Puma Exploration Inc. and Votorantim Metals Canada Inc. Amend the Terms of the Murray Brook Property Agreement
03 July 2019 - 10:38PM
Puma Exploration Inc.
(the “Company” or “Puma”)
announces that by mutual agreement, Votorantim Metals Canada Inc.
(“Votorantim”) and Puma have agreed to modify the terms of the
amended and restated Asset Purchase Agreement signed October 5,
2016, as amended thereafter. Pursuant to the current amending
agreement signed by Puma and Votorantim, Puma now has until June
30, 2020 to proceed with the final $3M cash consideration. The date
at which the Environmental Bond has to be assumed has also been
postponed to June 30, 2020. Once the final cash consideration
payment is made and the Environmental bond has been assumed, title
to the mining claims will be transferred.
To keep the Purchase agreement in good standing,
Puma shall pay quarterly payments to Votorantim of the amount of
$105,000 as an additional fee (“Additional Fees”) for the
Environmental Bond and the final $3M payment interest as
contemplated in the purchase agreement. The first payment is due on
or prior to July 30, 2019.
“We are very pleased with the amended terms
between the parties which provides more time to finalise the
current discussions and negotiations in progress at Murray Brook to
achieve our shared objective to finalize the acquisition of the
Murray Brook Deposit”. notes Marcel Robillard, President of
Puma.
Qualified Persons and QC/ACThe
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
ProjectThe 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.), on the east side, 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
DepositThe Murray Brook Deposit (Mining Lease #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 20th 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.
You can visit us on Facebook and Twitter.
Learn more by consulting www.pumaexploration.com
for further information on Puma Exploration Inc.
Marcel Robillard, President(418)
724-0901president@explorationpuma.com
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.
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