Silvermet Inc.

Silvermet Inc.

August 14, 2008 11:13 ET

Silvermet Announces Retirement of the Chairman

TORONTO, ONTARIO--(Marketwire - Aug. 14, 2008) - Silvermet Inc. ("Silvermet" or "the Company) (TSX VENTURE:SYI) announced today that Clifford Frame has tendered his resignation as Chairman of the Company due to family and personal reasons, effectively immediately. Mr. Frame will remain with the Company as a director and as a consultant and maintain an office two days a week to assist with the search for a Chief Operating Officer and to provide the company with continuity during this process.

Mr. Frame and close associates founded Silvermet in January 2005. Mr. Frame has been the driving force behind the company on the formation of its Turkish subsidiary, Cevmetco, and progress on its nickel-copper-platinum Muskox exploration property in Nunavut. The Board of Directors extends its sincere thanks and gratitude to Mr. Frame for his service and commitment.

The company also announced today that Stephen G. Roman will assume the role as Chairman of the Board and Chief Executive Officer, with immediate effect. Mr. Frame will assist the Chairman in the search for a President and Chief Operating Officer and to strengthen the upper management for the ongoing development of the Cevmetco and Muskox projects.

The Company is confident that Mr. Frame will provide the same level of dedication serving as a director and as a consultant to the company.

Silvermet Inc. is an exploration and development company presently focused on developing a major zinc project in Turkey and exploring for nickel-copper-platinum group metals at its Muskox project located in Nunavut, Canada. Silvermet is reviewing the restructuring of the Turkish and Muskox activities into separate entities, one as project development and the other pure exploration.

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 has in no way passed upon the merits of the transaction and has neither approved nor disapproved the contents of this press release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Silvermet Inc.
    Clifford H. Frame
    (416) 203-8336
    Silvermet Inc.
    Stephen G. Roman
    President and CEO
    (416) 203-8336
    (416) 203-9483 (FAX)