Silvermet Inc.
TSX VENTURE : SYI

Silvermet Inc.

September 24, 2009 16:04 ET

Silvermet Inc.: Korea Zinc Update

TORONTO, ONTARIO--(Marketwire - Sept. 24, 2009) -

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Silvermet Inc. ("Silvermet" or the "Company") (TSX VENTURE:SYI)
has been advised that Korea Zinc Co., Ltd. ("Korea Zinc") has determined that it will not proceed with the proposed private placement and the additional strategic investment transaction. After a recently completed site visit, Korea Zinc determined that the current plant site was too small for a large expansion and the current operation was not yet sufficiently advanced to warrant their participation at this time. Silvermet expects to continue to develop its relationship with Korea Zinc through supply contracts in the near term.

About Silvermet

Silvermet operates a Waelz kiln in Turkey, where it processes electric arc furnace dust received from steel mills to produce zinc, lead, and other by-products. Silvermet is modernizing the Waelz kiln, which was acquired earlier this year, to increase throughput and efficiency.

Caution concerning forward-looking statements: The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, political instability, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raised additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events except as may be required under applicable securities laws. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

Contact Information

  • Silvermet Inc.
    Stephen G. Roman
    Chairman & CEO
    (416) 203-8336
    (416) 368-5146 (FAX)
    or
    Silvermet Inc.
    Rein A. Lehari
    President & COO
    (416) 203-8336
    www.silvermet.ca