Puma Exploration and Trevali Mining Corporation sign definitive option agreement for the Murray Brook Project
On April 30th, 2018, Puma Exploration and Trevali Mining Corporation (TV-TSX) has signed a definitive Option Agreement setting the terms of the development and the exploration of the Murray Brook Deposit (M.L.252) and the signing of the Strategic Alliance Agreement (‘’SAA’’) setting the terms of the exploration of combined mining properties in the Restigouche–Armstrong Belt region of New Brunswick.
Under the terms of the Option Agreement, Trevali will provide up to 7.5 million dollars funding to finalize the acquisition of the Murray Brook Project which includes the
On April 30,2018, Puma received an amount of $1.5M which was used to make the payment of the same amount due to ELN on such date and the $2.0M loan recently received by Puma (see news release of February 26th,2018) was deemed to be repaid in full.
Upon the acquisition by Puma of the VMC and ELN interest, the Murray Brook Deposit (ML 252) shall subsequently be owned by TV and PUMA on a 75% and 25% basis respectively and the combined exploration properties, part of the Exploration Alliance, shall be owned by TV and PUMA on a 51% and 49% basis respectively. According to the Option Agreement and the Strategic Alliance Agreement (SAA), exploration programs and budget plans to be applied on the properties will be under the guidance of a joint Technical Committee. The Technical Committee is set to meet, and the proposed plans and strategy will be announced shortly.
Sustainable Mining Exploration
New Brunswick is a province rich in natural resources, qualifying as the seventh best place in the world for mineral exploration by the Fraser Institute in 2014. Puma Exploration projects are located nearby and inside the famous Bathurst Mining Camp (BMC).
Puma Exploration has become a major player in mineral exploration in New Brunswick through the acquisition of a diversified portfolio of mining properties. In 2014, the Company was honored to receive the Prospector of the Year award from The New Brunswick Prospectors and Developers Association. The Corporation benefits from the proximity of several infrastructures: In addition to the structured road network bordering its projects, a major seaport, the one of Belledune, is located near the city of Bathurst.
In addition to its portfolio of mineral properties in New Brunswick, Puma Exploration has an equity interest in BWR Exploration (BWR: TSX-V) following the Little Stull Lake (Manitoba) gold property transaction.