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  1. Default Sierra Metals (TSX.V: SMT) Establishes Dividend Policy And Announces Inaugural Quarterly Dividend

    Sierra Metals (TSX.V: SMT) Establishes Dividend Policy And Announces Inaugural Quarterly Dividend


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    TORONTO, Feb. 12, 2013 /PRNewswire/ - Sierra Metals Inc. (TSX-V:SMT)(BVL:SMT)
    ("Sierra" or the "Company") is pleased to announce that the Company has
    adopted a policy whereby it intends to declare and pay cash dividends on a
    quarterly basis. In respect of the year 2013, the Company intends to pay
    aggregate cash dividends of approximately $10 million.

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    Accordingly, the board of directors (the "Board") declared today that the
    Company will pay a cash dividend of approximately $2.5 million or $0.016 per
    common share ("Common Share") payable on or about April 30, 2013 to the
    holders of the Company's issued and outstanding Common Shares as of the close
    of business on March 31, 2013.


    Press Release Highlights:


    * Sierra announces its first dividend policy as a result of strong cash
    flows from our Yauricocha mine in Peru and operational improvements at the
    Bolivar mine and Cusi project in Mexico.

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    * Sierra intends to pay approximately $10.0 million in 2013, commencing with
    the declaration of a cash dividend of approximately $2.5 million or $0.016
    per Common Share payable on or about April 30, 2013.


    * Simultaneously, the Company's 82% owned subsidiary Sociedad Minera Corona
    S.A. ("Corona") has approved a dividend to its shareholders of US$40.0
    million. The Company will receive US$32.7 million of this dividend.

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    Daniel Tellechea, President and CEO of Sierra Metals, commented: "Sierra is
    very pleased that it has progressed to the point that the adoption of a
    dividend policy has been made possible. The announcement of this policy is a
    testament to the value and high returns achieved through the Yauricocha mine
    acquisition in Peru and operational improvements achieved at its Bolivar mine
    and Cusi project in Mexico. This dividend policy is an important milestone
    because it is the first in the Company´s history and comes as a consequence of
    Sierra's focus on shareholder returns, capital discipline and financial
    strength. Sierra's net debt position has fallen from $121 million in May 2011
    to $6 million in September 2012 which is impressive considering that the
    Company has implemented an aggressive capex programme in Mexico and Peru which
    materially expanded ore reserves, resources and production capacity".

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    Sierra Metals Inc. is a Canadian mining company focused on precious and base
    metals from its Yauricocha mine in Peru and its Bolivar mine in Mexico. The
    Company is also advancing its Cusi silver project in Mexico from advanced
    development into commercial production. In addition, Sierra Metals is
    exploring several precious and base metal targets in Peru and Mexico. Projects
    in Peru include Adrico (gold), Victoria (copper-silver) and Ipillo
    (polymetallic) at the Yauricocha Property in the province of Yauyos. Projects
    in Mexico include Bacerac (silver) in the state of Sonora, La Verde (gold) at
    the Batopilas Property in the state of Chihuahua, and Las Coloradas (silver)
    at the Melchor Ocampo Property in the state of Zacatecas.

 

 

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