Puma Exploration and Trevali Mining Corporation Sign Definitive Option Agreement for the Murray Brook Project
RIMOUSKI, Quebec, April 30, 2018 (GLOBE NEWSWIRE) -- Puma Exploration Inc. (the “Company” or “Puma”) is pleased to announce the signing of the definitive Option Agreement with Trevali Mining Corp. (TSX:TV) setting the terms of the development and the exploration of the Murray Brook Deposit (M.L.252) and the signing of the Strategic Alliance Agreement (‘’SAA’’) setting the terms of the exploration of combined mining properties in the Restigouche–Armstrong Belt region of New Brunswick.
Under the terms of the Option Agreement, Trevali will provide up to 7.5 million dollars funding to finalize the acquisition of the Murray Brook Project which includes the Murray Brook Deposit (M.L. 252) and the Murray Brook East Property by Puma within the timeframe negotiated with Votorantim Metals Canada Inc. (“VMC”) and El Nino Ventures Inc. (“ELN”).
On April 30,2018, Puma received an amount of $1.5M which was used to make the payment of the same amount due to ELN on such date and the $2.0M loan recently received by Puma (see news release of February 26th,2018) was deemed to be repaid in full.
Upon the acquisition by Puma of the VMC and ELN interest, the Murray Brook Deposit (ML 252) shall subsequently be owned by TV and PUMA on a 75% and 25% basis respectively and the combined exploration properties, part of the Exploration Alliance, shall be owned by TV and PUMA on a 51% and 49% basis respectively. According to the Option Agreement and the Strategic Alliance Agreement (SAA), exploration programs and budget plans to be applied on the properties will be under the guidance of a joint Technical Committee. The Technical Committee is set to meet, and the proposed plans and strategy will be announced shortly.
About Murray Brook Deposit
The Murray Brook Deposit, which comprises 484 hectares under mining lease 252, has a currently defined measured and indicated mineral resource of 5.28 million tons averaging 5.24% zinc, 1.80% lead, 0.46% copper, 68.9 g/t silver and 0.65 g/t gold containing 610 M lbs of zinc, 209 M lbs of lead and 11.7 M ounces of silver. The core of the mineral resource occurs in the west zone (zinc-lead) 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 20th 2017, a NI 43-101 report was 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 Turgeon Zinc-Copper Project (100%) and the Nicholas-Denys Project (100%) all located in New Brunswick, as well as an equity interest in BWR Resources, Manitoba. Puma’s objective is to focus its exploration efforts in New Brunswick.
About Trevali Mining Corporation
Trevali is a zinc-focused base metal company with four mines: the wholly-owned Santander mine in Peru, the wholly-owned Caribou mine in the Bathurst Mining Camp of northern New Brunswick, its 80% owned Rosh Pinah mine in Namibia and its 90% owned Perkoa mine in Burkina Faso.
Qualified Persons and QC/AC
Technical information provided in this news release was prepared and reviewed by Marcel Robillard, P.Geo., President and Dominique Gagné, P.Geo., Vice President Exploration of Puma Exploration, qualified persons as defined by NI 43-101. 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 and Mr. Gagné are not independent of the Company, as both are officers and shareholders thereof.
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Marcel Robillard, President
(418) 724-0901
president@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.