Silvermet Inc.
TSX VENTURE : SYI

Silvermet Inc.

June 10, 2009 15:45 ET

Silvermet's Annual General Meeting

TORONTO, ONTARIO--(Marketwire - June 10, 2009) -

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. ("Silvermet" or the "Company") (TSX VENTURE:SYI) is pleased to announce the election of two new directors: Derek Rance and George Whyte at today's Annual General Meeting.

Derek C. Rance, P. Eng., is a mining engineer by profession and was the President and Chief Operating Officer of the Iron Ore Company of Canada from 1989 to 1997 and the President and Chief Executive Officer of The Cape Breton Development Corporation from 1984 to 1987. Since 1997, he has been the Chairman and Senior Associate of Behre Dolbear & Company Ltd., a consulting company providing assistance to the mineral industry with due diligence, feasibility studies, optimizations, valuations and marketing studies. Mr. Rance received a Masters of Business Administration degree from the University of Western Ontario in 1963. He is also a Fellow of the Canadian Institute of Mining, Metallurgy and Petroleum.

George E. Whyte, Q.C., is a leading business lawyer with significant experience as a senior Canadian and international business executive. Mr. Whyte is a member of the mediation and arbitration panels of ADR Chambers, a Toronto-based Alternative Dispute Resolution group, which provides ADR services consisting of mediations, arbitrations, early neutral evaluation, mini-trials, med-arb and private appeals from arbitral awards and trial judgments. His experience is based on 26 years in the practice of corporate and commercial law, followed by five years as Vice-Chairman and Director of Curragh Inc. and eight years as Senior Vice President and General Counsel, the Bank of Nova Scotia, as well as its Secretary.

In connection with their appointment, the new directors were granted 600,000 stock options exercisable at $0.20 per share.

Silvermet is also pleased to announce the approval of the conversion of the US $2 million note payable to Cooper Island Investments, LLC ("Cooper Island") to a 25% interest in Silvermet's Turkish operations. At the time of such conversion, the warrants related to this financing will be cancelled.

Silvermet's Board also approved the issuance of common shares as payment to Cooper Island for interest accrued on the notes to the date of conversion. Such shares will be issued, subject to TSX-V approval, at the 20 day trading average.

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.

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

Contact Information

  • Silvermet Inc.
    Stephen G. Roman
    Chairman & CEO
    (416) 203-8336
    (416) 368-5146 (FAX)
    or
    Silvermet Inc.
    Rein A. Lehari
    President & COO
    (416) 203-8336
    (416) 368-5146 (FAX)
    www.silvermet.ca