Quia Provides Sample Results and Update
TORONTO, ONTARIO--(Marketwired - Dec 18, 2013) - Quia Resources
Inc. (TSX-VENTURE:QIA) ("Quia" or the "Company") is pleased to
provide an update with respect to its Murdock Mountain phosphate
acquisition and other corporate developments. Highlights
include:
- Sample results have returned values as high as 29.28%
P205;
- Roger Dent has been appointed to the Company's board of
directors;
- Subject to final approval of the TSX Venture Exchange, Quia has
completed the acquisition of an initial 10% interest in Nevagro LLC
("Nevagro"), the company that holds the accepted prospect permit
application for the Murdock Mountain project;
- Quia and Foundation Opportunities Inc. ("FOI) have restructured
their agreement such that Quia will acquire 2243734 Ontario Limited
("2243734"), which holds the option to earn a 65% interest in
Nevagro, for one dollar ($1) and no further consideration.
Sample Results
The following table presents a summary of selected grab samples
taken from within old trenches and surrounding areas along an
approximate strike length of 3 kilometres:
Selected Sample Results Murdock Mountain |
SAMPLE |
P2O5 |
SAMPLE |
P2O5 |
SAMPLE |
P2O5 |
SAMPLE |
P2O5 |
DESCRIPTION |
% |
DESCRIPTION |
% |
DESCRIPTION |
% |
DESCRIPTION |
% |
1041951 |
15.61 |
1042050 |
5.783 |
1042641 |
5.137 |
1042759 |
13.93 |
1041954 |
5.803 |
1042553 |
6.269 |
1042642 |
10.83 |
1042761 |
5.516 |
1041956 |
6.726 |
1042581 |
7.477 |
1042648 |
6.585 |
1042762 |
5.259 |
1041960 |
6.134 |
1042582 |
5.638 |
1042650 |
5.024 |
1042775 |
6.412 |
1041970 |
6.723 |
1042583 |
5.938 |
1042659 |
10.465 |
1042776 |
9.136 |
1041973 |
5.922 |
1042587 |
14.22 |
1042660 |
10.49 |
1042777 |
14.065 |
1042002 |
6.943 |
1042596 |
8.277 |
1042663 |
16.305 |
1042779 |
21.92 |
1042026 |
6.116 |
1042616 |
8.421 |
1042669 |
10.95 |
1042780 |
6.216 |
1042038 |
13.775 |
1042617 |
12.59 |
1042677 |
11.53 |
1042783 |
11.585 |
1042039 |
12.91 |
1042620 |
7.601 |
1042679 |
11.525 |
1042785 |
14.225 |
1042040 |
19.23 |
1042621 |
11.51 |
1042685 |
7.908 |
1042787 |
23.1 |
1042041 |
19.5 |
1042622 |
8.04 |
1042686 |
23.2 |
1042788 |
25.79 |
1042042 |
20.78 |
1042623 |
6.358 |
1042717 |
5.305 |
1042789 |
22.19 |
1042043 |
19.32 |
1042627 |
6.418 |
1042731 |
15.27 |
1042799 |
25.71 |
1042044 |
19.48 |
1042628 |
5.992 |
1042750 |
9.609 |
|
|
1042045 |
26.08 |
1042629 |
5.333 |
1042753 |
9.663 |
|
|
1042046 |
22.53 |
1042632 |
6.495 |
1042754 |
3.764 |
|
|
1042047 |
6.564 |
1042635 |
29.28 |
1042755 |
9.337 |
|
|
1042048 |
7.648 |
1042640 |
10.285 |
1042757 |
10.03 |
|
|
Samples were taken by TIGREN Inc. and were assayed by XRF by ALS
Minerals in Reno, Nevada. A complete table summarizing all of the
grab samples and a map can be viewed at the following link:
http://media3.marketwire.com/docs/918419.pdf
Yannis Banks, Quia's CEO, commented: "These results are very
encouraging as they demonstrate that we have high grade phosphate
occurring in beds near surface over a significant strike length of
more than 3 kilometres. Furthermore, the results from the northern
area of the project, where the beds appear to be close to surface
and more flat lying, which is our current main area of interest,
have returned among the strongest results."
Mr. Banks continued: "It's important to keep in mind that this
project is being explored and developed for a direct application
phosphate, meaning that the crushed rock would be used as a direct
fertilizer, rather than being processed into a liquid fertilizer.
As such, it should not be compared directly in terms of grade or
solubility characteristics with conventional phosphate projects,
which we don't believe accurately reflect the potential
effectiveness of Murdock Mountain phosphate as a direct application
fertilizer. New science is emerging about how mineral nutrients
from direct application rock fertilizers are made available to
plants through the soil ecosystem, and it is based on this emerging
science and the particular characteristics of the Murdock Mountain
phosphate mineralization that we are excited to be developing this
project and why we think Quia is ahead of the curve."
New Director
Roger Dent has been appointed to the Board of Directors. Mr.
Dent will replace Rick Brown, who will step down from the board but
continue on with the Company in the capacity of Vice-President
Business Development.
Mr. Dent is currently the CEO and a director of Quinsam Capital
Corporation, a publicly traded merchant bank. He has been involved
in the Canadian financial markets for over 25 years and has
extensive experience in "small cap" evaluation and investment. Most
recently, he was a noted portfolio manager with Matrix Fund
Management Inc., where he guided the Matrix Small Companies Fund
and the Matrix Strategic Small Cap Fund. Previously, he was Vice
Chairman of one of Canada's largest independent investment dealers.
He was formerly the #1 ranked Small Cap Analyst according to the
Brendan Wood institutional investor survey.
Mr. Banks commented: "Mr. Dent brings a wealth of capital
markets, investment and business experience to Quia and his
addition significantly enhances our team. I look forward to working
with him and the other members of our board and management to move
our projects forward."
Acquisition of Initial Interest and Revised Agreement
Quia has completed the acquisition of an initial 10% interest in
Nevagro LLC, the company that holds the accepted prospect permit
application for the Murdock Mountain project by funding $102,000
towards technical work and permitting requirements including the
sampling reported above.
In addition Quia and Foundation Opportunities Inc. have revised
their agreement such that Quia will acquire 2243734 Ontario Limited
("2243734"), which holds the option to earn a 65% interest in
Nevagro, for one dollar ($1) and no further consideration to FOI.
Previously, as consideration for the acquisition, Quia had agreed
to issue to FOI 1 million post-consolidation shares (upon
completion of a ten for one share consolidation), as well as an
additional 500,000 post-consolidation shares upon fulfillment of
the option terms and an additional 500,000 post-consolidation
shares upon commencement of production. Despite the recommendation
of the independent committee which negotiated the transaction and
considered the compensation to be fair, as well as conditional
approval received from the TSX Venture Exchange, Quia and FOI have
mutually agreed to revise the agreement to limit FOI's compensation
to one dollar.
The transaction is a non-arm's length transaction as Yannis
Banks is an insider of both the Corporation and 2243734, as he is a
shareholder of 2243734 and the CEO and Director of Quia. In
addition, a family trust whose beneficiaries are the minor children
of the Corporate Secretary and Director of Quia, is also a
shareholder of 2243734. Such participation is considered to be a
"related party transaction", as defined under Multilateral
Instrument 61-101 ("MI 61-101"). The transaction will be exempt
from the formal valuation and minority shareholder approval
requirements of MI 61-101 as neither the fair market value of the
shares issued to or the consideration paid by such persons will not
exceed 25% of Quia's market capitalization.
Direction Forward
The Company recently met with the BLM in Elko, Nevada to restart
the permitting process for Murdock Mountain under Nevagro's
prospect permit application which will include the preparation of
an environmental assessment, parts of which are already in process.
The Company plans to diligently advance the remaining components of
the environmental assessment with a view to submitting all the
required components to the BLM around the end of the second quarter
of 2014. The company is also in the process of designing its
subsequent exploration program based on the samples reported
above.
The objective of the Company is to design an initial program to
define a resource sufficient to evaluate production at an annual
rate of approximately 50,000 tons per year, and as such a short,
focused program targeted at shallow depths is envisioned. The
Company's objective is to have completed its exploration program by
the end of 2014 and to have outlined a sufficient resource to
support the conceptual production objective, and to then enter into
the final permitting process to commence production in 2015. A
feasibility study has not been completed and there is no certainty
the proposed operation will be economically viable.
At the same time the Company is continuing to evaluate other
complimentary agromineral opportunities that fit within the
Company's view that the agricultural industry is at the early
stages of a paradigm shift that recognizes the importance of soil
health to long term sustainable agriculture and that fertilizers
that contribute to overall soil ecosystem health and that are as or
more agronomically effective as conventional fertilizers, have the
potential for significant demand growth over the coming years.
The Company is also continuing to maintain its San Lucas gold
asset which it also views as an important asset for the
Company.
Results of Annual General Meeting
Each of the director nominees proposed by management for
election was elected to the Board of Directors. The Directors were
approved with the following percentages:
Name of Nominee |
Percentage |
Yannis Banks |
99.49% |
William Richard Brown |
99.43% |
Iain Kelso |
99.14% |
Lewis Lawrick |
99.49% |
Paul Lin |
99.49% |
Dan Noone |
99.66% |
Adam Szweras |
99.17% |
At the meeting shareholders also approved the following
resolutions:
- To set the number of directors to be elected to the Board of
Directors at seven;
- Re-appointment of Collins Barrow Toronto LLP as auditors for
the ensuing year and authorizing the directors to fix their
remuneration;
- Ratification, confirmation and approval of the Company's 10%
rolling stock option plan;
- Approval for the Board to do a Share Consolidation as set out
in the Management Information Circular as filed on SEDAR;
- Ratification and approval of the Debt Conversion.
Financing
Quia intends to complete an offering ("Offering") for aggregate
gross proceeds of up to $500,000 consisting of up to 7,142,857
units ("Units") at a price of $0.07 per Unit (on a post 10 for 1
consolidation basis).
Each Unit consists of one (1) common share of the Company (a
"Common Share") and one half (1/2) of one warrant ("Warrant"). Each
full Warrant entitles the holder to acquire one common share of the
Company at a price of $0.10 per Common Share for a period of 24
months from the closing date.
Finders will be entitled to a cash commission in the amount of
8% ("Finder's Fee") of the gross proceeds received from the sale of
the Units, and Finder's Warrants ("Finder's Warrant") equal to 8%
of the Units issued pursuant to the Offering. Each Finder Warrant
will be exercisable into Units at a price of $0.07 ("Finder Warrant
Exercise Price") exercisable at any time until 24 months from the
Closing Date.
The proceeds of the Offering will be used to fund permitting and
exploration of Murdock Mountain, maintenance of the Company's San
Lucas property, and for debt repayment and working capital
purposes.
Iain Kelso, P.Geo., is the Qualified Person for the information
contained in this press release and is a Qualified Person within
the terms defined by National Instrument 43-101.
About Quia Resources Inc.
Quia Resources is a mineral exploration and development company
which owns 100% of the San Lucas gold project in Colombia and has
an option to earn 65% of the Murdock Mountain direct application
phosphate project in Nevada.
Forward-Looking Statements
This press release contains or refers to forward-looking
information, including statements regarding completion of the
acquisition of 2243734, completion of the consolidation at Quia's
upcoming meeting, exploration results, potential mineralization,
exploration plans and timing of the commencement of drilling, and
is based on current expectations that involve a number of business
risks and uncertainties. Factors that could cause actual results to
differ materially from any forward-looking statement include, but
are not limited to, delays in obtaining or failures to obtain
required governmental, environmental or other project approvals,
failure to receive shareholder approval of the consolidation,
failure to receive TSXV approval of the acquisition of 2243734,
political risks, uncertainties relating to the availability and
costs of financing needed in the future, changes in equity markets,
inflation, changes in exchange rates, fluctuations in commodity
prices, delays in the development of projects and the other risks
involved in the mineral exploration and development industry.
Forward-looking statements are subject to significant risks and
uncertainties, and other factors that could cause actual results to
differ materially from expected results. Readers should not place
undue reliance on forward-looking statements. These forward-looking
statements are made as of the date hereof and the Company assumes
no responsibility to update them or revise them to reflect new
events or circumstances other than as required by law.
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.
Quia Resources Inc.Yannis BanksChief Executive Officer(416)
777-6169ybanks@foundationmarkets.com
Quia Resources Inc. (TSXV:QIA)
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