VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 19, 2013) -
NOT FOR DISTRIBUTON TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
South American Silver Corp. ("SASC") (TSX:SAC)(OTCQX:SOHAF) and High Desert Gold Corporation ("HDG") (TSX VENTURE:HDG)(OTCQX:HDGCF)(FRANKFURT:7HD) are pleased to announce that the Supreme Court of British Columbia issued a final order on December 19, 2013 approving the previously announced statutory plan of arrangement under the Business Corporations Act (British Columbia) (the "Arrangement").
Assuming all other conditions to completion of the Arrangement are satisfied or waived, it is expected that the Arrangement will become effective following the closing of markets on December 20, 2013.
The Toronto Stock Exchange has conditionally approved the Arrangement including the listing of the Class B Shares to be issued thereunder, with the new common shares and Class B Shares of South American Silver Corp. anticipated to commence trading on the TSX on Tuesday, December 24, 2013. Until then the common shares of SASC and HDG will continue to trade on the TSX and TSX Venture Exchange, respectively.
For further details about the Arrangement, please see SASC's management information circular dated November 7, 2013 and the SASC press release dated October 21, 2013, or HDG's management information circular dated November 7, 2013 and the HDG press release dated October 21, 2013, each of which is available on SEDAR at www.sedar.com.
About South American Silver Corp.
South American Silver Corp. is a growth focused mineral exploration company creating value through the exploration and development of the large scale Escalones copper-gold project in Chile, the pursuit of new opportunities and the realization of value from the Malku Khota project in Bolivia. The Company's approach to business combines the team's track record of discovery and advancement of large projects, key operational and process expertise, and a focus on community relations and sustainable development. Management has extensive experience in the global exploration and mining industry. Additional information related to South American Silver Corp. is available at www.soamsilver.com and on SEDAR at www.sedar.com.
About High Desert Gold Corporation
High Desert Gold Corporation is a mineral exploration company that acquires and explores mineral properties, primarily gold, copper and silver, in North America. The major properties held by HDG are the 100% owned Gold Springs gold project situated along the border between Utah and Nevada and the San Antonio project in Sonora, Mexico. The Company also has a 26.8% equity interest in Highvista Gold Inc that owns the Canasta Dorada property in Sonora, Mexico. There has been insufficient exploration to define a property-wide mineral resource at Gold Springs and it is uncertain if further exploration will result in the targets at Gold Springs being delineated as a mineral resource. Additional information related to High Desert Gold Corporation is available at www.hdggold.com and on SEDAR at www.sedar.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this new release.
Certain statements contained herein constitute "forward-looking statements". Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward- looking statements may include words such as "will", "expected", "anticipated", "creating", "development", "pursuit", "realization" and similar expressions. Information concerning mineral resource estimates may also be considered forward-looking statements as such information constitutes a prediction of what mineralization might be found to be present if and when a mining project is actually developed. These forward- looking statements are based on current expectations and entail various risks and uncertainties.
Actual results may materially differ from expectations, if known and unknown risks or uncertainties affect our business, or if our estimates or assumptions prove inaccurate. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to, remaining conditions of the Arrangement not being met or waived; the receipt by HDG of a competing or superior proposal for an alternative transaction; possible variations in mineral resources, grade, metal prices; availability of further financing to fund planned or further required work in a timely manner and on acceptable terms; changes in project parameters as plans continue to be refined; failure of equipment or processes to operate as anticipated; uncertainties associated with the arbitration proceeding against Bolivia, including the quantum of damages to be obtained and the realization or collection of the value of any award or settlement; regulatory, environmental and other risks of the mining industry more fully described in HDG's Management Discussion & Analysis of Financial Position and Results of Operations and SASC's Annual Information Form, which are available on SEDAR at www.sedar.com. The assumptions made in developing the forward-looking statements include: satisfaction or waiver of all remaining conditions required by the Arrangement; the accuracy of current resource estimates and the interpretation of drill, metallurgical testing and other exploration results; Nevada and Utah continuing to be pro-mining states; the availability of equipment and qualified personnel to advance the Gold Springs and Escalones projects; execution of existing plans and further exploration and development programs for Gold Springs and Escalones, which may change due to changes in the views of management or if new information arises which makes it prudent to change such plans or programs.
Readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release. Except as required by law, neither SASC nor HDG assumes any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. Unless otherwise indicated, forward-looking statements in this news release describe the expectations of SASC and HDG as of December 19, 2013.
This is not an offer of securities for sale in the United States, and such securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from SASC and will contain detailed information about the company and management, as well as financial statements. SASC does not intend to register any part of the present or proposed offering of securities in the United States.