Wildcat Silver Announces $3 Million Private Placement
June 4, 2009
Vancouver, B.C., June 4, 2009 - Wildcat Silver Corporation (TSX-V: WS) (“Wildcat” or “the Company”) has arranged for a non-brokered private placement of up to 10 million units at a price of $0.30 per unit for gross proceeds of up to $3 million.
Each unit comprises one common share and one non-transferable share purchase warrant entitling the holder to purchase one common share at a price of $0.50 per common share for a period of two years following the close of the transaction.
Wildcat CEO Chris Jones said: “These funds will allow us to launch a second phase drill program at our 80%- owned Hardshell property in Arizona, where we have already outlined an inferred resource containing 53.5 million ounces of silver and 1.2 billion pounds of manganese.”
A finders fee is payable.
Net proceeds from the transaction will be used to fund general working capital. Closing of the transaction is subject to regulatory approvals.
The Hardshell property is a silver-manganese-zinc-copper-lead mineralized zone located 100 kilometres southeast of Tucson, Arizona, approximately 15 kilometres north of the Mexico border. Mineralization was discovered on the property in 1879 and silver and manganese production occurred from various zones between 1896 and 1964. The Main Manto zone, the focus of current Wildcat evaluations, was discovered in 1953 and has never been mined. Previous property owners drilled 104 holes totalling 13,000 metres. In February 2007 Pincock, Allen & Holt published a positive preliminary assessment which cited an inferred resource of 53.5 million ounces of silver along with nearly 1.2 billion pounds of manganese (10.3 million tons grading 5.18 ounces per ton silver and 6.26% manganese). (For details of the preliminary assessment please refer to the Company’s news release dated February 13, 2007, available on www.wildcatsilver.com). Drilling to date by Wildcat has confirmed the general viability of the historic drill results and identified previously unknown mineralization at depth.
Wildcat is a Canadian mineral exploration company focused on development of the Hardshell project in Santa Cruz County, Arizona. The Hardshell property is held by Arizona Minerals Inc., of which Wildcat is an 80% owner. Wildcat trades on the TSX Venture Exchange under the symbol WS.
On behalf of the Board of Directors,
President and Chief Executive Officer
FORWARD LOOKING STATEMENTS
The statements that are not historical facts are forward-looking statements involving known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described from time to time in the Corporation’s latest annual report and management discussion and analysis. The Corporation assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.