VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 25, 2013) - Waymar Resources Ltd. ("Waymar" or the "Company") (TSX VENTURE:WYM) is pleased to announce that the Company has made the final option cash payments aggregating US$2,000,000 and issued 2,000,000 common shares to the optionors and has exercised its option to acquire 100% interest in the Anzá Property, Colombia.
Pursuant to the Anzá Property Option Agreement made effective June 29, 2010, the Company entered into a property option agreement to acquire a 100% legal and beneficial interest in the Anzá property comprised of approximately 6,738 hectares of mineral rights located on the eastern-most margin of Colombia's Western Cordillera, 50 km west of Medellín. In order to exercise its option, the Company paid US$3,800,000 over a three year period, issued 3,800,000 common shares to the optionors over a three year period and made expenditures on the property in excess of US$4,000,000 over a three year period. The optionors will retain a 2% net smelter return royalty on the property, 50% of which may be purchased by the Company for US$1,000,000.
"This is a significant milestone for the Company. We have honoured all our commitments under the Option Agreement and will continue to unlock the full potential of the Anzá deposit," said Pablo Marcet, president of Waymar.
The Company has also entered into a loan agreement with Continental Gold Limited by issuing a US$500,000 promissory note. The promissory note is non-interest bearing with a maturity date of March 1, 2014 and is secured by registration of a general security agreement over the Company's personal property.
About Waymar Resources Ltd.
Waymar Resources Ltd. is a Canadian mineral exploration company that has acquired a 100% interest in the Anzá project located in the west of the Antioquia Department in the Republic of Colombia. Colombia is a significant producer of gold, nickel, emeralds, petroleum and natural gas as well as a leading producer of coal in Latin America. Waymar also has 100% ownership of certain properties surrounding Anzá to cover district potential and is continually seeking opportunities to acquire exploration properties. Waymar trades on the TSX Venture Exchange under the symbol "WYM".
WAYMAR RESOURCES LTD.
Per: Pablo Marcet, President & CEO
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release may contain "forward looking statements" and "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", "estimates", "intends", "anticipates" or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the reasonable assumptions, estimates, intentions, analysis and opinions of Waymar made at the date that such statements are made. Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Waymar to be materially different from those expressed or implied by such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. Any forward-looking information contained herein is presented for the purposes of assisting investors in understanding Waymar's plans and objectives and may not be appropriate for other purposes. Waymar does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Shares Outstanding: 49,245,170