Silvermet Inc.
TSX VENTURE : SYI

Silvermet Inc.

July 11, 2007 15:45 ET

Silvermet Inc. Extends Closing of Private Placement Offering to July 31, 2007

TORONTO, ONTARIO--(Marketwire - July 11, 2007) -

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. (the "Company") (TSX VENTURE:SYI) announces that as a result of additional demand, it will extend to July 31, 2007, the closing of its private placement previously announced on May 31, 2007 of up to CDN $15,000,000 consisting of up to 25,000,000 units of the Company (each a "Unit") at a price of CDN $0.40 per Unit and 12,500,000 flow-through shares of the Company ("Flow-Through Share") at a price of CDN $0.40 per Flow-Through Share. Each Unit consists of one common share of the Company and one-half of one common share purchase warrant.

The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.

Silvermet Inc. (TSX VENTURE:SYI) is an exploration and development company focused on exploring its nickel-copper-platinum group metals project located in Nunavut, Canada and its zinc-lead-silver project in Turkey. Silvermet Inc. has the right to earn a 70% interest in each of these projects. In addition, Silvermet Inc. is focusing on establishing Waelz kiln facilities in Turkey to produce zinc metal from a number of sources.

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.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • Silvermet Inc.
    Clifford H. Frame
    Chairman
    (416) 203-8336
    (416) 203-9483 (FAX)
    or
    Silvermet Inc.
    Stephen G. Roman
    President and CEO
    (416) 368-3949
    Website: www.silvermet.ca