Aura Silver to Receive US $1.3 Million Payout Triggered by West Taviche Sale
OTTAWA, ONTARIO -- (Marketwired) -- 07/16/13 -- Aura Silver Resources
Inc. (TSX VENTURE:AUU) ("Aura Silver" or the "Company") is pleased to
announce that the Aura Silver / Intrepid Mines Ltd. joint venture
("Taviche JV") will receive a payout of US $2.0 million net of prior
concession fees owed to Pan American Silver Corp. ("Pan Am"). The
payout has been triggered by the completion of Pan Am's sale of the
West Taviche concession to Fortuna Silver Mines Inc. and is in
accordance with the agreement between the Taviche JV and Pan Am which
was completed in April 2012. The April 2012 agreement allowed Pan Am
to retain a 100% ownership of West Taviche with the proviso that upon
a sale of an interest greater than 70% in the property, US $2.0
million would be paid to the Taviche JV. In turn, the Taviche JV
received a 100% ownership interest in the East Taviche concession
where the Taviche JV has had the greatest amount of drilling success.
Pan Am retains a 1.5% net smelter royalty in respect of East Taviche.
The net payout of approximately US $1.85 million will be split
between Aura Silver and Intrepid based on their current shares of the
Taviche JV resulting in a final payout of approximately US $1.3
million to Aura Silver. This payout relieves Pan Am of any further
obligations to the Taviche JV with respect to West Taviche.
Aura Silver plans to utilize these funds to advance exploration at
both the East Taviche and Greyhound properties and for general
corporate and working capital requirements.
About Aura Silver
Aura Silver is a TSX Venture listed company engaged in the
acquisition, exploration and development of precious metal prospects
in Canada (100% owned Greyhound project) and in Oaxaca, Mexico. Aura
Silver has 101,680,844 common shares outstanding.
Aura Silver's web site is located at www.aurasilver.com.
This press release may contain forward looking statements that are
made as of the date hereof and are based on current expectations,
forecasts and assumptions which involve risks and uncertainties
associated with our business including the uncertainty as to whether
further exploration will result in the target(s) being delineated as
a mineral resource, capital expenditures, operating costs, mineral
resources, recovery rates, grades and prices, estimated goals,
expansion and growth of the business and operations, the private
placement financing activities of the Company, plans and references
to the Company's future successes with its business and the economic
environment in which the business operates. All such statements are
made pursuant to the 'safe harbour' provisions of, and are intended
to be forward-looking statements under, applicable Canadian
securities legislation. Any statements contained herein that are
statements of historical facts may be deemed to be forward-looking
statements. By their nature, forward-looking statements require us to
make assumptions and are subject to inherent risks and uncertainties.
We caution readers of this news release not to place undue reliance
on our forward-looking statements as a number of factors could cause
actual results or conditions to differ materially from current
expectations. Please refer to the risks set forth in the Company's
most recent annual MD&A and the Company's continuous disclosure
documents that can be found on SEDAR at www.sedar.com. Aura Silver
does not intend, and disclaims any obligation, except as required by
law, to update or revise any forward-looking statements whether as a
result of new information, future events or otherwise.
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.
Aura Silver Resources Inc.
President and CEO
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