Puma Exploration Inc. Received a $75,000 Option Payment From Rio Tinto Exploration Canada for the Red Brook Project
TSX VENTURE: PUMA
RIMOUSKI, Quebec, Jan. 03, 2019 (GLOBE NEWSWIRE) -- Puma Exploration Inc. (the “Company” or “PUMA”) is pleased to announce that Rio Tinto Exploration Canada Inc. (“RTEC”) proceeded with the first anniversary $75,000 CAD option payment due on or before March 2, 2019. The option payment is part of the Option Agreement signed between the parties on March 2, 2018 (see news release 2018/03/08).
Under the terms of the Option Agreement, RTEC shall have the right to elect to exercise the option and earn 100% undivided interest in the Red Brook Project upon payment of $1,000,000 to PUMA over a period of five (5) years on the following terms:
- $120,000 within forty-five (45) days of execution of the Agreement; (executed)
- $75,000 on or before first anniversary date; (executed)
- $75,000 on or before second anniversary date;
- $100,000 on or before third anniversary date;
- $200,000 on or before fourth anniversary date;
- $430,000 on or before fifth anniversary date.
RTEC has also satisfied the terms of the underlying amended Agreement with a prospector (i.e., cash payments and exploration expenditures) which means that Puma fulfilled the requirements needed to satisfy the terms of the third anniversary initially signed by Puma for the Red Brook high grade Zinc Project in New Brunswick.
Qualified Persons and QC/AC
The content of this press release was prepared by Marcel Robillard, P.Geo., President and Dominique Gagné, P.Geo., Vice President Exploration of Puma Exploration, qualified persons as defined by NI 43-101, who supervised the preparation and technical information that forms the basis for this news release. Neither 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. Mr. Robillard and Mr. Gagné are not independent of the Company, as both are officers and shareholders thereof.
About Puma Exploration Inc.
Puma Exploration is a Canadian mineral exploration company with advanced precious and base metals projects in Canada. The Company's major assets consist of an option to acquire 100% beneficial interest in the Murray Brook Property (on which it has signed a Strategic Alliance LOI with Trevali Mining Corp. - see press release 2018/03/02), the wholly owned Turgeon Zinc-Copper Project and the Nicholas-Denys Project, all located in the Bathurst Mining Camp of New Brunswick, as well as an equity interest in BWR Resources, exploring in Manitoba. Puma’s objective for the coming year is to focus its exploration efforts in New Brunswick and advance the Murray Brook Deposit.
Marcel Robillard, President
Forward-Looking Statements: This press release may contain forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Puma Exploration Inc. to be materially different from actual future results and achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date the statements were made, except as required by law. Puma Exploration undertakes no obligation to publicly update or revise any forward-looking statements. These risks and uncertainties are described in the quarterly and annual reports and in the documents submitted to the securities administration.