South American Silver Files First Quarter 2011 Financial Statements and MD&A and Restated Annual 2010 Financial Statements and Related MD&ASouth American Silver Corp SAC 6/13/2011 7:50:10PM
VANCOUVER, BRITISH COLUMBIA, Jun 13, 2011 (MARKETWIRE via COMTEX News Network) --
South American Silver Corp. (TSX: SAC)(PINK SHEETS: SOHAF) reports that it has released its unaudited interim consolidated financial statements for the three months ended March 31, 2011 and the related management's discussion and analysis of financial position and results of operations ("MD&A").
As at March 31, 2011, the Company had working capital of U.S.$34.2 million, including cash and cash equivalents of U.S.$34.6 million. The Company is in a very strong financial position with 18-24 months of funding in place to advance the Malku Khota silver-indium project into feasibility and to advance the Escalones copper-gold project to the resource definition stage.
Copies of the unaudited financial statements and related MD&A can be found on SEDAR at www.sedar.com.
The Company also announces that it has filed on SEDAR restated audited consolidated financial statements for the year ended December 31, 2010 and the related MD&A. The Company has restated its cash flow statement in respect of the treatment of unrealized foreign exchange gains on its cash and cash equivalents held in Canadian funds. The unrealized gains had previously been included in the net loss for the year within operating activities and included in cash inflows. This amount has now been reclassified out of operating activities and presented separately. The reclassification has no impact on cash and cash equivalents at the end of the year. The MD&A has been amended to report the revised cash inflows.
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 100% owned Malku Khota Silver-Indium project in Bolivia, one of the world's largest undeveloped silver and indium deposits, and the 100% owned large-scale Escalones Copper-Gold project in Chile. 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 effective community relations to increase shareholder value. Management has extensive experience in the global exploration and mining industry with much of that focused in Bolivia, Chile, Peru and Argentina. The Company's shares are listed on the Toronto Stock Exchange under the symbol "SAC" and on the US OTC market as "SOHAF." Additional information related to South American Silver Corp. is available at www.soamsilver.com and on SEDAR at www.sedar.com.
Forward-looking Statements
Certain statements contained herein constitute "forward-looking statements". Forward-looking statements express, as at the date of this press release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results. Forward-looking statements are based on certain assumptions, including the key assumptions and parameters on which such estimates are based, involve risks and uncertainties and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. 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, the risks related to the development of the Company's properties and other risks more fully described in the Company's Annual Information Form filed and publicly available on SEDAR at www.sedar.com. Readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. 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.
Contacts: South American Silver Corp. William Filtness Chief Financial Officer (604) 684-0693 (604) 684-0642 (FAX)
SOURCE: South American Silver Corp.
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