Silver Standard Resources Inc SSO VSE December 24, 1996
Acquires Large Silver Resource in Australia
VANCOUVER, BRITISH COLUMBIA--Silver Standard Resources Inc. is pleased to announce an agreement with Golden Shamrock Mines Limited of Melbourne, Australia, to acquire GSM Exploration Pty Limited (GSM) whose sole asset is a 100 percent interest in the Bowdens Deposit, a 60 million ounce silver resource located near Mudgee, some 200 kilometres northwest of Sydney. The acquisition cost is US$6.75 million. The agreement is subject to VSE approval, Australia's foreign investment review process and other approvals. If a production decision is made prior to August, 1999, Silver Standard must pay A$1.4 million to the original vendor of the property. The original vendor has an option to acquire up to a 51 percent interest in the project
under certain conditions if the delineated resource has an in-situ metal value of at least A$800 million. If a production decision is not made by August, 1999, the original vendor is entitled to reacquire the property at no cost. Silver Standard is committed to advancing the project through feasibility and has initiated discussions with the original vendor with respect to its back-in rights. Silver Standard is a silver resource company with significant exploration projects in Mexico, Bolivia, the Russian East, and Australia. With a stated objective of acquiring or optioning in-situ silver resources of at least 250 million ounces by the end of 1997, Silver Standard has now
exceeded the 160 million ounce threshold with the Bowdens Deposit acquisition.
The Vancouver Stock Exchange has neither approved nor disapproved of the information contained herein.
FOR FURTHER INFORMATION PLEASE CONTACT: Silver Standard Resources Inc.
Gordon Davis Director (604) 689-3846 or Silver Standard Resources Inc. Paul LaFontaine Investor Relations (604) 689-3846 |
