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Trading Symbol: TSX-V: OCN
HALIFAX,
March 12, 2013 /CNW/ - Oceanus
Resources Corporation (TSXV: OCN) ("Oceanus" or the "Company") is
pleased to announce that the TSX Venture Exchange (the "Exchange")
has granted final approval of the Fundamental Acquisition, and that
the Company has closed the Fundamental Acquisition originally
announced on October 24, 2012 and
closed a concurrent Non-Brokered Private Placement of $2,300,000.
Transaction Summary
Oceanus has acquired all of the issued and
outstanding securities of Lunar Gold Holdings Incorporated ("LGH"),
a Canadian company, by way of security exchange. LGH and LGH's
wholly owned Canadian subsidiary, LGHI Holdings Incorporated
("LGHI"), together own 100% of Minera Pueblo de ORO SA DE CV, a Mexican company, ("MPO"). MPO
is a party to agreements to earn a 100-per-cent interest in twelve
(12) Mexican mining concession titles, collectively known as the
La Lajita property (the "Claims")
covering approximately 3,218 hectares in Durango, Mexico (the "MPO Agreements").
Oceanus has issued 11,000,000 shares of the
Company to the shareholders of LGH. The 11,000,000 common
shares issued will be subject to a 4 month hold period.
The terms of the MPO Agreements provide MPO with
an option to acquire a 100% interest in the Claims in exchange for
the following:
- rental payment of US$1,200 per
month
- on the 6th month anniversary payments of US $94,000;
- on the 12th month anniversary payments of US $150,000;
- on the 24th month anniversary payments of US $200,000;
- on the 36th month anniversary payments of US $300,000;
- on the 48th month anniversary payments of US $300,000;
- on the 60th month anniversary payments of US $500,000; and
- on the 72nd month anniversary payments of US $500,000.
Also, certain of the Claims that are put into
production, have a 2% NSR if gold is valued at less than
$1,000 per ounce, or 2.5% if gold is
valued at greater than $1,000 per
ounce at the time of production. A geological report for the Claims
compliant with National Instrument 43-101 ("NI43-101") has been
completed and filed on SEDAR and can be viewed at
www.sedar.com.
Prior to being acquired by Oceanus MPO did not
carry on any business, other than being a party to the MPO
Agreements, which entitled it to earn 100 % interest in the
Claims. The MPO Agreements were MPO's only asset at closing. MPO
had no liabilities and was not a party to any other agreements at
closing. The acquisition of the MPO agreement and the right to earn
a 100% interest in Claims is not the acquisition of a business
pursuant to applicable securities laws.
Property
The La Lajita
property is located in the Pueblo
Nuevo mining district, and some mineralized zones have been
hand mined by small scale mining interests (Gambusinos). The
claims are host to an epithermal gold/silver system that extends
for a distance of more than 1.5 km. Widespread quartz veins,
breccias and stockworks occur over the length of the system and
host gold and silver mineralization. The district has been mined by
small scale mining by pick and shovel and gold is hand panned after
pulverization of the mined material. This limited historical work
on the property is the oldest known work and dates back
approximately 50 years.
The La Lajita
property is located in the central portion of the Sierra Madre
Occidental (SMO) province. The Sierra Madre is one of the largest
volcanic belts in the world, and extends for over 2,000 km from the
U.S. - Mexico border to southern
Nayarit State where it is overlain
by the Trans-Mexican Volcanic Belt. The SMO is recognized as an
extremely prospective mineral belt for gold, silver and poly
metallic mineral deposits. La
Lajita is a low-sulfidation epithermal type deposit and
known gold and silver mineralization at the La Lajita property occurs within seven
distinct alteration zones. Mineralization generally occurs in
veins, stockwork and breccia zones along and adjacent to fault
zones. Minor sulphide minerals are associated with hematite and
local specularite and the presence of these minerals suggest a
low-sulfidation type system.
The most significant historical exploration work
completed on the property included geological mapping, soil and
stream sediment sampling, rock sampling, underground sampling
trenching and reverse circulation drilling by International
Northair Mines Ltd. (Northair) between January and June 2004. Known gold and silver mineralization
at the La Lajita property occurs
within seven distinct alteration zones which are identified as the
A to G Zones. Mineralization generally occurs as veins, stockwork
and breccia zones along and adjacent to fault zones. Presence of
relatively minor amounts of sulphide minerals along with hematite
(locally as specularite) within these alteration zones indicates
association with a low-sulfidation type epithermal system. Visible
gold mineralization within siliceous quartz and hematite breccia
hosted by maroon colored andesitic pyroclastic host rocks at both
the A and C zones. Significant underground samples reported by
Northair at the A and B Zones included 4.5m grading 19.35g/t Au and
100g/t Ag, 5.49m grading 7.22g/t Au and 31g/t Ag, and 3m grading
10.55g/t Au and 36.6g/t Ag. Significant intercepts from continuous
surface trench sampling include 10m grading 9.0g/t Au and 67.9g/t
Ag, 20m grading 2.8g/t Au and 23.1g/t Ag and 12m grading 18.86g/t
Au and 13.2g/t Ag.
Drilling by Northair indicates that gold and
silver mineralized zones can exceed 100 meters in strike depth and
have true widths ranging from 1.5m to greater than 15m. Wider
zones of high grade gold and silver mineralization may also occur
in areas influenced by structural intersections. Significant drill
results include A Zone hole TRC-04-06 that returned 8.19g/t Au and
46.2g/t Ag over 10.7m and B Zone hole TRC-04-13 that returned
3.16g/t Au and 16.5g/t Ag over 10.7m.
Private Placement
Oceanus completed a non-brokered Private
Placement of common shares at a price of $0.26 per common share for total gross proceeds
of $2,300,000 by issuing 8,846,141
common shares.
The securities issued pursuant to the Offering
will be subject to a hold period expiring four months and one day
after the closing of the Offering in accordance with applicable
securities laws and, if required, the policies of the Exchange.
Macquarie Private Wealth Inc. of Vancouver, British Columbia will be paid a 6%
finder's fee of $4,242.00 and will be
issued a 6% finder's warrant entitling it to purchase 16,315 shares
of Oceanus and Global Maxfin Capital Inc. of Toronto, Ontario will be paid a 6% finder's
fee of $41,481.80 and will be issued
a 6% finders warrant entitling it to purchase 159,930 shares of
Oceanus. The finder's warrants are exercisable for 12 months
from the closing date of the Fundamental Acquisition at a price of
$0.30 per share.
Board of Directors
The Board of Directors of Oceanus will remain
unchanged and continue to be Richard
Gordon, Glenn Holmes,
David Duncan, Keith Abriel and James
Whitman. The officers of Oceanus will remain
unchanged, Richard Gordon will
continue to act as President and CEO, Glenn
Holmes will continue to act as CFO and Glenn Jessome will continue to act as Corporate
Secretary.
Resumption of Trading
Trading of the common shares of Oceanus was
halted at Oceanus request when it announced the Fundamental
Transaction on October 24,
2012. Subject to filing required documentation with
the Exchange, Oceanus will resume trading on the Exchange on a date
to be determined by the Exchange.
This press release was prepared under the
supervision of Peter Webster, P.Geo.
President of Mercator Geological Services Limited who is the
Independent Qualified Person as defined under National Instrument
43-101. Mr. Webster has reviewed the scientific and technical
information in this press release.
CAUTIONARY STATEMENT:
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.
This News Release includes certain
"forward-looking statements". All statements other than
statements of historical fact, included in this release, including,
without limitation, statements regarding potential mineralization
and reserves, exploration results, and future plans and objectives
of Oceanus, are forward-looking statements that involve various
risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such
statements. Important factors that could cause actual results
to differ materially from Oceanus's expectations are exploration
risks detailed herein and from time to time in the filings made by
Oceanus with securities regulators.
SOURCE OCEANUS RESOURCES CORPORATION