RIMOUSKI, Quebec, Feb. 01, 2022 (GLOBE NEWSWIRE) — Puma Exploration Inc. (TSXV: PUMA, OTC: PUXPF) (the “Company” or “Puma”) is pleased to report that it has signed a definitive agreement to acquire 100% interest in 30 claims (the “South-East Moose Brook Property”) contiguous to its flagship Williams Brook Gold property. The acquisition adds by 662 ha to the Williams Brook North land package for a total of 20,662 ha (see Figure 1). Williams Brook returned
5.55 g/t gold over 50.15
metres
in its inaugural drilling program in 2021
(see Sept. 15, 2021 News Release
). A typo occurred in the final version of the news and should have been written 5.55 g/t gold over 50.15 metres as shown in the Figure 1 and well described in the press release Sept. 15, 2021. The new claims cover a very prospective area that has seen little exploration in the past.
Puma’s properties are located in an emerging Gold District with great potential. To ensure its control of the area, the Company secured the most prospective claims surrounding the core of the Williams Brook property.
”
This new land addition further consolidates our considerable landholdings in the area. We’ve increased the overall footprint of the Williams Brook property and secured highly prospective and underexplored areas,”
stated Marcel Robillard, President and CEO.
Over the past 15 months, the Company completed several transactions to connect a patchwork of mining claims held by different landowners. Most of these have seen little to no modern exploration work and have never been consolidated into a contiguous land package before.
ACQUISITION TERMS
To acquire a 100% interest in the South-East Moose Brook property (30 claims), Puma agrees to issue the Vendor on closing:
-
50,000 common shares of the Company and a C$10,000 cash payment;
-
50,000 common shares of the Company on or before the first anniversary of the signing of the agreement;
- 100,000 common shares of the Company on or before the agreement’s second anniversary.
Additional performance payments to the Vendor:
-
Cash payment of C$25,000 upon a positive preliminary economic assessment (PEA to be defined in the definitive agreement);
-
Cash payment of C$50,000 upon a positive feasibility study (FS to be defined in the definitive agreement);
-
One-time cash payment of C$100,000 upon commercial production (commercial production to be defined in the definitive agreement).
The Vendor will retain a 2% net smelter return (“NSR”) royalty on any commercial production from the property. Fifty percent of the NSR, or 1%, may be purchased by Puma for $1 million. Puma retains the right of first refusal on the remaining 1% NSR royalty retained by the Vendor. The agreement is subject to the approval of the TSX Venture Exchange.
ABOUT PUMA EXPLORATION
Puma Exploration is a Canadian-based mineral exploration company with precious metals projects located near the Famous Bathurst Mining Camp (BMC) in New Brunswick, Canada. The Company is committed to its
DEAR
strategy (Development, Exploration, Acquisition and Royalties) to generate maximum value for shareholders with low share-dilution.
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Visit
www.explorationpuma.com
for more information or contact:
Marcel Robillard
,
President, (418) 750-8510;
[email protected]
Mia Boiridy
,
Head of Investor Relations and Corporate Development, (250) 575-3305;
[email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
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 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 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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/6fe2022e-5d6d-488c-bcb3-a9d9651b459a
