United Silver Corp. Finalizes LLC Agreement with Hale Capital on Crescent Mine Project; Sells First Load of Concentrate to Refinery
United Silver Corp. Finalizes LLC Agreement with Hale Capital on Crescent Mine Project; Sells First Load of Concentrate to Refinery
Vancouver, British Columbia CANADA, June 28, 2012 /FSC/ - United Silver Corp. (USC - TSX, USCZF - OTC Pink), is pleased to announce that it has closed the agreement with Hale Capital Partners ("Hale") first announced on June 4, 2012. Together, USC and Hale formed the Crescent Mine LLC. Under the terms of the LLC, Hale made a net Initial Contribution of $2,400,000 in exchange for a 20% interest in the Crescent Silver Mine, located in the Coeur D'Alene Silver Belt, Idaho. USC had recently acquired this same interest in the Crescent Silver Mine project from Gold Finder Explorations Ltd. USC is the manager and has an 80% interest in the LLC. At any time after USC has satisfied its obligation to Hale under the Secured Convertible Note dated February 1, 2012 (see news release dated February 1, 2012), USC may acquire one half of Hale's interest in the LLC for a payment equal to the Initial Contribution.
Other specific terms of the LLC will be disclosed in the LLC agreement which will be publicly filed on SEDAR.
USC is also pleased to announce that the New Jersey Mill is
in operation, and it has shipped its
first load of concentrate from its test mining operations
to the refinery owned by Formation Metals.
These and future concentrate sales are together expected
to generate the cash necessary to complete development and
bring the Crescent Mine into commercial production.
Graham Clark, CEO of USC said, "We are very pleased with Hale Capital Partners, LP continued support as they become our joint venture partner in the Crescent Mine project. This transaction provides us with adequate funding according to our budget to carry out our development plans until commercial production makes the Crescent Mine project self sustaining."
Martin Hale Jr, CEO of Hale Capital Partners, said, "We are pleased to have the opportunity to expand our relationship with USC. We focus on providing growth capital to strong managers developing exceptional properties. We believe USC fits well with our investment focus."
ABOUT UNITED SILVER CORP.
USC is a vertically integrated mining company with operations in Idaho, USA. It has a majority interest in the Crescent Silver Mine project in Idaho's prolific Silver Belt - directly between two of the world's historically largest silver producing properties, the Sunshine and Bunker Hill mines. USC also offers a full suite of mining services including contract mining and mine machine repair and fabrication services to silver miners in the district. USC's common shares trade on the Toronto Stock Exchange under the symbol "USC". For more information about USC, please visit: www.unitedsilvercorp.com
ABOUT HALE CAPITAL PARTNERS
Based in New York City, Hale Capital Partners has established itself as a leading private equity firm focused on strategic investments in public companies and their subsidiaries. Hale Capital Partners' team is comprised of seasoned private equity veterans and entrepreneurs, who bring not only deep domain expertise but also hands-on operating experience to help build highly successful companies. Hale Capital Partners' mining portfolio spans all stages of mine development from exploration to commercial production.
www.unitedsilvercorp.com
ON BEHALF OF UNITED SILVER CORP.
"Graham Clark"
Chairman and CEO
Investor Relations
Tel. (855) 238-0202
http://www.unitedsilvercorp.com/s/NewsReleases.asp?ReportID=534859
United Silver Corp. Finalizes LLC Agreement with Hale Capital on Crescent Mine Project; Sells First Load of Concentrate to Refinery
Vancouver, British Columbia CANADA, June 28, 2012 /FSC/ - United Silver Corp. (USC - TSX, USCZF - OTC Pink), is pleased to announce that it has closed the agreement with Hale Capital Partners ("Hale") first announced on June 4, 2012. Together, USC and Hale formed the Crescent Mine LLC. Under the terms of the LLC, Hale made a net Initial Contribution of $2,400,000 in exchange for a 20% interest in the Crescent Silver Mine, located in the Coeur D'Alene Silver Belt, Idaho. USC had recently acquired this same interest in the Crescent Silver Mine project from Gold Finder Explorations Ltd. USC is the manager and has an 80% interest in the LLC. At any time after USC has satisfied its obligation to Hale under the Secured Convertible Note dated February 1, 2012 (see news release dated February 1, 2012), USC may acquire one half of Hale's interest in the LLC for a payment equal to the Initial Contribution.
Other specific terms of the LLC will be disclosed in the LLC agreement which will be publicly filed on SEDAR.
USC is also pleased to announce that the New Jersey Mill is
in operation, and it has shipped its
first load of concentrate from its test mining operations
to the refinery owned by Formation Metals.
These and future concentrate sales are together expected
to generate the cash necessary to complete development and
bring the Crescent Mine into commercial production.
Graham Clark, CEO of USC said, "We are very pleased with Hale Capital Partners, LP continued support as they become our joint venture partner in the Crescent Mine project. This transaction provides us with adequate funding according to our budget to carry out our development plans until commercial production makes the Crescent Mine project self sustaining."
Martin Hale Jr, CEO of Hale Capital Partners, said, "We are pleased to have the opportunity to expand our relationship with USC. We focus on providing growth capital to strong managers developing exceptional properties. We believe USC fits well with our investment focus."
ABOUT UNITED SILVER CORP.
USC is a vertically integrated mining company with operations in Idaho, USA. It has a majority interest in the Crescent Silver Mine project in Idaho's prolific Silver Belt - directly between two of the world's historically largest silver producing properties, the Sunshine and Bunker Hill mines. USC also offers a full suite of mining services including contract mining and mine machine repair and fabrication services to silver miners in the district. USC's common shares trade on the Toronto Stock Exchange under the symbol "USC". For more information about USC, please visit: www.unitedsilvercorp.com
ABOUT HALE CAPITAL PARTNERS
Based in New York City, Hale Capital Partners has established itself as a leading private equity firm focused on strategic investments in public companies and their subsidiaries. Hale Capital Partners' team is comprised of seasoned private equity veterans and entrepreneurs, who bring not only deep domain expertise but also hands-on operating experience to help build highly successful companies. Hale Capital Partners' mining portfolio spans all stages of mine development from exploration to commercial production.
www.unitedsilvercorp.com
ON BEHALF OF UNITED SILVER CORP.
"Graham Clark"
Chairman and CEO
Investor Relations
Tel. (855) 238-0202
http://www.unitedsilvercorp.com/s/NewsReleases.asp?ReportID=534859
My opinions are my own and and DD I post should be confirmed as unbiased
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