Silvermet Inc.

Silvermet Inc.

March 22, 2007 12:42 ET

Silvermet Establishes Turkish Subsidiary for Its Waelz Kiln Zinc Project

TORONTO, ONTARIO--(CCNMatthews - March 22, 2007) - Silvermet Inc. (TSX VENTURE:SYI) With reference to Silvermet's corporate update, released on February 8,2007, and specifically referring to the stated objectives contained therein;

- Silvermet's management and consulting team has just completed an extensive two-week visitation to Germany and Turkey.

- Silvermet has selected a law firm in Istanbul and has initiated incorporation of a Turkish subsidiary. The Articles of Incorporation will provide for the operational scope of the subsidiary to include mineral exploration, mining, processing, refining and recycling.

- In Turkey the subsidiary is to be called Cevresel Metal Donusum A.S. In short form Cevmetko, which loosely translates into Environmental Metal Recycling Company. The short form acronym's pronunciation would be Chevmetco.

- Discussion as to the ultimate ownership of the Turkish subsidiary is still under consideration by Silvermet. The shortlist of potential minority shareholders and their selection should be decided in April. The choice of shareholders will be dependant on their ongoing level of involvement in the project.

The B.U.S. Steel Services GmbH (Germany) Waelz kiln process modeling based on Silvermet's samples is proceeding on pace with the modeling expected to be completed by early April.

An SNC Lavalin senior metallurgical project engineer accompanied Mr. Frame to Germany and Turkey to maintain the tie between the data from Turkey and the ultimate SNC Lavalin definitive Capital and Operating Costs Report, needed for financing.

Peter George, P.Geo. (Silvermet's Qualified Person) has reviewed and approved the summer drill program for Tufanbeyli which again has pinpointed high grade zinc targets for initial and detailed drilling. A 10,000-metre, 90 hole program is planned at a total cost of US$1.2 million. SGS Lakefield has completed upgrading tests and their report is forthcoming. Additional samples are being assayed by SGS to add to the background data on the project.

Silvermet's marketing team will visit Turkey in early April to progress the securing of feedstock.

Silvermet will not be dependent on any single source of feedstock. Silvermet's environmental approach involves zinc residue and zinc ore feedstocks, high in dolomite and limestone, a readily disposed by-product from the process.

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 raise 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.

Contact Information

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