Puma Provides Update on Murray Brook
27 February 2020 - 3:12AM
Puma Exploration Inc. (
the “Company” or “Puma”)
has terminated the amended and restated asset purchase agreement
signed on Oct. 5, 2016, as amended thereafter, with Votorantim
Metals Canada (the “Purchase Agreement”). Pursuant to the Purchase
Agreement, Puma was granted the right to earn up to 67.86% interest
in the Murray Brook Deposit held by Votorantim Metals Canada.
Due to unfavourable equity market conditions and
the current zinc price, sitting at its 3-year low, Puma has been
unsuccessful in completing the financing required to complete the
transaction, and its efforts to attract a partner to the project
have also been unsuccessful.
Puma remains confident in the merit of the
Murray Brook Deposit, as demonstrated by maintaining the purchase
agreement in good standing with El Nino Ventures Inc. until June
30th, 2020 to secure a 32.14% minority interest in the Deposit (see
news 23/12/2019). This will lead to the creation of a JV
partnership between Puma Exploration (32.14%) and Votorantim Metals
Canada (67.86%) for the exploration and the development of the
Murray Brook Project until June 30th, 2020 and beyond if Puma
elects to finalize the purchase agreement with El Nino
Ventures.
The main exploration efforts of the Company for
2020 will be directed towards the Chester Copper
Deposit (see news 18/02/2020), where it plans to drill 5-10 high
potential targets and on the 100% held Portage Lake, Jonpol Gold
(adjacent to Gold Terra Resources; TXR-V), Legacy (adjacent to
X-Terra Resources; XTT-V) and Murray Brook West. More news will
come shortly on Puma’s properties. The main objectives of the 2020
drill programs are to generate further new major discoveries in the
New Brunswick Bathurst Mining Camp (BMC). Puma has been exploring
in the BMC for over 15 years, and has acquired numerous highly
prospective drill ready properties, many focused on copper and
gold.
ABOUT PUMA EXPLORATION
Puma Exploration is a Canadian-based mineral
exploration company with precious and base metals projects in early
to advanced stages located in the Famous Bathurst Mining Camp
(BMC). Great efforts will be made by the Company in the coming
years to deploy its DEAR strategy (Development,
Exploration, Acquisition and Royalties) in order to generate
maximum value for shareholders with low shares dilution.
QUALIFIED PERSONS AND QC/AC
Technical information provided in this news
release was prepared and reviewed by Marcel Robillard, P.Geo.,
qualified person as defined by NI 43-101. 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 he is President of
Puma Exploration.
You can visit us on Facebook / Twitter /
LinkedInLearn more by consulting www.pumaexploration.com for
further information on Puma.Marcel Robillard, President
(418) 724-0901
president@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 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 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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