Silvermet Inc.

Silvermet Inc.

June 24, 2008 12:51 ET

Silvermet Inc.: Frame Mining Corporation Exercises Warrants

TORONTO, ONTARIO--(Marketwire - June 24, 2008) - Silvermet Inc. (TSX VENTURE:SYI) ("Silvermet" or "the Company") announced today that Frame Mining Corporation, ("Frame Mining"), a corporation controlled by Mr. Clifford Frame, has exercised warrants to acquire 2,933,333 common shares of Silvermet at a price of $0.20 per share. Silvermet realized gross proceeds of $586,667 on exercise of the warrants.

After exercising the warrants Mr. Frame beneficially controls, directly and indirectly, 14,161,167 common shares, which represents 16.084% of the issued and outstanding common shares of Silvermet (13.918% on a fully diluted basis).

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
    (416) 203-9483 (FAX)
    Silvermet Inc.
    Stephen G. Roman
    President and CEO
    (416) 368-3949