VANCOUVER, Aug. 5, 2011 /CNW/ - Wildcat Silver Corporation (TSX: WS) ("Wildcat" or "the Company") ("Wildcat" or "the Company") is pleased to announce the appointment of William J. Pennstrom, Jr. to the position of Vice President, Technical Services.
Mr. Pennstrom has more than 35 years experience in the management and engineering aspects of mineral processing, specifically in extraction techniques that include crushing, leaching, milling, gravity separation, flotation, SX/EW, pressure oxidation, electrolysis, and smelting. His experience includes 20 years in operations and 15 years as an engineering consultant. Mr. Pennstrom has worked as the technical or engineering consultant for a vast number of large scale precious and base metal projects including International Tower Hill Mines' Livengood project, the Donlin Creek project, and Osisko's Canadian Malartic project. Mr. Pennstrom holds a Bachelor of Science degree in Metallurgical Engineering and a Masters of Arts degree in Business Management. He is a Qualified Professional (QP) in Process Metallurgy as defined under Canadian National Instrument 43-101.
Chris Jones, Wildcat's President and CEO, said, "With Bill's operational track record, technical expertise and extensive experience, he will be a significant asset to the development of our Hermosa project. This appointment is particularly well timed as we continue with metallurgical optimizations this year."
Wildcat is a Canadian mineral exploration company focused on development of Hermosa, its 80% owned silver project located in Santa Cruz County, Arizona. The project currently has an indicated mineral resource of 6.0 million tonnes averaging 187.8 grams per tonne silver for a total of 36 million ounces of silver in addition to an inferred mineral resource of 46.3 million tonnes averaging 58.6 grams per tonne silver for a total of 85 million ounces of silver. The Company has completed an updated preliminary economic assessment which contemplates an 18 year mine life with expected annual production in excess of 6 million ounces of silver for the first full five years of production.
FORWARD LOOKING STATEMENTS
The statements that are not historical facts are forward-looking statements involving known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described from time to time in Wildcat's latest annual report and management discussion and analysis. Wildcat assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
CAUTIONARY NOTE CONCERNING INFERRED MINERAL RESOURCES
A preliminary economic assessment is preliminary in nature and includes inferred mineral resources. Inferred mineral resources have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that an inferred mineral resource will have the economic consideration applied that would enable it to be categorized in the mineral reserve category, and there is no certainty that the preliminary assessment will be realized.