Miocene Metals Announces Buy-back of 11.63% Wallbridge Interest in BC Properties
26 August 2011 - 11:02PM
PR Newswire (Canada)
TORONTO, Aug. 26, 2011 /CNW/ -- TORONTO, Aug. 26, 2011 /CNW/ -
Miocene Metals Limited (TSX-V: MII) (the "Company" or "Miocene
Metals") today announces that its Board of Directors has
recommended and authorized the exercise of the Company's option to
buy-back the 11.63% carried interest in the Company's seven British
Columbia properties (the "BC Properties") held by Wallbridge Mining
Company Limited ("Wallbridge"). Under the terms of an Option and
Joint Venture Agreement dated as of May 1, 2010 (the "Option and
Joint Venture Agreement"), Wallbridge conveyed all of its interest
in the BC Properties to Miocene Metals and retained the irrevocable
and exclusive option to become the owner of a carried interest in
the BC Properties by incurring expenditures in an aggregate amount
of $500,000 on or before December 31, 2010. Wallbridge incurred
these expenditures and thereby earned an 11.63% carried interest in
the BC Properties. The buy-back provision pursuant to the terms of
the Option and Joint Venture Agreement allows the Company to
reacquire the 11.63% carried interest in the BC Properties for
$600,000 during the first 6 months after the completion of the
Company's IPO Offering. Bruce Jago, President and CEO of Miocene
Metals stated "The exercise of the buy-back is an important step in
the growth of the Company as it gives Miocene 100% control of its
seven properties, which will facilitate any future transactions
relating to them." About Miocene Metals Limited Miocene Metals is
focused on the exploration and development of seven porphyry
copper-gold-molybdenum properties in south-western British Columbia
that occur within the Tertiary-aged Cascade Magmatic Arc. The
Cascade Arc shares many geological characteristics with
Tertiary-age porphyry belts that stretch the length of Chile and
Peru in South America and hosts some of the world's largest
porphyry copper-gold-molybdenum deposits. The Cascade Magmatic Arc
hosts a number of significant porphyry Cu-Au and Mo deposits in
Washington State, and Alaska (Glacier Peak and Margaret, and Quartz
Hill respectively) but remains largely unexplored in British
Columbia. Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this release. This
news release contains forward-looking information that involves
substantial known and unknown risks and uncertainties, most of
which are beyond the control of the Corporation, including, without
limitation, those listed under "Risk Factors" and " Forward-Looking
Statements" in the Corporation's Final Prospectus (collectively,
"forward-looking information"). Forward-looking information in this
news release includes, but is not limited to, information
concerning the Corporation's expectations and estimates regarding
the Corporation's exploration and drilling program. The Corporation
cautions investors about important factors that could cause actual
results to differ materially from those projected in any
forward-looking statements included in this news release. Any
statements that express, or involve discussions as to,
expectations, beliefs, plans, objectives, assumptions or future
events or performance are not historical facts and may be
forward-looking and may involve estimates, assumptions and
uncertainties which could cause actual results or outcomes to
differ materially from those expressed in such forward-looking
statements. No assurance can be given that the expectations set out
in the Corporation's Final Prospectus or herein will prove to be
correct and accordingly, prospective investors should not place
undue reliance on these forward-looking statements. These
statements speak only as of the date of this press release and the
Corporation does not assume any obligation to update or revise them
to reflect new events or circumstances. The Corporation disclaims
any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, save and except as may be required by applicable
securities laws. To view this news release in HTML formatting,
please use the following URL:
http://www.newswire.ca/en/releases/archive/August2011/26/c6445.html
p /p p Please visit the Miocene Metal's website at a
target="_blank"
href="http://www.miocenemetals.com/"www.miocenemetals.com/a, or
contact: /p table valign="top" border="0" tr td Linda Zubal,
Investor Relationsbr/ Tel: (705) 682-9297 ext. 247br/ Email: a
href="mailto:lzubal@miocenemetals.com"lzubal@miocenemetals.com/a
/td td Ron Poirier, Investor Relationsbr/ Tel: (705) 682-9297 ext
263br/ Email: a
href="mailto:rpoirier@miocenemetals.com"rpoirier@miocenemetals.com/a
/td /tr /table p /p
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