Defiance Silver Corp (TSX VENTURE: DEF) (Defiance or the “Company”) is pleased to announce that after reviewing the revised agreement between IMPACT Silver Corp. (IMPACT) and Defiance for the acquisition of the Veta Grande Project in Zacatecas Mexico, the TSX Venture Exchange has authorized Defiance shares to begin trading as of the morning of Wednesday, September 21, 2011.
The Veta Grande Project consists of the 200 tonnes per day (tpd) capacity Santa Gabriela (formerly Veta Grande) processing plant, and associated surface rights as well as a 100% and 27% interest in 10 and 3 mining claims respectively. The mining claims host historical silver-lead-zinc vein occurrences and mine dumps.
“We are excited with the acquisition of the Veta Grande Project to achieve our focus as an emerging silver producer in Mexico.” says Bruce Winfield, President and CEO of Defiance. “Our plan to refurbish the Santa Gabriela mill, and complete the upgrades necessary to maintain the operating permit, will allow us to recommence operations at the plant as quickly as possible.”
In addition, Defiance is actively searching for other undervalued exploration and development projects with potential to host significant silver deposits to help strengthen our presence in Mexico as a near term silver producer.
The revised agreement with IMPACT was amended such that the first payment on the initial closing will be 1,787,000 shares of Defiance, and the second payment on the final closing upon the earlier of two years or achieving commercial production at the mill, will be paid in cash ($1,955,200). This agreement remains subject to approval by the TSX Venture Exchange, and completing a financing for a minimum of $1,500,000 prior to the final closing.
On behalf of Defiance Silver Corp.
President and CEO