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Information posted was accurate at the time of posting but may be superseded by subsequent news releases Back 
November 10, 2008 - Silver Reserve Corp. is pleased to announce that it has completed an agreement to acquire all of the issued and outstanding shares of Infrastructure Materials Corp. US that holds limestone assets in the US.
CEO Todd Montgomery commented that "We believe the Federal and State governments in the United States will embark on major infrastructure expenditures in the near future that will expand the demand for materials in the limestone and cement categories. World demand for cement currently exceeds production. We believe this is a strategic acquisition for the future of our Company."
President Mason Douglas commented that "Our market research supports a move toward a cement producing limestone project. We believe demand for cement will continue to remain favorable as North America's infrastructure continues to grow and age-deteriorate. The physical location is such that these properties may carry a natural transportation related cost advantage over imported product. Further, our due diligence at this preliminary stage of exploration suggests that these properties carry favorable grades and resource size to warrant development to production."
This transaction involves five separate limestone claim groups in the western US. Four claim groups are located in the state of Nevada in Elko County (113 claims), Mineral County (52 claims) and Pershing County (99 claims in 2 groups). The last claim group is located in the state of Idaho and falls in both Bear Lake and Caribou County (138 claims). All properties are located within economic hauling distance of existing railheads. Presently, technical reports are being prepared for each property.
The shares of Infrastructure Materials Corp. US are currently owned by Todd D. Montgomery, a director and CEO of Silver Reserve Corp. and the transaction is accordingly non-arm's length. The purchase price is $198,512 (USD), representing Mr. Montgomery's actual out-of-pocket costs incurred in the last 12 months in connection with the incorporation of the company and assembly of the limestone properties. This value is to be fully paid by way of the issuance of 397,024 common shares issued from the treasury of Silver Reserve Corp. at an ascribed value of $0.50 (USD) per share. Infrastructure Materials Corp. Canada was removed from the purchase agreement as due diligence did not support the purchase of the limestone assets.
Silver Reserve Corp. plans to move as quickly as possible to advance these projects toward feasibility.
Silver Reserve is an exploration stage mining company. The Company also has a portfolio of 15 silver and base metal projects in the State of Nevada, USA. The properties are located in the counties of Esmeralda, Mineral, Nye, Lyon, Humboldt and Elko. Silver Reserve owns a 250 ton per day mill facility at Mina, Nevada. Details of the new assets will be released as they become fully available.
For More Information, please contact:
Mason Douglas, President
866-448-1073
info@silverreservecorp.com
or visit our Web Site at
www.silverreservecorp.com
FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements" within the meaning of U.S. securities laws Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate," "estimate" and other similar words or statements to the effect that certain events or conditions "may", "have" or "will" occur. This release also contains statements based upon historical records pertaining to our mineral claims that have not been verified by the Company. The term, "resource" is not a term that is recognized by SEC guidelines and does not rise to the level of certainty required by SEC guidelines. Forward-looking statements or references to historical records are based on the material in our possession, opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those stated or projected in this press release. The Company undertakes no obligation to update forward-looking statements or historical information. The reader is cautioned not to place undue reliance on forward-looking statements. |
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