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Silver Predator Options Illinois Creek in Alaska and Files Updated Technical Report on the Taylor Silver Resource in Nevada
RENO, Nevada, May 8, 2013 /CNW/ - Silver Predator Corp. (TSX:SPD) (the " Company ") is pl...
About this update from Silver Predator Corp
[{"type":"text","content":"\n\n\n\n\n\nRENO, Nevada, May 8, 2013 /CNW/ - Silver Predator Corp. (TSX:SPD) (the \"Company\") is pleased to announce that it has completed an option agreement with\n privately-held Plan B Minerals Corp. (\"PBM\"), whereby PBM has agreed to\n make cash and share payments to earn up to a 100% interest in the\n Company's Illinois Creek gold-silver property in Alaska.  For the\n Taylor project, Silver Predator has filed an updated technical report\n containing a pit-constrained, silver (Ag) resource at a 1.0 oz/t cutoff\n consisting of 1,143,000 tons grading 2.10 oz/ton Ag as a measured\n mineral resource, 7,751,000 tons grading 1.86 oz/ton Ag classified as\n indicated, and 1,716,000 tons grading 2.30 oz/ton Ag classified as\n inferred (see Company news release dated March 18, 2013).  Due to\n continued success at Taylor, Silver Predator will focus its current\n efforts on its Nevada projects.\n\n\nIllinois Creek\nThe Company has entered in an option agreement with PBM pursuant to\n which PBM may acquire all rights, title, and an option to earn the\n undivided 100% interest the Company holds in the Illinois Creek\n Property located in Alaska.  As consideration, PBM will pay the Company\n an aggregate US $264,500 and a total of 2,000,000 common shares of PBM,\n to be paid in installments through December 2016.  PBM has assumed all\n of the Company's liabilities and obligations under the underlying\n property option agreement between the Company and Piek Exploration\n LLC.  The Company will retain a 0.5% net smelter returns royalty in the\n property, provided a feasibility study establishes a minimum proven\n mineral resource of 500,000 ounces of gold.\n\n\nThe Illinois Creek property is centered on a 10-kilometre E-W striking\n mineralized zone with related precious and base metal occurrences.  The\n most prominent mineralized area is an open pit heap leach gold-silver\n mine that was productive in the 1996-1998 time frame, but closed due to\n low gold prices.  PBM plans an aggressive field program for 2013 that\n could include significant drilling in and around the open pit, with the\n goal of expanding and confirming zones of gold and silver in the\n quartzite host rocks.\n\n\nNew Taylor Silver Resource Estimate\nThe Company has completed its latest updated resource estimate on the\n Taylor silv...