SNS Silver Corp.
TSX VENTURE : SNS

SNS Silver Corp.

December 23, 2009 15:04 ET

SNS Silver Announces Closure of Financing, Appointment of New Director and Interim CFO

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 23, 2009) - SNS Silver Corporation ("SNS" or the "Company") (TSX VENTURE:SNS) is pleased to announce that due to oversubscriptions the non brokered private placement financing of flow-through units as announced in its news release of December 4, 2009 was increased from 3,750,000 units to 4,305,000 units, with 1,500,000 of the flow-through units placed being sold to subscribers associated with the MineralFields Group and that the financing closed on December 18, 2009.

As a result of the placement, 4,305,000 flow-through units were placed at a price of $0.20 per unit providing SNS gross flow-through proceeds of $861,000.

Each flow through unit consisted of one flow-through share of the Company and one half non flow-through share purchase warrant with each full warrant entitling the holder to purchase one additional non flow-through common share of the Company at a price of $0.30 for a period of one year from the closing of the private placement, subject to early acceleration provisions.

Finder's fees in the amount of $52,220 in cash were paid on proceeds realized from the private placement unit offerings. In addition, 219,100 broker compensation warrants have been issued with each warrant being exercisable at a price of $0.30 for a period of one year from the date of closing, subject to early acceleration provisions. Of the finder's fees paid by SNS, Limited Market Dealer Inc. received $17,500 in cash and 87,500 broker compensation warrants for the units they placed for the MineralFields Group.

The warrants will become callable on 30 days notice in the event the Company's shares trade at a price of $0.50 per share or greater for a 10 day trading period after the four month hold period expires on the securities sold.

All securities issued pursuant to the private placement were issued subject to a hold period expiring April 19, 2010.

The proceeds from the private placement will be utilized to advance the Company's recently acquired Emerald Lake Gold Project in Ontario, Canada.

Stuart Ross has been appointed as a director of the Company.

Stu is currently President and director of S&C Ross Enterprises, a private management and consulting company. Stu spent the last 20 years in finance and administration, including work with several public companies listed on the Exchange and held various positions with other publicly traded companies, including Consolidated Venturex Mining (Venturex Mining Inc.), Columbia Yukon Exploration Inc., Buffalo Head Resources Ltd., Waterfront Capital Corporation, Tagish Lake Gold Corp., Clearly Canadian Beverage Corporation and International Wayside Gold Mines Ltd.

The Company would also like to announce the appointment of David Greenway as interim CFO, supported unanimously by the board of Directors, replacing Grant Smith. David will be relieved by incoming CFO Jonathan Ronkai in the New Year.

Jonathan Ronkai is a Chartered Accountant and an Incorporated Partner in the accounting firm of SunRonkai LLP.

Mr. Ronkai spent several years in the assurance and advisory practice of an internationally recognized accounting firm, working across a wide range of industry areas including financial institutions, asset management, private equity, and real estate. Prior to that, Mr. Ronkai spent 10 years working in the Canadian broker/dealer industry where he was responsible for assets under management in excess of $150 million. His activities included advising high net-worth business owners on comprehensive financial planning issues, as well as providing individually tailored portfolio management services. Mr. Ronkai has extensive capital markets and financial reporting experience. Mr. Ronkai holds a Bachelor of Arts degree from the University of Guelph, and studied accounting and finance at the University of British Columbia prior to obtaining his CA designation.

In addition, SNS has appointed Mrs. Natasha Spencer as Controller.

Lastly, SNS has granted, to directors and officers, 300,000 stock options at .25 cents per share.

SNS Silver Corporation (TSX VENTURE:SNS) is an exploration mining company, whose assets include a number of near term production projects in geopolitically secure Idaho, USA. The 100% owned Crescent Mine consists of 24 patented mining claims over approximately 350 acres. These adjacent properties operated independently to produce nearly 400 million ozs of silver historically and their recent merger is expected to enhance exploration opportunities on their once disputed boundary.

This press release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Security Exchange Act of 1934, and involves a number of risks and uncertainties. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX Venture Exchange and the British Columbia Securities Commission. All statements, other than of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

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