03:50 PM EST - Silvermex : report that it has finalized its formal agreement with Silver Standard Resources Inc. of Vancouver, B.C., to purchase a 100-per-cent interest in Silver Standard's San Marcial silver project in Sinaloa State, Mexico. Under the terms of the formal agreement with Silver Standard, Silvermex can acquire a 100-per-cent interest by issuing three million common shares in three stages by February 1, 2011 at a deemed share value of $0.75 per share for the first one million shares and based on the market price of the shares of Silvermex at the time of each subsequent issuance. Silvermex must also pay $15 million U.S. in either cash or shares at the election of Silver Standard, by February 1, 2011. The $15-million U.S. purchase price is based on Silver Standard's resource estimate of 14.26 million ounces of inferred silver resources on the property, prior to additional drilling by Silvermex. Silvermex must also expend $1 million U.S. on exploration by February 1, 2011. Silvermex
shares V.SMR are trading up $0.01 at $0.24.
