VANCOUVER, BRITISH COLUMBIA--(Marketwire -07/26/12)- Santacruz Silver Mining Ltd. ("Santacruz" or the "Company") (SCZ.V) is pleased to announce that at its Annual General Meeting held July 24, 2012, Mr. Marc Prefontaine, M.Sc., P.Geo, was elected to the Company's Board of Directors joining Messrs. Arturo Prestamo Elizondo, Francisco Ramos, James Hutton and Craig Angus, who were all re-elected.
Mr. Prefontaine graduated with a B.Sc. in Geology from the University of Alberta and a M.Sc. in Mineral Exploration from Queen's University. He is a Professional Geologist with over 25 years experience.
Most recently Marc served as President and CEO of Grayd Resource Corporation. During his eight years as CEO of Grayd, Mr. Prefontaine assembled the land package in Mexico that ultimately became the La India Project. He and his geological team made two gold discoveries. During his tenure Grayd grew from a small exploration company with a market capitalization of $5 million to a successful development-stage company culminating with its 2011 acquisition by Agnico Eagle Mines for $275 million.
President Arturo Prestamo states, "We are very pleased to welcome Mr. Prefontaine to the Board and are confident his knowledge and experience in the Mexican mining industry will help us advance our projects going forward. Mr. Prefontaine will be a key contributor to the growth of Santacruz."
In connection with this appointment the Company has authorized the grant of 800,000 stock options to Mr. Prefontaine at a price of $0.90 per share. These options are exercisable for a five-year period.
About Santacruz Silver Mining Ltd.
Santacruz Silver is focused on three advanced stage silver projects in Mexico with a corporate objective to reach production by first quarter 2013. The Company aims to become a mid-tier silver producer in Mexico.
Arturo Prestamo Elizondo, President, Chief Executive Officer and Director
Certain statements contained in this news release, such as potential mineralization on the Company's properties, the Company's exploration and development plans and anticipated production dates on the Company's mineral properties, constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company's financial condition and development plans do not change as a result of unforeseen events, that the Company obtains regulatory approval, future metal prices and the demand and market outlook for metals. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, that occurrences such as those referred to above are realized and result in delays, or cessation in planned work, that the Company's financial condition and development plans change, delays in regulatory approval, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company's expectations, as well as the other risks and uncertainties applicable to mineral exploration and development activities and to the Company as set forth in the Company's Filing Statement filed under the Company's profile at www.sedar.com The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable securities laws or an exemption from such registration is available.
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