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South American Silver: Escalones project could double company's resources

By The Canadian Press  | December 19, 2011
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VANCOUVER - South American Silver Corp. said Monday its Escalones project in Chile is estimated to contain 4.5 billion pounds of copper-equivalent metal, doubling the resources the company has in the ground.

Shares in the Vancouver-based miner (TSX:SAC) soared more than 17 per cent to $1.62 in late-morning trading on the Toronto Stock Exchange. The stock had been halted earlier pending news.

Escalones is the second major resource to be developed by South American silver since it went public in 2007. It is about equivalent in value, size and scale to its more advanced Malku Khota silver-indium project in Bolivia, which means the company's in-ground resources have effectively doubled with the latest estimate.

South American Silver said Escalones has an inferred resource of 3.8 billion pounds of copper, 56.8 million pounds of molybdenum a metal used to harden steel — 610,000 ounces of gold and 16.8 ounces of silver.

"This resource estimate gives shareholders and other investors a tangible way to begin to value this outstanding second project in the company's portfolio," said chief executive Greg Johnson.

He added he expects Escalones to attract market attention.

"Our team is committed to adding significant new value for shareholders in coming months as we demonstrate potential for further resource expansion at Escalones and advance Malku Khota to the pre-feasibility level."

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