TUCSON, AZ -- (Marketwire) -- 09/11/08 -- International Silver, Inc. (OTCBB: ISLV) is pleased to announce that the due date for International Silver's purchase of the Langtry property in the Calico Mining District of San Bernardino County, California has been extended for three months, and that it has successfully re-negotiated the terms of the Langtry property purchase.
Previously the Langtry property purchase terms provided for an $8.0 million payment for the acquisition of a 100% undivided interest. These acquisition terms have now been modified to provide for an initial $2.0 million payment by December 5, 2008, with the $6.0 million acquisition cost balance to be financed for a 15 year period at an interest rate of 6% to be paid annually.
The Langtry property consists of 20 patented mining claims covering 413.22 acres. From 1969 to 1974, Superior Oil's Minerals Division drilled 200 rotary holes totaling 80,000 feet to establish a measured mineral resource of 36 million tons containing 76 million ounces of silver, and 7.9% barite. The Langtry property abuts the International Silver owned Leviathan property to the northeast, which is comprised of 60 unpatented mining claims on 1,242 acres and hosts three previously worked silver deposits: the Silverado; the Leviathan; and the Silver Bow mines.
International Silver is an exploration and mine development company whose properties are located in the United States and Mexico. International Silver currently: (a) owns the Leviathan property in the Calico Mining District of San Bernardino, California; (b) holds a purchase agreement for the patented Langtry property which abuts the Leviathan property; and (d) operates its wholly owned Mexican subsidiary, Metales Preciosos S. A. de C. V., which owns three adjacent mining properties in Mexico -- the El Cumbro, El Cusito and Canada del Oro properties in the Sierra Madre gold belt of southern Sonora state and the La Moneda precious metals property located near Puerto Libertad on the Gulf of Cortez, also in Sonora. The Company's operational focus is to identify and establish control positions of silver properties in previously worked silver districts of North America and to develop these properties through exploration and permitting to establish reserves that will potentially result in operating silver mines.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND RISKS
Some of the statements in this press release are forward-looking statements and are based on current expectations, assumptions, and estimates. Words and phrases such as "believes," "expect, anticipate," are intended to identify forward-looking statements. Forward-looking statements carry certain risks regarding an assumed set of economic conditions and courses of action, including: (a) whether we will have sufficient financial resources to continue to meet our operational goals and future plans; (b) the Superior Oil results described above were not necessarily prepared in conformity with SEC disclosure principals or guidelines; (c) other risk factors and matters disclosed in the Company's Securities and Exchange Commission ("SEC") filings that may be accessed at www.sec.gov. There is a significant risk that actual material results will vary from projected results. No information provided 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's financial results, its future plans, and their limitations, and the risks involved with the Company's operations. The Company disclaims any responsibility to update forward-looking statements made herein.
Chief Executive Officer
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