VANCOUVER, British Columbia, Oct. 24, 2019 (GLOBE NEWSWIRE) -- A.I.S. Resources Limited (TSX-V – AIS, OTCQB: AISSF) (the “Company” or “AIS”) announced today that it has reached agreement on an option to acquire an initial 51% interest in a gold mine in Northern Peru producing up to 5kg gold per week (165 troy ounces) with average revenues of US$75,000 per month. AIS will earn a 51% interest by contributing US$500,000 in equipment and technical expertise to increase the mine’s productivity.
The properties are located in the San lgnacio district, Cajamarca province. There are no indigenous communities nearby, and local labour has been used to mine the three horizontal shafts and trenches. The veins are vertically orientated.
- AIS has been granted a 90 day due diligence period.
- Two grab samples have recorded 27gm/tonne and 466gm/tonne of gold from concession Jaw4 which we will target for a new shaft. While these samples are encouraging, and gold production is in progress, we need to determine the extent and concentration of gold in veins and associated rock.
- Our due diligence will focus on the extent of the veins, drilling the property to define the extent of the gold mineralization, geochemical soil sampling, mapping, and design of a process circuit.
- Within six months of the conclusion of the 90 day due diligence period AIS will contribute US$500,000 in equipment and technical expertise.
- AIS will upgrade the ball mill and acquire a Taylor shaker table and floatation system for capturing the gold.
- The Peruvian Company has eight concessions over 5,888 ha, in northern Peru.
- AIS intends to stake more ground in this area with a view to expanding production in future years.
- Our CEO, Phil Thomas, has been active in a number of gold projects in Nazca to the south of Peru, Arizona, and Victoria Australia.
“This is an exciting development for the Company to supplement its manganese operations, and its lithium brine extraction technology," Phillip Thomas, CEO, stated. “While AIS’s focus is on expanding our lump manganese acquisitions at grades of 44% Mn and higher we have decided that this gold opportunity will benefit us greatly, by diversification, and short term cashflow.”
On Behalf of the Board of Directors, A.I.S. Resources Limited
President and CEO
Phillip Thomas - President and CEO
T: 604 687-6820
ADVISORY: This press release contains forward-looking statements. More particularly, this press release contains statements concerning the anticipated use of the proceeds of the Private Placement. Although the Corporation believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because the Corporation can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The intended use of the proceeds of the Private Placement by the Corporation might change if the board of directors of the Corporation determines that it would be in the best interests of the Corporation to deploy the proceeds for some other purpose. The forward-looking statements contained in this press release are made as of the date hereof and the Corporation undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.