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Message: Silvermex Receives Final Payment from Andover

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Silvermex Receives Final Payment from Andover

posted on Sep 29, 11 09:23AM (Log in to use the IP Check tool) ^[?]

Silvermex Receives Final Payment from Andover

Vancouver, BC, Canada - September 29, 2011 - Silvermex Resources Inc. ("Silvermex") (TSX: SLX) has received a $2.0 million payment from Andover Ventures Inc. ("Andover") (TSX-V: AOX). This is the final payment to Silvermex from Andover under an agreement dated June 23, 2008 and amended March 24, 2009 by which Silvermex agreed to sell to Andover 13,034,769 shares of common stock of Chief Consolidated Mining Company ("Chief").

Silvermex CEO, Duane Nelson stated, "We are pleased to conclude the sale of Silvermex's interest in Chief to Andover and would like to thank everyone at Andover and Silvermex who worked to conclude the sale".

Company Profile

Silvermex Resources Inc. is a publicly traded mining company focused in Mexico and led by a highly qualified team of professionals from some of the most notable companies in the silver mining sector. The Company's portfolio of projects ranges from advanced stage exploration to production. Its core asset is the producing La Guitarra silver-gold mine located in the Temascaltepec Mining District of Mexico. Silvermex is currently working to increase production at the mine to full capacity and is conducting extensive exploration to further develop the district. Silvermex is well financed to further develop resources organically from its multiple projects as well as from the acquisition of additional assets that will drive production growth.

ON BEHALF OF THE BOARD

"Duane Nelson"

Duane Nelson
CEO & Director

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