Puma Exploration Inc. (TSX VENTURE:PUM)(SSE:PUMA) (the "Company "or "PUMA") is pleased to release an update on the acquisition of the Murray Brook Property.
Murray Brook Property Transaction
As previously reported in Puma's news release on December 21st, 2016 a revised NI 43-101 compliant underground resource estimate totaling 5.28 million tonnes averaging 5.24% Zn, 1.80% Pb, 0.46% Cu, 68.9 g/t Ag and 0.65 g/t Au was completed and submitted to the TSX Venture Exchange (the "Exchange"). On February 20th, the NI 43-101 report was accepted and filed on SEDAR.
On February 24th, 2017, Puma Exploration closed the purchase agreement with Votorantim Metals Canada Inc. and acquired approximately 67.9-per-cent beneficial interest in the Murray Brook zinc-lead-copper-silver volcanogenic massive sulphide (VMS) deposit.
Additionally, El Nino Ventures Inc. ("ELN") and PUMA have agreed to extend the closing date for the acquisition of ELN's interest in the Murray Brook Property to, on or before, March 31st, 2017. To demonstrate that PUMA is confident that the deal will close, the Company is providing to ELN a deposit in the amount of $60,000 to be credited against the closing cash consideration for the acquisition of the Murray Brook Property. In the event that the transaction contemplated in the Asset Purchase Agreement with ELN does not close on, or before, March 31st, 2017 the $60,000 deposit will be retained by ELN.
PUMA has closed the second and final tranche of its current private placement on February 24th, 2017 (see news releases of 2017-02-01 and 2017-02-24). A total of $955,050 was raised by issuing 13,643,569 units at a price of $0.07. Each unit is comprised of one common share and one full warrant entitling the holder to acquire one common share at a price of $0.15 for 24 months.
PUMA's projections for 2017 in view of the purchase of the Murray Brook Deposit ("MBD") are as follows:
- Produce a new PEA during 2017 focused on developing an underground mining scenario of the higher grade sulphide portions of the MBD contained in the current Mineral Resource Estimate.
- Proceed with additional advanced recovery (metallurgical) tests on the MBD's mineralization, focusing on GOLD and SILVER recovery with the objective of establishing the economic value of the MBD.
- Proceed with a drilling exploration program to delineate the size of the deposit and potentially find more deposits along strike in the direction of the Caribou Mine.