Rimouski, March 18, 2019 – Puma Exploration Inc. (the “Company” or “Puma”) announces today that it has been mutually agreed with Trevali Mining Corporation (“Trevali”) to terminate, effective as of March 15, 2019, the Option Agreement for the Murray Brook property dated April 27, 2018, as amended November 30, 2018.
From June 2018 to December 2018, the parnertship invested a total of $1,614,705 in exploration and development work at the Murray Brook deposit and within the Strategic Alliance partnership. From the programs, the Surface Copper Zone drilling results and metallurgical tests are still pending. Trevali also proceeded with two cash payments for a total of $3.5M in regards to the underlying agreements with El Nino Ventures ($1.5M) and Votorantim Metals Canada ($2M).
Following the termination of the Option Agreement, Trevali retains no interest in the Murray Brook property. The Purchase Agreement between Puma and Votorantim Metals Canada Inc. is still in good standing until March 31, 2019 (67.86%) and the Purchase Agreement between Puma and El Nino Ventures Inc. is still in good standing until May 10, 2019 (32.14%). The Strategic Alliance Agreement dated April 27, 2018 between Puma and Trevali is also terminated effective as of March 15, 2019 by mutual agreement of the parties.
“We remain fully confident in the technical merits of the Murray Brook deposit, as well as the exploration potential surrounding the Deposit and along strike with the Caribou horizon”, stated Marcel Robillard, Chief Executive Officer and President of Puma. “The Company is currently looking and evaluating alternative partnerships and/or strategies and expects to provide further guidance in the coming weeks”.
About Murray Brook deposit
The Murray Brook deposit has a measured mineral resource of 3.68 million tonnes grading 5.57% Zn, 1.87% Pb, 0.36% Cu, 70.5 g/t Ag and 0.56 g/t Au, plus indicated mineral resources of 1.60 million tonnes grading 4.48% Zn, 1.63% Pb, 0.70% Cu, 65.3 g/t Ag and 0.88 g/t Au, for a combined measured and indicated resource of 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 containing approximately 610 million pounds of Zinc, 209 million pounds of Lead and 11.7 million ounces of Silver, as of effective date, December 21, 2016.
About Puma Exploration
Puma is a canadian mineral exploration company with advanced precious and base metals projects in Canada. The Company's major assets consist of an option to acquire 100% beneficial interest in the Murray Brook property, the Turgeon Zinc-Copper project and the Nicholas-Denys project, as well as the newly acquired Chester project, all located in the Bathurst Mining Camp of New Brunswick. Also, Puma owns an equity interest in BWR Resources which explores in Manitoba. Puma’s objective is to focus its exploration efforts in New Brunswick.
Technical information provided in this news release was prepared and reviewed by Marcel Robillard, P.Geo., President of Puma, qualified person as defined by NI 43-101. 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. Mr. Robillard is not independent of the Company, as he is an officer and shareholder thereof.
Learn more by consulting www.pumaexploration.com for further information on Puma.
Marcel Robillard, President
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 Inc. 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.