Puma Exploration: Update on Acquisition of Murray Brook Property
Puma Exploration Inc. (TSX.V: PUM) is pleased to provide an update of the acquisition of the Murray Brook Property in the Brunswick Mining Camp (BMC). By mutual agreement of all three (3) parties: Votorantim Metals Canada Inc., El Nino Ventures Inc. and Puma Exploration Inc., the closing date for this acquisition has been postponed to January 20th, 2017. (See news releases 13/10/2016 and 09/11/2016). This extension will allow Puma Exploration to finalize the acquisition of Murray Brook Minerals, which will secure $1M to apply for the initial payment of the purchase agreement, to finalize and fill the updated NI43-101 Resource Estimate for the Murray Brook Deposit and get the regulatory approval for the transactions.
The Murray Brook property consists of Mining Lease 252 and contiguous Mineral Claim Block 4925 (245 claims) located 4 km west of the producing Caribou Mine, which is owned and operated by Trevali Mining Corporation. With the purchase of the Murray Brook Deposit and Murray Brook Minerals inc., Puma will hold significant assets in the Bathurst Mining Camp, which has produced over 120 million tons of ore since the opening of the Brunswick No.12 Mine.
Puma plans to re-evaluate the Murray Brook deposit in the context of the current metal prices, currency and based on different economic and development scenarios directed to the development of the high grade Zn zones of the deposit. An update Preliminary Economic Assessment (PEA) will be completed in the first half of 2017 with this objective.
Little Stull Lake Transaction
BWR Exploration Inc. has received final approval from the TSX Venture Exchange for the acquisition of a 100-per-cent interest in the Little Stull Lake gold project in Northern Manitoba from Puma Exploration Inc. This transaction was previously announced on Oct. 7, 2016. The payment elements of the acquisition agreement for the Little Stull Lake gold project from Puma include cash payments to Puma of $150,000, of which $50,000 has been paid, and the issuance of up to 10 million BWR common shares.
On December 12th, 2016, BWR Exploration issued 4,750,000 shares to Puma Exploration according to the acquisition agreement signed on October 5, 2016. Puma and BWR have now begun the process for the Little Stull Lake claim title transfer being the next step for the transaction, followed by the $100,000 payment after the transfer of the two Mineral Exploration Licenses that surround the 20 mining claims.
About Puma Exploration
Puma Exploration is a Canadian mineral exploration company with advanced precious and base metals projects in Canada. The Company's major assets are the Turgeon Zinc-Copper Project and the Nicholas-Denys Project in New Brunswick and an equity interest in BWR Resources related to the Little Stull Lake Gold Project in Manitoba. Puma is focusing its exploration efforts in New Brunswick. Canada.
Source: Puma Exploration