Silvermet Inc.

Silvermet Inc.

February 23, 2009 18:08 ET

Silvermet Strengthens Board of Directors and Operating Team

TORONTO, ONTARIO--(Marketwire - Feb. 23, 2009) - Silvermet Inc. (TSX VENTURE:SYI) is pleased to report a number of board and management additions that will strengthen the operating team, both in Canada and in Turkey.

Rein Lehari, C.A., will move from his current role as Chief Financial Officer to President and Chief Operating Officer, based in Toronto. Rein has been instrumental in negotiating and completing the acquisition of all the assets of Metoks Madencilik Metalurji Tasimacilik San. ve Tic. A.S. in Turkey, which will make Silvermet an operating company producing zinc, lead and other by-products through the processing of Electric Air Furnace Dust (EAFD). Rein is a Chartered Accountant and Chartered Business Valuator, and was a Partner in the Corporate Finance group at PricewaterhouseCoopers LLP. Rein will also remain as CFO until a suitable candidate is engaged.

Basil Carter has been appointed Managing Director of European Operations. Basil is a workout and turnaround specialist with international experience in North America, Europe and North Africa, including work with Rothschild Investment Banking Europe (IBE) and European Bank for Reconstruction and Development (EBRD). Basil brings hands-on operating experience primarily in the steel and other heavy industries.

Board of Directors

Addition of three new directors:

Rein Lehari, C.A.

Douglas Scharf, C.A.

Mr. Scharf has over 30 years of experience in international precious metal and base metal mining. As Chief Financial Officer of the Dome Mines Group, he was involved in a number of acquisitions, mergers, financings and development projects. He was also instrumental in the original merger and capital raising that created the current HudBay Minerals, and was a Director and Chief Financial Officer of Inmet Mining Corporation. Mr. Scharf is a Chartered Accountant and has a Bachelor of Arts in Economics from York University in Toronto.

Keith Spurr

Mr. Spurr is an experienced international marketer of non-ferrous metals. After retiring from Cominco as Vice President, Marketing and Sales, he set up his own consulting company to market concentrates produced by junior mining companies. He has over 50 years experience in the mining and smelting industry and has been an advisor and director to several mining companies.

F. Charles Vickers, Jr., has resigned as a director, but will continue to support Silvermet through financing activities and representing a significant share holding as a long term investment. The new Silvermet board will now consist of: Stephen G. Roman, Rein A. Lehari, Douglas Scharf, Andy Rickaby, Keith Spurr, and Steve Vaughan.

About Silvermet

Silvermet is focused on producing zinc, lead, and other by-products from the recently acquired assets of Metox A.S. in Turkey. These assets are currently undergoing an upgrading prior to the recommencement of operations in the second quarter, 2009.

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 in no way passed upon the merits of the transaction and has neither approved nor disapproved the contents of this press release.

Contact Information

  • Silvermet Inc.
    Stephen G. Roman
    Chairman and CEO
    (416) 203-8336
    Silvermet Inc.
    Rein Lehari
    President & COO
    (416) 203-8336