VANCOUVER, BRITISH COLUMBIA--(Marketwire - Mar 20, 2013) - South American Silver Corp. (SAC.TO)(SOHAF) (the "Company") announced today the adoption by its board of directors of amendments to its by-laws to include advance notice provisions, the purpose of which is to require that advance notice be provided to the Company in circumstances in which nominations of persons for election to the board of directors of the Company are made by shareholders other than pursuant to the requisition of a meeting or a shareholder proposal in accordance with the Canada Business Corporations Act.
Among other things, the by-law amendment fixes a deadline by which shareholders must provide notice to the Company of nominations for election to the board and sets forth the information that a shareholder must include in the notice to the Company for the notice to be in proper written form.
In the case of an annual meeting of shareholders, notice to the Company must be made not less than 30 nor more than 65 days prior to the date of the annual meeting; provided, however, that in the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the 10th day following such public announcement.
In the case of a special meeting of shareholders (which is not also an annual meeting), notice to the Company must be made no later than the close of business on the 15th day following the date on which the first public announcement of the date of the special meeting was made.
Ralph Fitch, Executive Chairman of the Company said, "the advance notice by-law provides a clear process for shareholders to follow to nominate directors and sets out a reasonable time frame for nominee submissions along with requirements for accompanying information. The purpose is to ensure that shareholders are well-informed about director nominees and that shareholders are able to vote in an informed manner after having been afforded reasonable time for appropriate deliberation".
The by-law amendment is effective immediately. In accordance with the Canada Business Corporations Act, the amendment will be subject to confirmation by shareholders at the Company''s next shareholder meeting.
A copy of the amendment, containing the full details of the advance notice provisions has been filed under the Company''s profile on SEDAR at www.sedar.com.
About South American Silver Corp.
South American Silver Corp. is a growth focused mineral exploration company creating value through the exploration and development of the large scale Escalones copper-gold project in Chile, the pursuit of new opportunities, and the realization of value from the Malku Khota project in Bolivia. The Company''s approach to business combines the team''s track record of discovery and advancement of large projects, key operational and process expertise, and a focus on community relations and sustainable development. Management has extensive experience in the global exploration and mining industry. The Company''s shares are listed on the Toronto Stock Exchange under the symbol "SAC" and on the US OTCQX market as "SOHAF". Information related to South American Silver Corp. is available at www.soamsilver.com and on SEDAR at www.sedar.com.
Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "pursuit", "creating", "realization" and similar expressions and statements regarding the Company''s next shareholder meeting. This release contains forward-looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors. Readers are cautioned not to place undue reliance on these statements as the Company''s actual results, performance or achievements may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements if known or unknown risks, uncertainties or other factors affect the Company''s business, or if the Company''s estimates or assumptions prove inaccurate. Therefore, the Company cannot provide any assurance that forward-looking statements will materialize. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to, risks of the mineral exploration industry which may affect the advancement of the Escalones project, including possible variations in mineral resources or grade, metal prices, timely receipt of required permits, availability of equipment and qualified personnel, failure of equipment or processes to operate as anticipated and changes in project parameters as plans continue to be refined; the political and economic climate in Bolivia including the attitudes and actions of the Bolivian government related to foreign investment in Bolivia; the international arbitration process; and other risks more fully described in the Company''s Annual Information Form filed and publicly available on SEDAR at www.sedar.com. The assumptions made in developing the forward-looking statements include: the accuracy of current inferred resources and the interpretation of drill and other exploration results for Escalones; the timely receipt of required permits for Escalones; the availability of equipment and qualified personnel to advance the Escalones project and execution of the Company''s existing plans and further exploration and development programs for Escalones, which may change due to changes in the views of the Company or if new information arises which makes it prudent to change such plans or programs; and the ability of the Company to realize value from its investments in Bolivia. Subject to applicable laws, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. Unless otherwise indicated, forward-looking statements in this release describe the Company''s expectations as of 20 March, 2013.