Netco Silver: Letter from the Board
August 17 2011 - 8:00AM
Marketwired
Netco Silver Inc. (TSX VENTURE: NEI) -
Dear Shareholders,
With the beginning of a new era for Netco, the board is pleased
to issue the following communication to shareholders. At the most
recent AGM, the Company officially approved the change of its name
from Netco Energy Inc. to Netco Silver Inc., which properly
reflects the company's strategic focus as a play on high-grade
silver assets. The name change occurred on July 11, 2011. Going
forward, Netco's initial prospect is its newly-acquired interest in
the Toruel Project, located in the Rio Negro Province of Argentina,
an area which has shown significant potential for high-grade
silver.
The Toruel Project consists of numerous epithermal veins that
have variable amounts of significant silver, copper, gold, indium,
lead and zinc. Based on the opinions of the geologists who have
identified the property for us, we believe the Toruel Project will
be a significant silver prospect for Netco going forward.
To date, the property has had a total of 4,300 meters of diamond
drilling and 1,590 meters of reverse circulation in three rounds of
drilling performed by our partner, Marifil Mines. From this
drilling, a significant amount of mineralization has been defined,
but not quantified. Drill results are described in our National
Instrument 43-101 compliant technical report entitled "Toruel
Project, Rio Negro Province - Argentina", dated June 15, 2011,
authored by Mr. James Ebisch, and filed on SEDAR on June 22, 2011.
The report describes how surface samples from the property have
resulted in 0.0 to 5,871 g/t silver, and drilling has intercepted
strong mineralization ranging from 0.0 to 3,759 g/t silver over 0.5
m within a 5.0 meter zone that averaged 960 g/t silver along with
another 5.4 meter interval that averaged 981 g/t silver and 6.31%
copper.
As promising as these numbers look so far, we consider the
Toruel Property to be underexplored, with the true potential for
the project yet to be seen.
Management has just returned from a trip to Argentina, which
included a site visit on the Toruel Project with the consulting
geologist that oversaw the exploration work previously performed.
Over the next three months, Netco will embark upon its first phase
of exploration on the Toruel Project, which will include detailed
mapping and sampling of the property, as well as geophysical work
and trenching. The goal is to gain a better understanding of the
true scope of the previously discovered Toruel vein system, as well
as to investigate the entire property for additional veins and
potential that may exist outside of the Toruel vein structure.
Andrew Gourlay (P.Geol.) President: "Sound geology begins with
the systematic mapping and sampling of the property to truly
understand its potential. We already know have a high-grade vein
structure in the Toruel system, but this work will help us to
determine if there are additional targets that we have yet to
uncover on this property."
Along with tapping the potential of the property itself, Netco
is working to assemble a strategic Argentina geological advisory
team. Through our due diligence process we have built relationships
with a network of geologists with considerable South American
expertise, and, as we add new members to our team and execute on
our strategy, we believe that Netco and the Toruel Project will
deliver significant shareholder value.
We are pleased to officially become a part of the silver
community, and thank you for following us on our journey to get
here.
Sincerely,
Colin Bowkett, Director
Netco Silver Inc.
Technical information in this letter has been reviewed and
approved by Andrew Gourlay, our President and, a qualified person
as defined in National Instrument 43-101.
Disclaimer for Forward-Looking Information
This letter contains projections and forward-looking information
that involve various risks and uncertainties regarding future
events such as statements: (i) regarding the potential return to
the era of primary silver mines; (ii) that the Toruel Project may
be a significant silver play going forward; (iii) that the true
potential of the project is yet to be seen; (iv) regarding our
future exploration plans and business strategy; and (v) that the
Toruel Project will deliver significant shareholder value. No
assurance can be given that any of the events anticipated by the
forward-looking statements will occur or, if they do occur, what
benefits we will obtain from them. These forward-looking statements
reflect management's current views and are based on certain
expectations, estimates and assumptions which may prove to be
incorrect. A number of risks and uncertainties could cause our
actual results to differ materially from those expressed or implied
by the forward-looking statements, including: (1) a downturn in
general economic conditions, (2) the inherent uncertainties and
speculative nature associated with silver exploration, (3) a
decreased demand for silver, (4) any number of events or causes
which may delay exploration and development of our property
interests, such as environmental liabilities, weather, mechanical
failures, safety concerns and labour problems, (5) uncertainty of
governmental policy in Argentina; (6) inability to obtain all
necessary permitting and financing, and (7) other factors beyond
our control. These and all subsequent written and oral
forward-looking information are based on estimates and opinions of
management on the dates they are made and expressly qualified in
their entirety by this notice. Except as required by law, we assume
no obligation to update forward-looking information should
circumstances or management's estimates or opinions change.
Contacts: Ascenta Capital Partners Inc. Hugh Oswald Investor
Relations 604-684-4743 ext. 243 hugh@ascentacapital.com
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