South American Silver Corp.
TSX : SAC

South American Silver Corp.

November 09, 2007 19:00 ET

South American Silver Corp. Files September 30, 2007 Quarterly Report

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 9, 2007) - South American Silver Corp. ("SASC" or the "Company") (TSX:SAC) reports that it has released its unaudited consolidated financial statements for the third quarter ended September 30, 2007 and that these consolidated financial statements and the related management's discussion and analysis of financial position and results of operations ("MD&A") are available for viewing on SEDAR at www.sedar.com and at the Company's website at www.soamsilver.com.

In February 2007, the Company completed its IPO for net proceeds of US$14.9 million, and as at September 30, 2007, the Company is reporting working capital of US$13.7 million. With this funding in place, the Company is in a strong financial position to pursue its current exploration and property acquisition strategy, which includes the aggressive exploration of the Malku Khota silver-gold and the Laurani gold-silver-copper properties in Bolivia.

At Malku Khota, the Company has commenced an approximate 30-hole initial drill program. Drilling of the Limosna anomaly is intended to infill and extend mineralization defined in the prior drilling program and to test for near-surface enrichment. The Company has also commenced drilling the central Wara Wara anomaly which is starting to define a new area of silver mineralization. In addition to the ongoing drill program, an aggressive program of metallurgical work has been initiated to examine metallurgical recoveries of silver, indium and associated metals.

The Company's exploration plan for Laurani involves the diamond drilling of approximately 9,000 metres, the development of approximately 0.9 km of exploration tunnelling, and the taking of approximately 13,000 geochemical samples. The Company has recently commenced drilling the San Geronimo vein system.

At Escalones, the Company plans to drill the previously-identified large porphyry copper-gold target, subject to first obtaining drill permits. The number of holes to be drilled is still under study.

Certain statements contained herein constitute "forward-looking statements". These forward-looking statements are based on current expectations. The nature, timing and extent of the exploration programs may materially change from current intentions for a number of reasons. Additionally, "forward looking statements" look into the future and provide an opinion as to the effect of certain events and trends on the business. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Subject to applicable laws, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason.

The Company is a mineral exploration company that acquires, explores and develops mineral properties, primarily silver, gold and copper in South America. The Company presently holds interests in three properties: the flagship Malku Khota silver-gold and the Laurani gold-silver properties in Bolivia and the Escalones copper-gold-molybdenum property in Chile.

Contact Information

  • South American Silver Corp.
    William Filtness
    Chief Financial Officer
    (604) 684-0693
    (604) 684-0642 (FAX)
    Website: www.soamsilver.com