/NOT FOR DISTRIBUTION TO US WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES OF
AMERICA/
Trading Symbol: TSX-V: OCN
Shares Issued: 43,146,362
HALIFAX,
March 7, 2014 /CNW/ - Oceanus
Resources Corporation ("Oceanus" or the "Company"), announces that
it has closed a previously announced non-brokered private placement
financing of $1,315,000. The
private placement comprises the sale of 6,003,622 common shares of
the Company at a price of $0.22 per
share (the "Private Placement"). The common shares from this
Private Placement will be subject to a 4 month hold period ending
July 8, 2014. The proceeds from the
Private Placement will be used for exploration of the La Lajita
Gold Property located in Durango,
Mexico.
Oceanus is advancing the La Lajita Gold Property
located in the Sierra Madre Gold and Silver Belt, an epithermal,
low-sulphidation gold prospect with considerable hematite and
silica alteration hosted along a NW-SE trending breccia fault. Past
work of sampling and mapping has demonstrated the fault structure
is gold-bearing, has been traced over a strike length of 2
kilometers and remains open along strike in both directions.
Diamond and RC drilling confirms the presence of high-grade gold at
depth. The highlight result from the 2013 drill program was 7.1
grams per tonne gold and 48.8 g/t silver over a core length of 20
meters in diamond drill hole OCN-13-005 at a vertical depth of
80 meters (see Oceanus news release dated September 24, 2013).
The diamond drilling program for the La Lajita
Gold Property, which is scheduled to begin in April, 2014, will
test the lateral and down dip extensions of the high-grade gold
structure down towards the contact with the lower volcanic
sequence.
A 6% cash finders' fee of $7,341.60 will be paid and 6% finders' warrants
issued entitling the finders to purchase 33,370 shares of
Oceanus. The finder's warrants are exercisable for 12 months
from the closing date of the Private Placement at a price of
$0.30 per common share.
Oceanus also announces that the Company, in
accordance with the terms of TSX Venture Exchange (the "Exchange")
Policy 4.3 - Shares for Debt, will issue common shares of the
Company at $0.22 per share to settle
outstanding debt in the amount of $151,646.15. This issuance of common shares
for debt is subject to the approval of the Exchange, disinterested
shareholder approval if required and any other required regulatory
approval.
David R. Duncan,
P. Geo., a director of the Company, is the Qualified Person for
Oceanus as defined under National Instrument 43-101. Mr.
Duncan has reviewed the scientific and technical information in
this press release.
CAUTIONARY STATEMENT:
The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this release.
No stock Exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein. This News Release includes certain "forward-looking
statements". All statements other than statements of
historical fact, included in this release, including, without
limitation, statements regarding potential mineralization and
reserves, exploration results, and future plans and objectives of
Oceanus, are forward-looking statements that involve various risks
and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such
statements. Important factors that could cause actual results
to differ materially from Oceanus's expectations are exploration
risks detailed herein and from time to time in the filings made by
Oceanus with securities regulators.
SOURCE OCEANUS RESOURCES CORPORATION