SILVERCREST UPDATES MARKET ON U.S. TRADING STATUS
VANCOUVER,
BC - January 14, 2011 - SilverCrest Mines Inc. ("SilverCrest")
advises that in December, 2010, it received notification of an order
instituting administrative proceedings from the United States Securities
and Exchange Commission ("SEC"). SilverCrest
understands that this order was issued as a result of a registration
statement filed in 1999 by Strathclair Ventures
Ltd., a predecessor company to SilverCrest which
was under different management until SilverCrest
assumed control in 2003. The order alleged that Strathclair
(now SilverCrest) had not filed periodic reports
with the SEC sufficient to maintain its registration in the United
States. Following discussions with the SEC and in order to remedy the
situation, SilverCrest has entered into a con
sent order with the SEC through which SilverCrest
has agreed to the revocation of the registration of its common shares under
the Securities Exchange Act of 1934. As a result, broker-dealers in the
United States currently are unable to effect transactions in the common
shares of SilverCrest.
SilverCrest is preparing a registration statement on Form 40F for the purpose
of registering its common shares under the Securities Exchange Act of 1934
and anticipates filing the registration statement within four
weeks. The registration statement is anticipated to become effective
60 days after filing or earlier, if accelerated by the SEC. Upon
the registration statement becoming effective, broker-dealers in the United
States will again be able to effect transactions
in common shares of SilverCrest in the
United States.
In the
meantime, SilverCrest common shares continue to
trade in Canada on the TSX Venture Exchange through Canadian
broker-dealers.
SilverCrest Mines Inc. (TSX-V: SVL) is a Mexican precious metals producer with
headquarters based in Vancouver, BC. SilverCrest's
flagship property is the 100%-owned Santa Elena Mine, which is located
150km northeast of Hermosillo, near Banamichi in
the State of Sonora, M�xico. The mine is a high-grade, epithermal gold and
silver producer, with an estimated life of mine cash cost of less than
US$375 per ounce of gold equivalent. SilverCrest
anticipates that the 2,500 tonnes per day
facility will produce approximately 35,000 ounces of gold and 600,000
ounces of silver per year from the open-pit heap leach operation.
This news release contains forward-looking statements, which address
future events and conditions, which are subject to various risks and
uncertainties. The Company's actual results, programs and financial
position could differ materially from those anticipated in such
forward-looking statements as a result of numerous factors, some of which
may be beyond the Company's control. These factors include: the
availability of funds; the timing and content of work programs; results of
exploration activities and development of mineral properties, the
interpretation of drilling results and other geological data, the
uncertainties of resource and reserve estimations, receipt and security of
mineral property titles; project cost overruns or unanticipated costs and
expenses, fluctuations in metal prices; currency fluctuations; and general
market and industry conditions. Forward-loo king
statements are based on the expectations and opinions of the Company's
management on the date the statements are made. The assumptions used in the
preparation of such statements, although considered reasonable at the time
of preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements.
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"J. Scott Drever"
J. Scott Drever, President
For further
information, please contact:
Fred Cooper
570 Granville Street, Suite 501
Vancouver, BC V6C 3P1
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.
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