Puma Exploration and Votorantim Metals Canada amend the terms of the Murray Brook Property Agreement
RIMOUSKI, QUEBEC--(Marketwired - Nov 28, 2017) - Puma Exploration Inc. (the "Company" or "Puma") (TSX VENTURE:PUM)(SSE:PUMA) is pleased to announce 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 5th, 2016 to facilitate and accelerate the final closing of the acquisition of the Murray Brook Property which include the transfer of the mining claims to Puma.
To satisfy the new requirements as set in the amended agreement signed November 27th 2017, Puma will proceed with the $2M cash consideration on February 28th, 2018 as previously agreed. The date at which the Environmental Bond will be assumed by Puma has been postponed to December 31st, 2018, the date of the final cash consideration payment. Once the final cash consideration payment is done and that Puma has assumed the Environmental bond, the mining claims will be transferred to Puma.
"We are very pleased with this new mutual agreement that provides Puma with more flexibility in achieving our shared objective in finalizing the acquisition of the Murray Brook Property. The delay of the release of the Environmental Bond will let us focus on exploring and developing the Murray Brook Deposit" notes Marcel Robillard, President of Puma.
Except as specifically modified pursuant to the present release, no other changes or modifications to the Asset Purchase Agreement are intended or implied or have otherwise been agreed between the Parties. The present modifications have to be reviewed by the usual regulatory agencies.
Current Exploration Program
The second phase of the 2017 exploration program has begun on prospective new areas on both sides of the Murray Brook Deposit and initially consists of trenching. Puma's geologists have defined several new high priority targets based on their stratigraphic location, their proximity to the Deposit and along the best geophysical anomalies.
So far, 11 trenches have been completed for a total of 803 meters. Along the Western side of the Murray Brook Deposit, altered black shales units were discovered and contain disseminated sulphides and also small veinlets of sulphide. The mineralized rocks, visually similar to the Murray Brook Deposit footwall sediments, were found over a strong chargeability and gravity anomalies. This trenching program was also aimed at defining several high priority targets that will be tested in the coming drilling program.
Corporate Matter
An insider of the Company has participated in the recent September 15th, 2017 flow through private placement for an amount of $1,000.00 (representing 1% of the total placement). This insider subscribed to the units on the same terms as the other investors. The participation of an insider is exempt of the standard regulatory acceptance as well as of the approval of the shareholders of the Company according to sections 5.5 (a) and 5.7 (a) of the Regulation 61-101 « Regulation 61-101 » concerning the protection of minor shareholders in a special transaction. This exemption is based on the fact that the market value of the placement or the amount paid by each of the total insiders does not represent more than 25% of the market value of the Company.
Qualified Persons and QC/AC
The content of this press release was prepared by Marcel Robillard, P.Geo., President and Dominique Gagné, P.Geo., Vice President Exploration of Puma Exploration, qualified persons 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 and Mr. Gagné are not independent of the Company, as both are officers and shareholders thereof. The samples were prepared, sent, processed at ALS Val D'Or, Québec and ALS Sudbury, Ontario. All samples were assayed by ME-ICP41 method and gold was assayed by AU-AA26 method. QA/QC are monitored by the analysis of blanks, reference material and replicate samples at a frequency of one (1) of each per 30 samples.
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 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 project comprises the Murray Brook East Property (4925), the Murray Brook Mining Lease (# 252) and the Murray Brook West Property (7846) (refer to website).
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. The Company has defined several future priority targets on these properties.
The Murray Brook deposit has 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 the 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 Turgeon Zinc-Copper Project and the Nicholas-Denys Project located in New Brunswick as well as an equity interest in BWR Resources, Manitoba. Puma's objective for the coming year is to focus its exploration efforts in New Brunswick.
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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