First Mining Finance Corp. (TSX VENTURE:FF)(OTCQX:FFMGF) (“First Mining” or the “Company”) is pleased to announce that it has completed its previously announced transaction with Silver One Resources Inc. (“Silver One”) by selling all of the issued and outstanding shares of one of its wholly-owned subsidiaries to Silver One. As a result, Silver One has acquired from First Mining the following three silver assets located in Mexico: the Peñasco Quemado, La Frazada and Pluton properties (collectively, the “Properties”).
As consideration for this purchase, Silver One has issued six million common shares of Silver One to First Mining. In addition, First Mining has retained a 2.5% net smelter return (“NSR”) royalty on the Properties, and Silver One may buy back 1.5% of the NSR by paying US$1 million to First Mining.
Keith Neumeyer, Chairman of First Mining stated, “We are pleased to have completed this transaction with Silver One. We have confidence in Silver One’s management team and are looking forward to them advancing these under-explored properties further and unlocking their true value. Through the equity position that we now have in Silver One, along with our residual royalty interest in these three properties, our company will reap the benefits from continued exposure to the silver sector, and any future upside as sentiment in the mining sector continues to improve.”
ABOUT FIRST MINING FINANCE CORP.
First Mining is a mineral property holding company whose principal business activity is to acquire high quality mineral assets with a focus in the Americas. The Company currently holds a portfolio of 25 mineral assets in Canada, Mexico and the United States with a focus on gold. Ultimately, the goal is to continue to increase its portfolio of mineral assets through acquisitions that are expected to be comprised of gold, silver, copper, lead, zinc and nickel.
ON BEHALF OF THE BOARD OF
FIRST MINING FINANCE CORP.
Keith Neumeyer
Chairman
