Mazorro Resources Amends Acquisition Agreement for Monster Lake Area Claims, Northwestern Quebec
28 Janvier 2014 - 2:30PM
Marketwired
Mazorro Resources Amends Acquisition Agreement for Monster Lake
Area Claims, Northwestern Quebec
OTTAWA, ONTARIO--(Marketwired - Jan 28, 2014) - Mazorro
Resources Inc. ("Mazorro" or the "Company")
(TSX-VENTURE:MZO)(FRANKFURT:JAM) announces that it has entered into
an amended asset purchase agreement (the "Agreement") for the
acquisition of an interest in a total of 81 claims covering
approximately 4,300 hectares in the Monster Lake area, in
northwestern Quebec.
The terms of the original acquisition agreement (see press
release of November 27, 2013) have been amended such that the
Company will initially acquire a 50% interest in the claims versus
a 100% interest. The vendor, Synergy Acquisition Corp. ("Synergy")
will retain a 50% interest in the claims and will act as operator
to conduct exploration programs. Synergy has committed to
completing approximately $100,000 of exploration work programs
comprising a helicopter borne geophysical survey expected to be
completed during January.
Under the terms of the Agreement, the Company will acquire an
initial 50% interest in 81 claims by paying Synergy, an
arm's-length party to Mazorro, a total of $80,000 in cash and
issuing a total of 4,000,000 common shares and 1,000,000 warrants
of the Company (the "Purchase Price"). Initial consideration
payable includes $25,000 cash, 1,500,000 common shares and
1,000,000 warrants (paid during December 2013). Each warrant is
exercisable at a price of $0.10 per share and will expire December
12, 2015. The balance of the Purchase Price is payable as follows:
$25,000 cash and 1,500,000 common shares upon the receipt of a
National Instrument 43-101 compliant technical report on the
property; $10,000 cash payable on the date that Synergy completes
work assessment filings with respect to the claims with further
cash payments of $10,000 payable both six and twelve months
thereafter; with a final payment of 1,000,000 common shares payable
twelve months following the execution of the original
agreement.
Additionally, Mazorro will have an option, exercisable for a
period of two years, to acquire the 50% interest retained by
Synergy for a cash payment of $100,000. Should this option be
exercised, Synergy would retain a 2% net smelter royalty ("NSR")
with the Company having the right to purchase one-half (1.0%) of
the NSR at any time by paying Synergy $250,000. If the option is
not exercised, the parties will enter into a joint venture
agreement with a standard dilution clause and will co-fund their
proportionate share of project costs.
The securities to be issued by the Company pursuant to the
agreement will be subject to a four month hold period from their
date of issuance. The Agreement and the transactions contemplated
therein are subject to TSX Venture Exchange acceptance.
About the property
The Monster Lake area is located in northwestern Quebec,
approximately 44 kilometres southwest of the town of Chibougamau.
The property is easily accessible by road and a high-voltage power
line crosses the area nearby. The claims acquired comprise two
blocks: one block comprising 40 claims is located immediately to
the west and contiguous to TomaGold Corp.'s Monster Lake property
and the second block comprising 41 claims is located to the
southeast of TomaGold's property and adjoins various other land
holdings in the area.
Since 1984, over 40,000 metres of diamond drilling has been
completed by various operators along the over four-kilometre
mineralized corridor at the Monster Lake area. In the winter of
2012, TomaGold drilled 16 holes for a total of 2,420 metres on the
Annie zone, which resulted in a major discovery of 237.6 grams per
tonne of gold over 5.7 metres in hole M-12-60. In 2013, TomaGold
drilled 12 holes totalling 5,000 metres on zone 325. All the holes
intersected the gold-bearing structure, and seven of the 12 holes
returned values of over 10 grams per tonne of gold (see TomaGold's
website at www.tomagoldcorp.com). TomaGold recently announced a
significant option agreement with Iamgold Corp. valued at over
$17.5 million whereby Iamgold can earn a 50% interest in TomaGold's
Monster Lake and other properties (see TomaGold press release dated
November 12, 2013).
About Mazorro
Mazorro Resources Inc. is a TSX Venture Exchange listed,
Canadian based, precious metals exploration company that is active
in creating value through exploration and development of gold
projects in Quebec. Mazorro currently has 54,014,773 common shares
outstanding.
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.
Some statements in this release may contain forward-looking
information. All statements, other than of historical fact, that
address activities, events or developments that the Company
believes, expects or anticipates will or may occur in the future
(including, without limitation, statements regarding potential
mineralization) are forward-looking statements. Forward-looking
statements are generally identifiable by use of the words "may",
"will", "should", "continue", "expect", "anticipate", "estimate",
"believe", "intend", "plan" or "project" or the negative of these
words or other variations on these words or comparable terminology.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which are beyond the Company's ability to
control or predict, that may cause the actual results of the
Company to differ materially from those discussed in the
forward-looking statements. Factors that could cause actual results
or events to differ materially from current expectations include,
among other things, without limitation, failure to establish
estimated mineral resources, the possibility that future
exploration results will not be consistent with the Company's
expectations, changes in world gold markets or markets for other
commodities, and other risks disclosed in the Company's public
disclosure record on file with the relevant securities regulatory
authorities. Any forward-looking statement speaks only as of the
date on which it is made and except as may be required by
applicable securities laws, the Company disclaims any intent or
obligation to update any forward-looking statement.
Mazorro Resources Inc.André AudetInterim President &
CEO(613) 241-2332
(TSXV:MZO)
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