Silver Sun Announces Entry Into Option Agreement for the Acquisition of Up to 100% of Five Mineral Claims Located in
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VANCOUVER, BRITISH COLUMBIA, Apr 22 (MARKET WIRE) --
Silver Sun Resource Corp. (TSX VENTURE: SSU) ("Silver Sun" or
the "Company") is pleased to announce that, it has entered into
an option agreement with 0875262 B.C. Ltd. (the "Optionor"),
pursuant to which it has acquired an option (the "Option") to
purchase a one hundred percent (100%) interest in and to five contiguous
mineral claims covering a combined area of approximately 2431.79 hectares
located in the Cariboo mining district in British Columbia (the
"Property"). The Property borders an area owned by Barkerville
Gold Mines Ltd.
In consideration for the acquisition of the Option, the Company has
agreed to: (i) issue 2,000,000 common shares of the Company to the
Optionor; (ii) incur an aggregate total of $1,500,000 in exploration
expenditures on the Property within five years from the closing date of
the transaction; and (iii) grant the Optionor a two percent (2%) net
smelter returns royalty upon exercise of the Option, which royalty is
subject to the Company's right to repurchase one percent (1%) of the
royalty for a one time payment of $1,000,000 at any time.
Silver Sun President, Mark McLeary, notes, "We believe this is a
very strategic acquisition for our company as it positions us in a
historic, mineral rich area of British Columbia with significant
exploration potential. Coupled with the planned development of existing
properties in Mexico and Silver Sun's current share structure, management
is optimistic about what 2010 will provide in terms of corporate
growth."
Closing of the transactions contemplated in the Option Agreement is
subject to receipt of TSX Venture Exchange approval. There is no
assurance that the transaction will be completed as planned or at all.
About Silver Sun Resource Corp.
Silver Sun is a Canadian-based resource company focused on the
acquisition of base and precious base metal deposits in Mexico and North
America. The Company is engaged in an on-going work program on the
Zacatecas, Salvador and Mina San Jose properties, located within the
prolific Zacatecas Silver District in Mexico. The Company is operated by
an experienced management team with a growth strategy to develop a
diversified portfolio of mining projects.
ON BEHALF OF THE BOARD OF DIRECTORS
Mark A. McLeary, President
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.
Contacts:
Silver Sun Resource Corp.
Mark A. McLeary
President
(604) 678-2531
Copyright 2010, Market Wire, All rights reserved.
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