Silver Valley Metals Appoints Director of Corporate Development
VANCOUVER, BC, Jan. 18, 2023 /PRNewswire/ - Silver Valley Metals Corp. (TSXV: SILV) (OTCQB: SVMFF) ("Silver Valley" or the "Company"), is pleased to announce the appointment of Douglas Dobbs, Corporate Development Director. Mr. Dobbs brings more than 25 years of experience in senior leadership and board positions including Mines Management, Inc. (acquired by Hecla Mining (NYSE: HL), Avista Labs Corp. (NYSE: AVA), Idaho North Mines, and investment firms Piper Jaffray Co. and National Securities Corp. Mr. Dobbs is a graduate of Hillsdale College with a bachelor's degree in Economics, and he has been a speaker at numerous investment conferences throughout North America and Europe discussing the topics of gold, silver, investing and economics.
"We welcome Doug at this very important juncture in Silver Valley's development where the Company is now transitioning from the acquisition of its flagship Ranger-Page project 13 months ago, followed by a now completed comprehensive exploration campaign from 2022 which is starting to deliver excellent results that will be announced over the upcoming weeks. Exploration activities conducted in 2022 included ground geophysics, geochemical sampling, other field work, structural analysis, and 3D modeling, which is providing valuable data to establish quality drill targets.
An inaugural drilling program in 2023 is planned to build upon the historic high-grade resources, existing mineralization that remains open at four shallow historic mines and importantly, new high priority targets outside the areas of historical production," says CEO, Brandon Rook.
Douglas Dobbs will provide business advisory, corporate development, and investor relations services to the Company through his company Doug Dobbs Consulting LLC ("Dobbs Consulting") pursuant to a consulting agreement which is to take effect immediately and which has an initial twelve-month term subject to the right of either party to terminate on 30 days' notice and subject to renewal by mutual consent after the initial term (the "Consulting Agreement"). Under the terms of the Consulting Agreement Dobbs Consulting will be paid US$5,000 per month plus certain approved expenses from the Company's working capital and be issued 200,000 five-year stock options (which will vest as to 25% each three months going forward) at an exercise price of $0.15.
Financing:
The Company has closed its previously announced $0.075 Unit Private Placement Financing for aggregate gross proceeds of $967,283.55. The Company has issued 12,897,114 Units, each Unit consisting of 1 common share and 1 common share purchase warrant, each warrant being exercisable at $0.15 for 2 years.
The Financing was effected with 3 insiders, for a total of 576,667 Units or $43,250, each insider subscription being a "related party transaction" as such term is defined under MI 61-101 – Protection of Minority Security Holders in Special Transactions. The Company is relying on exemptions from the formal valuation requirement of MI-61-101 under sections 5.5(a) and (b) of MI 61-101 in respect of the transaction as the fair market value of the transaction, insofar as it involves the interested party, is not more than 25% of the Company's market capitalization.
The Company paid cash finder's fees totaling $62,261 and issued 830,147 broker warrants exercisable at $0.15 for 2 years. All securities issued pursuant to the Financing will be subject to a 4-month hold.
The Company also announces that it has issued 1,900,000 stock options to various Officers, Directors, and Consultants, with an exercise price of $0.15, expiring January 13, 2028.
Silver Valley owns a 100% interest in a lithium and potassium bearing salar complex comprising 4,059 hectares on three mineral concessions (the "Mexican Projects") located on the Central Mexican Plateau in the states of Zacatecas, and San Luis Potosi, Mexico. The NI 43-101 inferred mineral resource contains 12.3Mt of Sulfate of Potash (SOP) and 243,000 tonnes of lithium carbonate equivalent (LCE) and remains open in all directions for expansion.
The Ranger-Page Project ("The Project") is in the Silver Valley, northern Idaho, USA, 60 kilometres east of Coeur d'Alene and 1 kilometre from the I-90 freeway. In 2020 Idaho was ranked the first in the world in policy perception and 9th best mining jurisdiction (Fraser Institute Annual Mining Survey). The Project borders the famous Bunker Hill Mine to the east and for the first time consolidates the western extent of the prolific Silver Valley mining corridor by one operator in the past 100+ years.
The Project comprise 6 historical mines on patented claims, without royalties. The largest of these, the Page Mine, was a top ten producer in the Silver Valley yielding over 1.1 billion pounds of zinc and lead and 14.6 million ounces of silver. The Page Mine has high grade silver-zinc-lead historic reserves and remains open at depth and along strike beyond what has been identified to date.
Historical mining on the properties shared underground infrastructure which connected the larger Page mine with five shallow historic mines within the larger Project area. The Company has underground mining data and surface geological data that supports high grade silver-zinc-lead mineralization present within the shallow, undeveloped mines. These mines remain open at depth, and laterally along strike.
Exploration potential beyond the historical mines is considered significant as modern systematic exploration is being applied to the project for the first time.
Silver Valley is a Canadian exploration company comprised of a group of experienced exploration, mining, and financing specialists focused on the pursuit of mineral discovery and development. We are focused on the advancement of strategic and precious mineral properties including Lithium-Potash in Mexico and Silver-Lead-Zinc in northern Idaho, USA.
On behalf of the Board of Directors of Silver Valley Metals,
"Brandon Rook"
Brandon Rook, President & CEO, Director
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.
SOURCE Silver Valley Metals Corp.
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