Puma Exploration Inc. and El Nino Ventures Amend the Terms of the Murray Brook Property Agreement
TSX VENTURE: PUMA
RIMOUSKI, Quebec, April 01, 2019 (GLOBE NEWSWIRE) -- Puma Exploration Inc. (the “Company” or “Puma”) announces that by mutual agreement, Puma Exploration Inc. (“Puma”) and El Nino Ventures (“El Nino”) have agreed to modify the terms of the amended and restated Asset Purchase Agreement signed October 5, 2016, as amended thereafter. Pursuant to the third amending agreement signed by Puma & El Nino, Puma now has until June 30, 2019 to proceed with the final $1M cash consideration. In addition, subject to the obtention of the approval of the TSX Venture Exchange, Puma shall pay El Nino 1,000,000 shares of its capital stock as an additional fee.
If Puma does not satisfy the conditions set forth in the Amended and Restated Asset Purchase Agreement, it will provide to El Nino the geological information, reports, metallurgical tests and the surface copper zone drill sampling which represent about $2.4M in exploration work completed on the Murray Brook Project since El Nino entered into the original sale agreement with Puma.
“We are very pleased with the amended terms between the parties which provides more time to optimise and finalise the current tests and studies in progress at Murray Brook to achieve our shared objective to finalize the acquisition and define the best mining scenario for the Murray Brook Deposit”, noted Marcel Robillard, President of Puma. “The Company is currently evaluating different funding scenarios to secure the Murray Brook property. The objective is to create shareholder values and minimize the overall dilution.”, added Marcel Robillard.
Qualified Persons and QC/AC
The content of this press release was prepared by Marcel Robillard, P.Geo., President of Puma Exploration, qualified person 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 is not independent of the Company, as is officer and shareholder thereof.
About the Murray Brook Project
The Murray Brook Project consists of three (3) distinct contiguous areas that covers 8,800 hectares and more than 18 kilometers of the favorable rocks that host the operating Caribou Mine (Trevali Mining Corp.), the Murray Brook Deposit and the past operating Restigouche Mine (Trevali Mining Corp.). From east to west, the Murray Brook Project comprises the Murray Brook East Property (4925), the Murray Brook Mining Lease (#252) and the Murray Brook West Property (7846).
The Murray Brook East and Murray Brook West Properties have been subject to various degrees of exploration and share the same potential of increasing the mineral resources defined at the Murray Brook Deposit and several future priority targets have been defined on these properties.
About the Murray Brook Deposit
The Murray Brook Deposit (M.L. #252) covers an area of 484 hectares with a currently defined measured and indicated mineral resources of 5.28 million tonnes averaging 5.24% zinc, 1.80% lead, 0.46% copper, 68.9 g/t silver and 0.65 g/t gold. The core of this mineral resource occurs in the West Zone which is 200 meters wide, extending from surface to 300 meters vertical and the true thickness of the massive sulphide body varies from 75 meters to 100 meters. The East Zone (Copper-Gold) is 100 meters wide, also extending from surface to 300 vertical meters and is mainly mineralized with gold and copper. On February 20, 2017, a NI 43-101 report was accepted and filed on SEDAR.
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, 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.