Aurion Resources Ltd.: Corporate Update
ST. JOHN'S, NEWFOUNDLAND -- (Marketwired) -- 06/28/13 -- Aurion Resources Ltd. ("Aurion") (TSX VENTURE: AU) reports that effective June 13, 2013, the Board of Directors of the Company adopted an advance notice policy (the "Policy") for the purpose of providing shareholders, directors and management of the Company with a clear framework for nominating directors of the Company in connection with any annual or special meeting of shareholders.
The Policy fixes a deadline by which holders of record of common shares of the Company must submit, in writing, nominations for directors to the Secretary of the Company prior to any annual or special meeting of shareholders and sets forth the specific information that such holders must include with their nominations in order to be effective.
For an annual meeting of shareholders, notice to the Company must be not less than 30 and not more than 65 days prior to the date of the annual meeting; save and except where the annual meeting is to be held on a date less than 50 days after the date on which the first public announcement of the date of such annual meeting was made, in which event notice may be given not later than the close of business on the 10th day following such public announcement. For a special meeting of shareholders (that is not also an annual meeting), notice to the Company must be given not later than the close of business on the 15th day following the day on which the first public announcement of the date of such special meeting was made.
If approved at the Meeting, the Policy will continue to be effective and in full force and effect in accordance with its terms beyond the termination of the Meeting. Thereafter, the Policy will be subject to an annual review by the Board, and will be updated from time to time to reflect changes required by securities regulatory agencies or stock exchanges, or to conform to industry standards. If not approved at the Meeting, the Advance Notice Policy will terminate and be of no further force or effect from and after the termination of the Meeting.
Nevada
Aurion reports that Terra Rossa Gold Ltd has terminated the Logan Pass option agreement. Terra Rossa had an option to acquire up to 75% interest in the southern portion of the property and during the past year completed a program of geophysics, geological mapping and geochemical sampling.
The property is host to numerous zones of gold, silver and base metal mineralization including an open greater than 400 m by 150 m Carlin-style, sub-horizontal zone of carbonate-hosted gold mineralization, called the Main Jasperiod. Drilling in 1993 by BHP reported intercepts of 2.3 g/t Au over 7.6 m and 1.5 g/t Au over 9.2 m. No drilling has been conducted since.
At the Southpaw prospect situated approximately 6.5 km north of the Main Jasperoid, gold mineralization occurs in jasperoid breccias along structures over an area of 250 m by 225 m and returned assay results up to 19.3 g/t Au (grab) and 2.6 g/t Au over 4.0 m. The Southpaw prospect occurs at the north end of a 3 km long coincident Au-Ag-As-Sb-Hg-Tl soil geochemical anomaly.
The property bears many similarities to the south extent of the Battle Mountain Eureka district, specifically, a base metal core zone of mineralization associated with a broad deep magnetic anomaly (intrusive), with gold prospects occurring outboard of this magnetic base metal zone.
Prior to Aurion no exploration or drilling has been conducted at Logan Pass since the early-mid 1990's. Aurion is currently permitting approximately 30 drill sites within two areas including the Main Jasperoid and the Southpaw area.
Aurion is seeking a joint venture partner for the project.
Aurion has also terminated the Goldlands property agreement and returned it to the vendor.
Mexico
Aurion has terminated the La Bandera option agreement and in lieu of a $20,000 option payment due April 30, Aurion will issue 200,000 shares to the property vendors La Cuesta International. Aurion has decided to suspend all exploration activities in Mexico due to the current security situation.
About Aurion
Aurion is focused on early stage precious metals exploration in Nevada, and to a lesser extent other jurisdictions in the US and Canada. Its strategy is to generate or acquire early stage gold projects and systematically and economically advance them to a stage which will attract potential joint venture partners. Aurion currently has 2 active joint ventures and $2.5 million cash on hand and a low burn rate.
Mike Basha, P.Eng., P.Geo., President and CEO of Aurion, a Qualified Person as defined by National Instrument 43-101, is responsible for the preparation of this release.
Forward-Looking Statement
Certain statements contained in this release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Companies' current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. The forward-looking information contained in this release is made as of the date hereof and Aurion is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
On behalf of the Board,
Mike Basha, President & CEO
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:
Aurion Resources Ltd.
Mike Basha
President & CEO
(709) 699-8300
mbasha@aurionresources.com