Puma Exploration launches Trenching Program at Murray Brook East Property
RIMOUSKI, QUEBEC--(Marketwired - Jun 22, 2017) - Puma Exploration Inc. (TSX VENTURE:PUM)(SSE:PUMA) (the "Company" or "Puma") begins a trenching program at Murray Brook East Property. The reconnaissance program, aimed at providing the best land access and to evaluate the work needed to proceed with the more advance work as Trenching and drilling operations is done over the entire Murray Brook Project land package (7,678 hectares). It appears that most of the first priority targets are located within or very close to wood cutting areas and along logging roads, therefore minimum additional work will be needed to proceed with the trenching and stripping operations prior to the drilling program. Thus, the first area to be explored is the Murray Brook East Property.
Murray Brook East (4925)
The Murray Brook East Property (4925) consists of 245 claims (5326 hectares). Its eastern boundary is contiguous to the Caribou Mining Lease (# 246) and is located only four kilometers west of the producing Caribou Mine owned and operated by Trevali Mining Corp.
The previous operators of the Murray Brook Property conducted extensive preliminary exploration work from 2012 to 2015 which included geophysical surveys (HeliTEM, Magnetic, Gravity) and geochemical surveys (1,853 soil samples), bringing the property to drill-ready targets. The surveys identified 5 first priority targets to be explored. The previous drilling operation along the 7 km long favorable horizon was conducted in 1956 and included only 10 short holes.
Private Placement
Puma Exploration Inc. has closed the first tranche of a non-brokered private placement financing of flow-through units with qualified investors, employees and consultants as well as with existing shareholders. The company issued 2,160,000 million units at an issue price of eight cents (0.08$) per unit for gross proceeds of $172,800. Each flow-through unit comprises one flow-through common share and one-half of one common share purchase warrant. Each full warrant gives its holder the right to purchase one common share at a price of 15 cents (0.15$) per share until June 22nd, 2019.
In connection with this private placement, the company has paid cash finders' fees in an amount of $12,704 and issued 158,800 finders' warrants, each entitling the holder to acquire one additional common share of Puma at a price of eight cents (0.08$) for 24 months. All securities issued to purchasers and finders under the offering are subject to a four-month hold period from the date of issuance of the securities pursuant to applicable securities legislation and the policies of the TSX Venture Exchange. The placement has received the conditional approval of the TSX-V.
The proceeds of the offerings will be used for the exploration and development of Puma's properties in New Brunswick.
About the Murray Brook Project
The Murray Brook Project consists of three (3) distinct contiguous areas that cover more than 18 kilometers of the favorable rock hosting the operating Caribou Mine (Trevali Mining Corp.), the Murray Brook Deposit and the past operating Restigouche Mine. From east to west, they are 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 work and share the same potential of increasing the mineral resources defined at the Murray Brook Deposit.
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 are the 100% per-cent beneficial interest in the Murray Brook Property, the Turgeon Zinc-Copper Project and the Nicholas-Denys Project located in New Brunswick as well as an equity interest in Black Widow Resources related to the Little Stull Lake Gold Project in Manitoba. Puma's objective for the coming year is to focus its exploration efforts in New Brunswick.
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The contents of this press release were prepared by Marcel Robillard, P.Geo., a Qualified Person as defined in 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.
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.
Contact
Puma Exploration Inc.
Marcel Robillard
President
(418) 724-0901
president@explorationpuma.com
www.pumaexploration.com