Southern Silver Exploration Corp. (TSXV:SSV) announced that it has closed its previously reported non-brokered private placement by issuing 12,000,000 Units at a price of $0.05 per unit for gross proceeds of $600,000.

As quoted from the press release:

Net proceeds from the private placement will be used for working capital and costs associated with claim maintenance, permitting and other exploration expenses. Specifically, some proceeds will be applied towards the assessment of the Oro property in New Mexico. Surface exploration consisting of prospecting and trenching is planned to resolve targeting prior to permitting the next phase of drilling on the project.

2016 Exploration Program

Crews are on the property in preparation for the commencement of drilling scheduled for mid-next week. Southern Silver, as Operator, will undertake approximately 2250 metres of drilling in three holes for a budget of USD$750,000. Initial focus will be on the continued extension of mineralization to the southeast of the Blind and El Sol Deposits. The 2016 program is funded by Electrum Global Holdings L.P. (“Electrum”), which is financing a broad range of exploration activities to earn a 60% interest in the project.

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