Puma Exploration and El Nino Ventures Amend the Terms of the Murray Brook Property Agreement
July 09 2019 - 7:30AM
Puma Exploration Inc. (the “
Company” or
“
Puma”) announces that by mutual agreement, Puma
and El Nino Ventures (“El Nino”) have agreed to modify the terms of
the amended and restated Asset Purchase Agreement signed October 5,
2016, as amended thereafter. Pursuant to the amending agreement
signed by Puma and El Nino, Puma now has until June 30, 2020, to
proceed with the final $1M cash consideration.
To keep the Purchase Agreement in good standing,
Puma shall pay quarterly payments of $30,000 to El Nino as an
additional fee (“Additional Fees”). The first payment is due on or
prior to July 30, 2019. The total, $120,000, is payable even if
Puma pays out the $1,000,000 payment before June 30, 2020. In the
event that Puma does not proceed with the final $1,000,000 payment
before June 30, 2020, a 0.67% royalty (NSR) will be granted to El
Nino under the same terms as the existing royalty in the Purchase
Agreement or, at the option of Puma and subject to prior approval
of the TSX Venture Exchange, Puma will issue El Nino 1.5 million
shares of Puma.
Puma agrees to do all necessary work to keep the
Mining Claims in good standing through June 30, 2021, including
generating and filing sufficient work credits on or before June 15,
2020.
“We are very pleased with the amended terms
between the parties which provides more time to finalize the
current discussions and negotiations in progress at Murray Brook to
achieve our shared objective to complete the acquisition of the
Murray Brook Deposit”, notes Marcel Robillard, President of
Puma.
Qualified Persons and QC/AC
The content of this press release was prepared
by Marcel Robillard, P.Geo., President of Puma Exploration,
qualified person 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 is not independent of the
Company, as is officer and shareholder thereof.
About the Murray Brook
Project
The Murray Brook Project consists of three (3)
distinct contiguous areas that covers 8,800 hectares and 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 Murray Brook Project comprises 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 and
share the same potential of increasing the mineral resources
defined at the Murray Brook Deposit and several future priority
targets have been defined on these properties.
About the Murray Brook Deposit
The Murray Brook Deposit (Mining Lease #252)
covers an area of 484 hectares with 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 this 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 20, 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
wholly owned Turgeon Zinc-Copper Project and the Nicholas-Denys
Project all located in the Bathurst Mining Camp of New Brunswick.
As well as an equity interest in BWR Resources, exploring in
Manitoba. Puma’s objective for the coming year is to focus its
exploration efforts in New Brunswick and advance the Murray Brook
Deposit.
You can visit us on Facebook and Twitter.Learn
more by consulting www.pumaexploration.com for further information
on Puma Exploration Inc.
Marcel Robillard, President(418)
724-0901president@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.
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