets in good standing under terms of an operating licence with IMPACT. This includes an existing
operating permit for the processing plant that requires a schedule of
upgrades to be completed to keep it current. Under the option agreement,
Defiance shall complete a financing for a minimum of $1,500,000 prior to
exercising the option and IMPACT shall have the right to have a
representative appointed to the board of Defiance during the term of the
option agreement.
The Zacatecas Veta Grande Project assets include
the 200 tonne per day Santa Gabriela processing
plant, surface rights, ten mineral concessions
owned 100% by IMPACT and three mineral concessions owned 27% by IMPACT but
subject to a right of first refusal for acquisition by joint venture
partner Silver Sun Resource Corp.
IMPACT management believes that this amended option agreement is in the
best interest of its shareholders, and will allow the Company to focus its
resources on expanding its flagship mining operations at the Royal Mines of
Zacualpan Silver District and, in the immediate
future, the Capire Mine Development Project
scheduled for production in late 2011 as well as developing other projects
and opportunities.
IMPACT Silver Corp. is a profitable silver-focused mining and exploration
company operating in Mexico with a producing silver operation at the
423-square-kilometer Royal Mines of Zacualpan
District, the adjacent 200-square-kilometer Mamatla
Mineral District which includes the Capire Mine
Development Project and a portfolio of projects with an operational
processing plant at Zacatecas under option to Defiance Silver Corp.
Additional information including details of the Zacatecas assets can be
found on the company website at www.IMPACTSilver.com.
On behalf of the Directors of IMPACT Silver Corp.,
"Frederick W.
Davidson"
President and CEO
For further information, please contact:
Sunny Pannu, Investor Relations
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
This IMPACT News Release may contain certain "forward-looking"
statements and information relating to IMPACT that are
based on the beliefs of IMPACT management, as well as assumptions made by
and information currently available to IMPACT management. Such statements
reflect the current risks, uncertainties and assumptions related to certain
factors including but not limited to, without limitations, exploration and
development risks, expenditure and financing requirements, title matters,
operating hazards, metal prices, political and economic factors,
competitive factors, general economic conditions, relationships with
vendors and strategic partners, governmental regulation and supervision,
seasonality, technological change, industry practices, and one-time events.
Should any one or more risks or uncertainties materialize or change, or
should any underlying assumptions prove incorrect, actual results and
forward-looking statements may vary materially from those described herein.
IMPACT does not assume the obligation to update any forward-looking
statement.
Associated File: http://www.impactsilver.com/i/pdf/2011-09-12_NR.pdf
212 KB in
size, approx. 40 seconds to download at 56.6Kbps
Copyright � 2011 Impact Silver Corp. (IPT) All
rights reserved. For more information visit our website at
http://www.impactsilver.com/ or send email to inquiries@impactsilver.com.
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