Avrupa Announces $1 Million Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 7, 2016) - Avrupa Minerals Ltd. (TSX VENTURE:AVU)(FRANKFURT:8AM) has arranged a private placement of 10 million units at $0.10 per unit for gross proceeds of $1 million. Each unit will have a four-month hold period and is comprised of one common share plus a warrant to purchase another common share at $0.15 for a period of three years.
During 2015 and 2016, Avrupa has achieved the following:
| - | Continued with three joint ventures, including replacing one partner with a new one who committed to a 5,000 meter drill program. | |
| - | Reported new drill results from the Alvalade Project in Portugal for copper, zinc, and lead, expanding the area of massive sulfide mineralization along a target strike length of 1.8 kms. | |
| - | Completed the initial drill programs and an initial gold resource estimate at the Slivovo Project in Kosovo. | |
| - | Completed a work program with a new partner on the Alvito IOCG project which upgraded the project at no dilution or cost to Avrupa. | |
| - | Raised only $1 million (June 2015) and kept G&A at very low levels compared to its peers. | |
| - | Reported a resource estimate from its Covas Tungsten project in Northern Portugal. | |
| - | Identified prospective projects for acquisition in a strategically near-by country. |
Avrupa generally funds exploration by bringing in partners on its mineral exploration projects and has arranged six partnerships over the past six years funding over $15 million in exploration. In line with that, the proceeds of the current private placement will mostly be used for administration costs and early stage exploration, including a venture into one new near-by country, with the aim of upgrading present projects to be ready for joint venture.
Avrupa Minerals Ltd. is a growth-oriented junior exploration and development company focused on discovery, using a prospect generator model, of valuable mineral deposits in politically stable and prospective regions of Europe, including Portugal, Kosovo, and Germany.
The Company currently holds nine exploration licenses in three European countries, including six in Portugal covering 3,821 km2, two in Kosovo covering 47 km2, and one in Germany covering 307 km2. Avrupa has three joint ventures, two in Portugal and one in Kosovo:
| • | The Alvalade JV, with Colt Resources, covering one license in the Iberian Pyrite Belt of southern Portugal, for Cu-rich massive sulfide deposits; | |
| • | The Covas JV, with Blackheath Resources, covering one license in northern Portugal, for intrusion-related W deposits; and | |
| • | Avrupa's partner at the Slivovo Gold Project in Kosovo is presently advancing the Project by funding and operating a pre-feasibility study. |
Avrupa is currently upgrading precious and base metal targets to JV-ready status in a variety of districts on their other licenses, with the idea of attracting potential partners to project-specific and/or regional exploration programs.
On behalf of the Board,
Paul W. Kuhn, President & Director
This news release was prepared by Company management, who take full responsibility for its content. Paul W. Kuhn, President and CEO of Avrupa Minerals, a Licensed Professional Geologist and a Registered Member of the Society of Mining Engineers, is a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators. He has reviewed the technical disclosure in this release. Mr. Kuhn, the QP, has not only reviewed, but prepared and supervised the preparation or approval the scientific and technical content in the 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.