First American Silver Corp. (OTCBB: FASV)
About First American Silver Corp.: First American Silver Corp. engages in the exploration and development of silver properties in the United States. Based in Reno, Nevada First American Silver Corp. owns interests in the Mountain City property located in Elko County, Nevada; the Egan Canyon property located in White Pine County, Nevada; and the Muncy Creek property located in White Pine County, Nevada.
FASV has entered into an option agreement to acquire 100% interest in three mineral properties in Nevada from All American Resources LLC.
- Mountain City in Elko County, Nevada
- Egan Canyon in White Pine County, Nevada
- Muncy Creek in White Pine County, Nevada.
The Mountain City Property is located in Elko County in north-eastern Nevada. It is situated about 0.5 miles north from the town of Mountain City and ten miles from the border with the state of Idaho in what is known as the Cope Mining District. Other historic mining properties are present in the vicinity including the Rio Tinto copper-gold mine, a historic producer located one mile to the southeast. Past sampling of quartz veins on the property indicate silver values up to 84.9 ounces per ton (opt), and gold values up to 0.218 ounces per ton.
The Egan Canyon Property is located in east-central Nevada approximately 3.5 miles southwest of the small town of Cherry Creek, White Pine County. It is situated along the steep sided Egan Canyon at elevations up to 7000 feet (2300m). The claims are within the Cherry Creek mining district, at the northern end of the Egan Range. A number of large mine dumps from a series of adits and shafts are present in the Egan Canyon property, and while no outcropping quartz veins are exposed on the talus and debris covered surface, the large amount of quartz in the mine dumps and float suggest a north-south trending vein or vein system was developed in the old workings. Quartz float and dump material show a variety of textures including quartz stockwork veining. Limited sampling of the dump material shows silver values to 6.04 ounces per ton, and gold values up to 0.81 ounces per ton.
The Muncy Creek Property is located in east-central Nevada along the east flank of the Schell Creek Range, White Pine County. The nearest town is Ely, located roughly 40 miles to the southwest of the property. Some recent assays from old mine dumps on the property returned up to 3.98% zinc, and 1.68% lead.
First American Silver Corp.
1135 Terminal Way
Reno, NV , 89502
For further information please visit the company’s website at www.firstamericansilver.com.
Forward-Looking Statements: Included in this release are certain “forward-looking” statements involving risks and uncertainties which are intended to conform to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s financial performance. Such statements are based on management’s current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual future results may differ materially from those anticipated, depending on a variety of factors, sales and earnings growth, ability to attract and retain key personnel and general economic conditions, including uncertainties relating to global political conditions, such as terrorism. Information with respect to important risk factors that should be considered may be contained in the Company’s Annual Report on Form 10-K and its Reports on Form 10-Q to be filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.
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