Apogee Enters Into Definitive Agreement to Acquire a 100% Interest in the Pulacayo-Paca Silver Project, Bolivia
January 21 2011 - 7:00AM
Marketwired
Apogee Minerals Limited ("Apogee" or "the Company") (TSX VENTURE:
APE) is pleased to announce that it has entered into a definitive
agreement (the "Agreement") with Golden Minerals Company ("GMC")
(TSX: AUM)(NYSE Amex: AUMN) to acquire all of the issued and
outstanding shares of an indirectly held subsidiary of GMC which
holds a 100% interest in the Pulacayo-Paca Project. The
Pulacayo-Paca Project, located in southern Bolivia, was previously
subject to a joint venture agreement between the Company and GMC
wherein the Company has the right to acquire up to a 60% joint
venture interest in the Pulacayo-Paca Project. Upon completion of
the proposed transaction, the Company will acquire a 100% interest
in the property.
Pursuant to the Agreement, the Company shall acquire all of the
issued and outstanding shares of a subsidiary of GMC, which holds a
100% interest in the Pulacayo-Paca Project. In consideration,
Apogee shall issue 5,000,000 common shares of the Company (the
"Common Shares") upon closing of the transaction and shall issue an
additional 3,000,000 Common Shares and shall pay GMC a cash fee in
the amount of $500,000 eighteen (18) months following closing of
the transaction. Closing of the transaction is scheduled to occur
next week and remains subject to the receipt of all necessary
regulatory and securities approvals, including the approval of the
TSX Venture Exchange, along with other customary closing
conditions.
David Gower, P.Geo., the C.E.O. of the Company, noted, "Today's
announcement represents a major achievement for Apogee and provides
an immediate boost to the silver resource base owned by the
Company. Golden Minerals has been an excellent partner and we are
pleased to have their continued involvement as a major shareholder
of Apogee. This transaction solidifies our commitment to the
development and further exploration of the Pulacayo-Paca
Project."
For detailed project information please refer to Apogee's web
site at www.apogeeminerals.com.
About Apogee Minerals Limited
Apogee Minerals Ltd. is an exploration stage company listed on
the TSX Venture Exchange under the symbol APE. Apogee targets
advanced silver-zinc-lead projects in South America that
demonstrate potential to be rapidly developed to production.
Currently its projects are located in the historic silver producing
regions of southwest Bolivia and northern Chile.
Its most advanced project is the Pulacayo-Paca project in
Bolivia, which is an option to joint venture with Golden Minerals
Company. This project includes the property that covered the
second-largest silver mine in the history of Bolivia with over 600
million ounces of past production.
Cautionary Note Regarding Forward-Looking Information This press
release contains "forward looking information" within the meaning
of applicable Canadian securities legislation. Forward looking
information includes, but is not limited to, statements with
respect to the future financial or operating performance of the
Company, its subsidiaries and its projects, statements regarding
the potential acquisition of the Pulacayo-Paca property, the timing
with respect to the completion of the proposed acquisition, the
development of the Pulacayo-Paca project, statements regarding
exploration prospects, and requirements for additional capital.
Generally, forward looking information can be identified by the use
of forward-looking terminology such as "plans", "expects" or "does
not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will be taken", "occur" or "be achieved". Forward-looking
information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking information, including but not limited to:
financing not being available at desired prices; general business,
economic, competitive, political and social uncertainties; the
actual results of current exploration activities; timing and
availability of external financing on acceptable terms; conclusions
of economic evaluations; changes in project parameters as plans
continue to be refined; future prices of mineral prices; failure of
plant, equipment or processes to operate as anticipated; accidents,
labour disputes and other risks of the mining industry; and, delays
in obtaining governmental approvals or required financing or in the
completion of activities. Although the Company has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance
that such information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward looking information. The Company does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
NEITHER THE 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.
Contacts: Apogee Minerals Ltd. Ana Lopes Investor Relations (1)
416 861-2264 info@apogeeminerals.com www.apogeeminerals.com
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