TSX-V Trading Symbol: SNS
VANCOUVER, June 5 /CNW/ - SNS Silver Corporation (TSX-V: SNS) ("SNS") announces that it has increased the size of its previously announced non-brokered private placement. SNS will now issue up to 5,000,000 Units through the non-brokered portion of the private placement, with no change to the size of the previously announced brokered private placement of 6,000,000 Units being conducted by Pacific International Securities Inc and Research Capital Corporation. Total gross proceeds from the brokered and non-brokered private placements are now expected to be $13,750,000. All other terms regarding the private placement remain as announced in the SNS' press release dated May 1, 2007.
SNS Silver Corp. owns 100% of the Crescent Mine in the Coeur d'Alene mining district. The Crescent Mine is a historic high-grade silver producer. From 1917-1982 the property produced 25 million ounces of silver at an average grade of 27.3 ounces per ton. Prior to its last shut down in the 80's, previous operators of the Crescent Mine reported over 9 million ounces of silver resources at an average grade of 18 ounces per ton. The property lies between two world-class silver producers: the Sunshine mine which has produced more than 300 million ounces of silver and the Bunker Hill mine, which has produced over 150 million ounces of silver. The Coeur d'Alene district is the only known mining district in North America to have produced over 1 billion ounces of silver. SNS Silver (SNS) trades on the TSX-V under the symbol SNS. the Company has approximately 29.2 million shares outstanding and approximately $9.0 million cash on hand.
All resource estimates quoted herein are based on data and reports obtained and prepared by previous operators. The Company has not completed the work necessary to independently verify the classification of the mineral resource estimates and is not treating the mineral resource estimates as National Instrument 43-101 defined resources verified by a qualified person. The historical estimates should not be relied upon. The Crescent Mine will require considerable further evaluation, which the Company's management and consultants are in the process of completing.
The TSX Venture Exchange has not reviewed and does not accept the
responsibility for the adequacy or accuracy of this news release.
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