PINNACLE SILVER AND GOLD PROVIDES CORPORATE UPDATE AND GRANTS INCENTIVE STOCK OPTIONS
Pinnacle Silver and Gold Corp. has provided an update on corporate activities. As previously stated, the company is actively engaged in seeking out new silver and gold exploration and development opportunities in the Americas, with particular focus on Mexico and Peru.
Mexico is the largest silver-producing country in the world and has more primary silver mines than any other country. Peru is the third-largest silver producer and has the largest silver reserves and resources of any country.
Many projects have already been reviewed and due diligence is being conducted on select opportunities, including site visits, and management is encouraged by the quality of assets that are potentially available for acquisition. The focus is on high-grade underground targets, especially in Mexico where there remains some uncertainty regarding open-pit mining.
“With the gold price now hitting all-time records on a regular basis and the silver price breaking through $30 per ounce once again, now is a great time to lay the foundation for a new precious metals focused company,” stated Robert Archer, Pinnacle president and chief executive officer. “If successful, the addition of a high-quality asset in Mexico or Peru would significantly enhance our existing portfolio of gold projects in the Red Lake district of Ontario.”
Depending upon the nature of a successful acquisition, management will determine whether to conduct further exploration in Ontario this year or defer that to next spring, while initiating field work on a new project. Shareholders will be updated accordingly.
Stock option grant
Pinnacle has granted an aggregate of 3.5 million incentive stock options to certain directors, officers, employees and consultants of the company, pursuant to the company’s stock option plan and subject to TSX Venture Exchange approval, at a price of five cents and expiring on Sept. 23, 2029.
Qualified person
Mr. Archer, PGeo, a qualified person as defined by National Instrument 43-101, and the president and chief executive officer of the company, has reviewed, verified and approved for disclosure the technical information contained in this news release.
About Pinnacle Silver and Gold Corp.
Pinnacle is currently focused on district-scale exploration for precious metals in the prolific Red Lake district of northwestern Ontario. The past-producing high-grade Argosy gold mine is open to depth, while the adjacent North Birch project offers additional blue-sky potential.
Pinnacle is also actively looking for other district-scale opportunities in the Americas, with a particular focus on silver and gold. With a seasoned, highly successful management team and quality projects, Pinnacle Silver and Gold is committed to building long term, sustainable value for shareholders.