Puma Exploration proceeds with the $2 million payment to Votorantim Metals Canada Inc.
RIMOUSKI, Quebec, Feb. 26, 2018 (GLOBE NEWSWIRE) -- Puma Exploration Inc. (the “Company” or “PUMA”) is pleased to announce that it has paid to Votorantim Metals Canada Inc. (“VMC”) the amount of $2 million that was due on February 24th, 2018 under the Murray Brook Option Agreement whereby PUMA can acquire the 67.86% interest held by VMC in the Murray Brook Project.
In order to proceed with such payment, PUMA obtained a $2 million loan from a third party. The loan bears interest at an annual rate of 7% and matures on May 24th, 2018. As collateral for the loan, PUMA has pledged the shares of its two subsidiaries. No finder fee or commission was paid in connection with the aforementioned loan.
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 (Zinc-Lead) 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 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 all located in New Brunswick as well as an equity interest in BWR Resources, Manitoba. PUMA’s objective is to focus its exploration efforts in New Brunswick.
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, 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.
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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 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.