The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Marketwire

Severe Storm Interrupts South American Silver's Drilling Program at Escalones in Chile

Wednesday, February 13, 2013

Severe Storm Interrupts South American Silver's Drilling Program at Escalones in Chile09:19 EST Wednesday, February 13, 2013VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 13, 2013) - South American Silver Corp. (TSX:SAC)(OTCQX:SOHAF) (the "Company") advises that road access to the Escalones site in Chile has been cut following a severe storm that swept through the Maipo Valley on Friday 8th February. Extremely heavy rain from the storm caused significant damage to the access road that connects Santiago with the Escalones site. The road has been cut in several places by landslips and washaways, some extending over several hundred metres. The storm did not cause any loss or damage to the Company's people, facilities or equipment but as a result of the damage to the road, drilling activities at Escalones will be interrupted. Initial assessments of the damage indicate that access to the Escalones site could be cut off to light vehicles for 6-10 days and to heavy vehicles for up to a month. The Company will help with the effort to get the road back into service as quickly as possible. The camp at Escalones will continue to operate during the stoppage as a base for repair crews and to support ongoing activities until drilling resumes.Phillip Brodie-Hall, President and CEO of the Company said, "The interruption to drilling activities is unfortunate as our ambitious summer drilling program is going well. We have drilled over 4,000 metres and successfully completed five holes so far, with three more underway. Drill results are promising and we will be issuing more results later this month. We were forecasting completion of the planned 10,500 metre program by mid-April and if we lose drilling time will need to work later into the season to complete the program. We will be doing everything we can to end the season on target." About South American Silver Corp. South American Silver Corp. is a growth focused mineral exploration company creating value through the exploration and development of the large scale Escalones copper-gold project in Chile, the pursuit of new opportunities, and the realization of value from the Malku Khota project in Bolivia. The Company's approach to business combines the team's track record of discovery and advancement of large projects, key operational and process expertise, and a focus on community relations and sustainable development. Management has extensive experience in the global exploration and mining industry. The Company's shares are listed on the Toronto Stock Exchange under the symbol "SAC" and on the OTCQX as "SOHAF". Information related to South American Silver Corp. is available at www.soamsilver.com and on SEDAR at www.sedar.com. Forward-looking statementsForward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "continue", "could", "will", and similar expressions. This release contains forward-looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors. Readers are cautioned not to place undue reliance on these statements as the Company's actual results, performance or achievements may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements if known or unknown risks, uncertainties or other factors affect the Company's business, or if the Company's estimates or assumptions prove inaccurate. Therefore, the Company cannot provide any assurance that forward-looking statements will materialize. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to, the ability to effect road repairs in a timely manner, the risks of the mineral exploration industry which may affect the advancement of the Escalones project including possible variations in mineral resources or grade, metal prices, timely receipt of required permits, availability of equipment and qualified personnel, failure of equipment or processes to operate as anticipated and changes in project parameters as plans continue to be refined; the international arbitration process; and other risks more fully described in the Company's Annual Information Form filed and publicly available on SEDAR at www.sedar.com. The assumptions made in developing the forward-looking statements include: the ability to effect road repairs in a timely manner; the timely receipt of required permits for Escalones; the availability of equipment and qualified personnel to advance the Escalones project and execution of the Company's existing plans and further exploration and development programs for Escalones, which may change due to changes in the views of the Company or if new information arises which makes it prudent to change such plans or programs; the ability of the Company to realize value from its investments in Bolivia. Subject to applicable laws, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. Unless otherwise indicated, forward-looking statements in this release describe the Company's expectations as of February 13, 2013.FOR FURTHER INFORMATION PLEASE CONTACT: Contact Information: South American Silver Corp.Robert GillInvestor Relations604-681-6926 or Toll Free 1-855-681-6926www.soamsilver.com