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Silvermex, Genco complete merger

2010-11-16 08:54 ET - News Release

Mr. Duane Nelson reports


Silvermex Resources Ltd. and Genco Resources Ltd. have closed the combination of their respective businesses, which was effected by way of a plan of arrangement in accordance with the Business Corporations Act (British Columbia). The arrangement and related transactions completed before market open on Tuesday, Nov. 16, 2010.

Further to the closing of the transaction, Genco changed its name to Silvermex Resources Inc. and Silvermex, which is now wholly owned subsidiary of new Silvermex, changed its name to Silver One Mining Corp. At the opening of trading on the Toronto Stock Exchange on Tuesday, Nov. 16, 2010, the common shares of new Silvermex will begin trading under the new name, new stock symbol and new Cusip number as follows:

New name:  Silvermex Resources Inc.

New stock symbol:  SLX

New Cusip:  828426 10 6

The common shares of Silvermex were delisted from the TSX Venture Exchange effective at the close of markets on Monday, Nov. 15, 2010, and were exchanged into common shares of new Silvermex.

The management team and board of directors of new Silvermex following the completion of the arrangement are as follows:

  • Arthur Brown, PEng, director -- Mr. Brown is the past chairman and chief executive officer of Hecla Mining Company, headquartered in Coeur d'Alene, Idaho. During Mr. Brown's 40-year tenure at Hecla he held many executive positions with the company. He became president in 1986 and was named chairman and chief executive officer in 1987. Mr. Brown played a vital role in the evolution of Hecla into one of the world's largest and most successful mining companies. Mr. Brown retired from Hecla in 2006 and joined Silvermex as chairman in 2009.
  • Michael H. Callahan, president and director -- Mr. Callahan was with Hecla from 1989 to 2009. During this 20-year period he held a variety of positions including director, president of Minera Hecla Venezolana, a subsidiary of Hecla Mining Co., and vice-president of corporate development. Mr. Callahan played a key role in the acquisition, development and production growth of some of Hecla's most successful mines.
  • Duane A. Nelson, CEO and director -- Mr. Nelson has been a director and officer of Silvermex since February, 2006. He has over 25 years of private and public sector experience with a focus on early-stage projects.
  • James R. Anderson, BSB, LLC, director -- Mr. Anderson is the current CEO and largest shareholder of Genco. He is a successful businessman with wide-ranging interests in oil and gas production, as well as real estate development and rentals. He is the founder, sole shareholder and president of Tennessee Eastern Gas & Oil Co. Mr. Anderson holds a bachelor of science in business degree and a juris doctor degree in law from the University of Minnesota.
  • Joseph J. Ovsenek, PEng, LLB, director -- Mr. Ovsenek is the senior vice-president of Silver Standard Resources Inc. Mr. Ovsenek holds a bachelor of law degree from the University of Toronto. He is a registered professional engineer and holds a bachelor of applied science degree from the University of British Columbia. Mr. Ovsenek played a key role in building Silver Standard into one of the largest primary silver companies in the world.
  • Kenneth C. McNaughton, MASc, PEng, director -- Mr. McNaughton is the senior vice-president, exploration, for Silver Standard since 1991. Mr. McNaughton holds a bachelor of applied science degree and a master of applied science degree in geological engineering from the University of Windsor. He has been with Silver Standard since 1991 and played a vital role in the development of Silver Standard's extensive resource base, creating the largest in-ground silver resource of any publicly traded primary silver company.
  • Robert J. Fraser, MSc, PGeo, vice-president, exploration -- Mr. Fraser is the past exploration manager for Hecla in Canada and Venezuela. He graduated with an honours BSc in geology and an MSc in mineral exploration from Queen's University at Kingston and has over 35 years experience. Prior to his senior position with Hecla Mr. Fraser was with Noranda for over 25 years.
  • Hallein Darby, CA, chief financial officer and corporate secretary -- Ms. Darby has been Silvermex's senior vice-president of finance since November, 2008, initially as senior vice-president of finance and is currently CFO. She was previously the senior vice-president of finance for Timmins Gold Corp. Ms. Darby served as a senior securities analyst with the British Columbia Securities Commission from 1996 to 2006.

Further details regarding the business combination and the arrangement are set out in Silvermex's notice of annual and special meeting and management information circular dated Oct. 6, 2010, and Genco's notice of special meeting and management information circular dated Oct. 8, 2010, which are available at SEDAR.

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