Zamin Precious Minerals Limited

December 13, 2010 15:21 ET

Zamin Precious Minerals Ltd. Press Release

TORONTO, ONTARIO--(Marketwire - Dec. 13, 2010) - Zamin Gold Ltd. ("ZGL"), part of the Zamin group of companies announced today that it has entered into a joint venture arrangement with Izurium Capital Management Limited, as General Partner to Izurium Ventures I Limited Partnership ("Izurium") in respect of its wholly-owned subsidiary, Zamin Precious Minerals Ltd. ("Zamin"). As part of this joint venture arrangement, ZGL has sold 50% of the outstanding shares of its wholly-owned subsidiary, Zamin, to Izurium. The 18,900,000 common shares (the "SAC Shares") of South American Silver Corp. ("SAC" or the "Company") held by Zamin, represent the first investment in the new Zamin and Izurium joint venture. As a result of the joint venture arrangement, each of Izurium, ZGL and Zamin may be considered joint actors in respect of the SAC Shares held by Zamin.

Zamin acquired the 18,900,000 SAC Shares, representing approximately 19.7% of the issued and outstanding SAC Shares, on 30 November 2010 at a price of C$1.16 per share, for a total consideration of C$21,924,000. Information regarding current issued and outstanding SAC Shares is based on information in the Company's press announcement of 30 November, 2010 that there was 96,174,353 SAC Shares in issue as of 30 November 2010.

Zamin acquired control and direction, directly or indirectly, of the common shares issued to Zamin as part of the Offering for investment purposes. Zamin intends to review its investment in SAC on a continuing basis. Depending on various factors including, without limitation, SAC's financial position, the price levels of the common shares of SAC, conditions in the securities markets and general economic and industry conditions, Zamin's business or financial condition and other factors and conditions Zamin deems appropriate, Zamin may in the future take such actions with respect to its investment in SAC as Zamin deems appropriate including, without limitation, making proposals to SAC concerning changes to the capitalization, ownership structure or operations of Zamin, acquiring common shares of SAC or selling, transferring to a joint venture or otherwise disposing of some or all of the common shares of SAC. In addition, Zamin may formulate other purposes, plans or proposals regarding SAC or any of its securities to the extent deemed advisable in light of general investment and trading policies, market conditions or other factors or may change its intention with respect to any and all matters referred to above. The issuance of this new release is not an admission that any of Izurium or ZGL owns or controls any of the SAC Shares or that any of the entities named in the news release is a joint actor with another named entity.

For further information, including to obtain a copy of the report filed by Zamin in accordance with applicable Canadian securities laws, contact Zamin at the address and number specified below:

Zamin Precious Minerals Ltd.
Kingston Chambers, PO Box 173
Road Town, Tortola, British Virgin Islands
Attn: Ian Phillips
Tel: +1 305 405 7895

About Zamin Precious Minerals Ltd. and its Shareholders

The Zamin group of companies is an international group with offices in London (UK), Sao Paulo (Brazil), Montevideo (Uruguay) and Zug (Switzerland). Zamin has a world-class portfolio of resource projects and investments primarily in Latin America. The Zamin strategy is to create value through its proven ability to partner with regional and federal governments to develop assets and create clearly defined infrastructure and logistics solutions.

Izurium is a global investment firm headquartered in London with diversified holdings in metals and mining, industrial manufacturing and real estate.

The strategic venture between the Zamin group of companies and Izurium will benefit from the Zamin group's world-class expertise in the metals and mining space as well as Izurium's financial capabilities and network of industrial partners.

Contact Information

  • Zamin Precious Minerals Ltd.
    Ian Phillips
    +1 305 405 7895
    Kingston Chambers, PO Box 173
    Road Town, Tortola, British Virgin Islands