Silvermet Inc.

Silvermet Inc.

July 10, 2008 12:38 ET

Silvermet Presents Technical Details of Its Cevmetco Waelz Kiln Project to the Turkish Authorities

TORONTO, ONTARIO--(Marketwire - July 10, 2008) - Silvermet Inc. (TSX VENTURE:SYI) ("Silvermet" or "the Company") Following receipt of SNC Lavalin's two million dollar Capital and Operating Cost report, Silvermet made extensive presentations to Turkish authorities at Kayseri, in Ankara and to selected Turkish steel mills. The Kayseri Industrial Park Authority in conjunction with the local Governor is now in a position to formally assign to Silvermet/Cevmetco the chosen plant site.

Receipt of the SNC Lavalin report and the preparation of the project economics allows Silvermet/Cevmetco to begin equity and financing discussions which are expected to take six to nine months and to parallel the negotiation of infrastructure terms, construction and operating permits as well as the requisite environmental approvals.

The formal assignment of the land rights to Silvermet/Cevmetco will enable the preliminary contracting of electric arc furnace dust quantities and to set joint-venture programs and custom ore contracts.

The project is designed for the progressive installation of three kilns designed to produce 300 million pounds of contained zinc in concentrate annually, at an average product grade of 70 percent zinc.

The financing and timing of each kiln installation will depend on forward zinc prices and financing terms. Conceivably, the first kiln would be installed and in production approximately two years after ordering it from the manufacturer.

Silvermet intends to add a minority partner to Cevmetco project.

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 business entities, one focused on project development and the other on 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