Defiance To Focus on Expanding Existing Resource Base, Drops Santa Gabriela Plant Option
Vancouver, British Columbia--(Newsfile Corp. - December 24, 2013) - Defiance Silver Corp (TSEV: DEF) is pleased to announce that it has decided to focus its efforts on the exploration and expansion of the San Acacio silver mine in Zacatecas for which Defiance has an option to acquire a 100% interest. The San Acacio Mine controls over 65% of the Veta Grande Vein which has historically produced in excess of 200 million oz. of silver. In addition to its current resource within the existing mine workings, Defiance has outlined a number of targets that based on historical drilling and sampling results, appear to be both larger and higher grade than initially anticipated.
The San Acacio mine has excellent exploration potential to significantly expand the current resource as mineralization is open to depth below the historic production stopes as well as along strike for 4.6 km. The Veta Grande Vein is one of the three major vein systems in the Zacatecas Silver District. Located 5 km north of the city of Zacatecas, the San Acacio Mine enjoys the advantages of excellent infrastructure including a skilled local work force, road access, and access to the national power grid.
As part of its focus on resource definition, Defiance has decided to terminate its option agreement with IMPACT Silver Corp for the acquisition of the Santa Gabriela processing plant and associated surface rights and concessions located in Zacatecas, Mexico.
About Defiance Silver Corp.: Defiance is engaged in the acquisition, exploration, and development of advanced silver projects in the Zacatecas Silver District, Mexico. The Company's efforts are focused on: the exercising of an option to purchase a 100% interest in the historic San Acacio Mine with its 43-101 compliant silver resource (reference Defiance Silver Corp New release dated October 25, 2012).
Mr. Bruce Winfield, P. Geo., President and CEO of the Company, is the Qualified Person for information contained in this press release. Mr. Winfield is a Qualified Person within the meaning of NI 43-101.
On behalf of the Directors, Bruce Winfield President and CEO
For additional information please visit the Company's website at www.defiancesilver.com.
Neither the 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
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Forward-Looking Statements. This Defiance News Release may contain certain "forward-looking" statements and information relating to Defiance that are based on the beliefs of Defiance management, as well as assumptions made by and information currently available to Defiance management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. Defiance does not assume the obligation to update any forward-looking statement.