SilverCrest Mines Inc.

SilverCrest Mines Inc.

April 04, 2006 18:32 ET

SilverCrest Closes $4.16 Million Private Placement with Second Tranche of $1.18 Million

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 4, 2006) -


SilverCrest Mines Inc. (the "Company") (TSX VENTURE:SVL) is pleased to announce that it has closed a $1.18 million second and final tranche of the previously announced private placement of up to $4.16 million. The private placement was fully subscribed. Pursuant to the second and final closing, the Company issued 1,475,000 units ("Units") at the price of $0.80 per Unit. Each Unit was comprised of one common share of the Company and one common share purchase warrant ("Warrant"). Each Warrant is exercisable for one common share for a period of two years at the price of $1.00.

In connection with the private placement, the Company paid finders' fees to certain finders consisting of a total of $255,360 in cash and a total of 233,200 non-transferable common share purchase warrants ("Finder's Warrants"), each such warrant entitling the holder to purchase one common share of the Company for a period of 24 months at the price of $1.00.

The common shares and Warrants comprising the Units and the common shares issuable pursuant to the exercise of the Warrants and the Finder's Warrants are subject to a four month hold period expiring on August 5, 2006. The private placement is subject to final approval of the TSX-Venture Exchange.

The net proceeds from the private placement will be used for exploration and development of the Company's projects, acquisitions and working capital.

Not for dissemination or distribution in the United States.

The securities issued by the Company have not and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or the securities laws of any state of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption therefrom under the 1933 Act and the securities laws of all applicable states.

On Behalf of the Board of Directors of SilverCrest Mines Inc.

Barney Magnusson, Chief Financial Officer

The TSX-Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

Contact Information