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Shares in junior precious metals miner Silver Sun Resources Corp. spiked 10% on Friday after becoming the sole owner of the Cherry Hill Mining Company, a fellow Californian gold miner. The Vancouver company’s stock is up just short of 50% on the TSX-Venture exchange in 2011. Silver Sun is in the final stages of development of its gold project in Yreka, California and engaged in an on-going work programme in Mexico’s prolific Zacatecas silver district and at a newly-acquired silver project Yoreme in Sonora state.
Silver Sun said it will acquire an additional 31.85% interest in Cherry Hill and will issue 950,000 common shares and 475,000 common share purchase warrants at a price of 56 cents for a period of 12 months from the closing date, subject to bourse approval.
Read the full press release here.
Image supplied by Silver Sun is of its Yoreme Property situated in the Alamos Mining District in southern Sonora State, Mexico, consisting of one mineral claim, located approximately 14 kilometres west of the city of Alamos. The 400 hectare property covers the San Manuel silver-lead-zinc vein. Numerous large scale producing mines occur within the area, the closest are the Piedras Verdes Mine (Rio Tinto), located 20 km to the northeast of Yoreme and the Alamo Dorado Mine (Pan American Silver) located 47 km southeast of Yoreme.
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Buyers Advocate Melbourne
hopefully that mine goes well