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Silver Lake Resources' Substantial Shareholder Increases Stake

Silver Lake Resources (ASX: SLR) substantial shareholder Bank of Nova Scotia has further increased its stake in the company to 8.67% from 7.52% on an undiluted basis.

Bank of Nova Scotia had on 31 December 2012 acquired 3.45 million additional shares through the conversion of warrants and another 160,613 shares through in-market dispositions.

The shares were acquired for an average price of A$2.76 each.

Silver Lake is currently in the process of merging with Integra Mining (ASX: IGR) to create one of the largest all Australian gold producers, with a 6.6 million ounce Resource base and forecast production of over 400,000 ounces per annum in 2014.

The expanded Silver Lake will also have Reserves of 1.8 million ounces, mill capacity of 3.4 million tonnes per annum in the 2013 financial year and a landholding of 5,000 square kilometres.

Silver Lake's focus for 2013 will be the completion of the merger and the seamless transition of the multiple operations at Mount Monger in the Eastern Goldfields of Western Australia into one.

It also plans to optimise production from the merged Mount Monger assets to generate maximum cash flow.

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