TUCSON, AZ -- (MARKET WIRE) -- 04/29/08 -- International Silver, Inc. (OTCBB: ISLV) is pleased to announce that following its Form S-1 Registration Statement being declared effective on March 13, 2008 by the Securities and Exchange Commission, the Financial Industry Regulatory Authority (FINRA) cleared the Company for a common stock quotation on the OTC Bulletin Board.
International Silver, Inc. is an exploration stage company that currently engages in exploration activities with a clear focus on the exploration, discovery and development of silver mines in North America. The Company's most important property is the Leviathan Property in the Calico Mining District, San Bernardino County, California, which abuts the Langtry property that the Company has an agreement to purchase. The Leviathan property is composed of 1,300 acres of unpatented mining claims on which are located three mines -- the Silverado Mine; the Leviathan Mine; and the Silver Bow Mine, all three of which were historic producing silver properties that operated in the first half of the twentieth century. The Company has initiated geologic mapping and geochemical and geophysical studies of the mineralized structures of the property to determine a drilling program for the definition of silver/barite bearing ores.
The Langtry ore body is composed of 413.22 patented acres and was previously drilled by Superior Oil's minerals division. Superior Oil drilled in excess of 80,000 feet and performed 16,000 assays. Based on Superior Oil's calculations, the Langtry ore body hosts 23 million tons of open pit ore containing 52 million ounces of silver and 1.6 million tons of barite. The Superior Oil drill and assay logs are in the possession of International Silver, Inc. To confirm Superior's ton and grade calculations, International Silver must re-drill and assay a minimum of 10% of previous drill holes, or approximately 10,000 feet of new drilling and 2,000 additional assays. Following the confirmatory drilling program and re-calculation of tonnages and grades, the Company will immediately commence metallurgical testing, mine planning and final feasibility studies preliminary to beginning the permitting process using independent engineering consultants.
In addition to these properties, the Company also owns the Tecoma Mine located in Box Elder County, Utah. The mine was last worked in the first half of the twentieth century as high grade direct shipping silver mine. The Company also holds four properties in Mexico through its wholly owned subsidiary, Metales Preciosos S.A. de C.V., all of which were past producers during colonial times and are anomalous for both precious and base metals. The Company also plans to advance these properties during the coming year and prioritize them based on ton/grade classification following up-coming exploration programs.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND RISKS
Some of the statements in this press release are forward-looking statements and are based on our current expectations, assumptions and estimates. Forward-looking statements carry certain risks regarding an assumed set of economic conditions and courses of action, including: (a) whether International Silver, Inc. ("the Company") will be able to obtain sufficient financing of approximately $19 million to continue to meet its operational goals, including its obligation to pay $7,990,000 by September 7, 2008 to purchase the Langtry Property; (b) the Securities and Exchange Commission ("SEC") permits companies engaged in exploration or mining activities to file reports with the SEC to disclose only those mineral deposits that a company can economically and legally extract or produce and views such representations with a great amount of uncertainty; and (c) other risk factors and matters disclosed in the Company's SEC filings, including its Form 10-K for the period ending December 31, 2007 and its S-1 registration statement, both of which may be accessed at www.sec.gov. No information contained in this press release should be construed as a representation or indication, in any manner whatsoever, of the present or future value of the Company or its common stock. Readers of information contained in this press release should carefully review the Company's filings with the SEC that contain important information regarding the Company. The Company disclaims any responsibility to update forward-looking statements made herein.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here