Silver Eagle Continues to Consolidate Ownership at Its Miguel Auza Project
Silver Eagle Continues to Consolidate Ownership at Its Miguel Auza Project
Jun. 22, 2007 03:49 PM
TORONTO, ONTARIO -- (MARKET WIRE) -- 06/22/07 -- Silver Eagle Mines Inc. (TSX: SEG)("Silver Eagle") is pleased to announce that it has exercised its option to buy out six additional mining concessions and the 3% royalty thereon, at the Miguel Auza Mine, for the previously agreed purchase price of US$2,010,000. These claims comprise the properties where the majority of the Calvario, East and North Zones are located. With the addition of these core properties, Silver Eagle has now consolidated its 100% direct ownership on 18 of the 20 mining concessions at Miguel Auza.
We are also pleased to announce that Mr. Robert Moore and Mr. Mario Curiel have recently joined our operating team at Miguel Auza. Rob, who has accepted the position of Mine Superintendent, is a Haileybury School of Mines graduate and comes with 28 years of underground hardrock mining experience, the last 10 years as a mine superintendent at mines located in Northern Ontario and the NWT. Mario is a graduate of Universidad Autonoma de Nuevo Leon and comes with 20 years of milling experience, most recently holding the position as mill superintendent at a 70,000 tonne per day plant in northwestern Mexico. These additions continue to strengthen our operating team in Mexico.
Project Update
- Scott Wilson Roscoe Postle Associates Inc. has been engaged to provide
its independent review and report on the planned resource estimate update
and development plan, both of which are in progress, with completion
anticipated in the 4th quarter of this year.
- A second ball mill is being installed in the mill. Together with circuit
upgrades the mill throughput capacity is expected to exceed 200 tonnes
per day by Q4 2007.
- The previously announced preliminary exploration program has commenced on
our Mexican properties outside the immediate Miguel Auza Mine area.
President and CEO Terry Byberg said, "We are extremely pleased with the way things are progressing at the mine site. The addition of Mario and Rob to the operations team strengthens our operating group at Miguel Auza as we complete our bulk sample and move towards a final production decision."
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management's estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
ON BEHALF OF THE BOARD OF DIRECTORS OF SILVER EAGLE MINES INC.
Terrence H. Byberg, President and CEO
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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