Mr. Grant Hall reports:
Brigadier Gold Ltd. ("Brigadier") (TSX VENTURE:BRG) has signed a letter with a
shareholder of Mexican Copper Mines (Guernsey) Ltd. ("Mexican") that sets out
the terms and conditions with which Brigadier will acquire 70% of the
outstanding shares of Mexican which owns through its subsidiary Molycomex S. A.
de C. V. an undivided right, title and interest (the "Acquisition") in 5
additional Cuatro Cienegas District mineral properties in Mexico (the "Assets")
through the subsidiary Molycomex S.A. de C.V.
Brigadier will issue 20,000,000 consolidated treasury shares (following a
consolidation of its outstanding shares on a 10 for one basis, to be presented
to a special shareholder meeting), subject to the approval of the TSX Venture
Exchange. In addition, Brigadier will issue warrants with the following terms:
(a) If Brigadier obtains, within three (3) years from completing the
Acquisition, a report prepared in conformity with the requirements of National
Instrument 43-101 ("NI 43-101") disclosing that the Assets contain 200,000
tonnes of ore, with a grade of not less than 1.5% copper equivalent, then the
warrant holder may exercise the warrant and acquire that number of shares which,
when multiplied by the twenty (20) day prior weighted average market price of
Brigadier's consolidated shares, equals a value of US$1,000,000;
(b) If Brigadier obtains, within four (4) years from completing the Acquisition,
a report prepared in conformity with the requirements of NI 43-101 disclosing
that the Assets contain 500,000 tonnes of ore, with a grade of not less than
1.5% copper equivalent, then the warrant holder may exercise the warrant and
acquire that number of shares which, when multiplied by the twenty (20) day
prior weighted average market price of Brigadier's consolidated shares, equals a
value of US$1,500,000;
In connection with the Acquisition, Mexican Copper Mines (Guernsey) Ltd. has
agreed to amend the terms of a 5 year 12% US$2,250,000 debenture issued by
Molycomex S.A. de C.V. to it, such that the debenture shall become convertible
at a price of $0.25 CAD per share, at the option of Mexican Copper Mines
(Guernsey) Ltd.
Subject to Exchange approval, Brigadier Gold will pay a finders fee to an
unrelated third party in connection with this transaction by the issuance of 2
million post consolidated shares in the Company subject to TSX Venture Exchange
approval.
Concurrent with the completion of the Transaction, Brigadier will complete a
private placement of its Consolidated Shares to raise a minimum of US$2,000,000
and a maximum of US3,000,000 at a price of $0.25 CAD per Consolidated Share,
subject to the consent of the TSX Venture Exchange.
About the Assets
The properties are situated in the State of Coahuila, Mexico, almost adjacent to
Brigadier's Granizo and Don Indio Properties, some 50 km southeast of the town
of Cuatro Cienegas. The Properties lie along the foot of the Sierra San Marcos y
Pinos range and are composed of 5 concessions, totalling 14,859 ha, namely: the
Apache 4, Apache 14, San Antonio, Jabali and Jabali 2 concessions. The Apache
14, San Antonio, Jabali and Jabali 2 concessions all fall within the Apache 4
concession. Mexican Copper Mines has a 100% interest in the Apache 4 concession
and a 70% interest in the Apache 14, San Antonio, Jabali and Jabali 2
concessions. There are 3 additional concessions, which lie within the Apache 4
concession that are not owned by Mexican Copper Mines, namely the Martha (210
ha) and the two El Ojito claims (43 ha and 83 ha respectively).
On the Mexican Copper Mines' Properties, stratabound copper-silver
mineralization occurs within arenites and arkoses at the top of the Lower
Cretaceous San Marcos Formation, just below a zone of carbonaceous beds grading
into limestones of the Lower Cretaceous Cupido Formation. The stratabound Cu-Ag
mineralization can be traced in outcrop for some 40 km northwest to southeast
and has an, as yet, undefined down-dip extension to the northeast. The
mineralization occurs in 1.7 m- to 5.69 m-thick, concordant layers referred to
as "mantos". The mantos carry Cu and Ag minerals, (predominantly supergene
chrysocolla, malachite, azurite and tenorite). Small amounts of primary copper
sulphide minerals, such as chalcocite and argentite, occur within the quartz
cement of the arenites, Exploration during 2012 revealed mantos carrying grades
of 0.2 to 18.0 % copper and 2 to 592 g/t silver.
There are presently five main showings on the Mexican Copper Mines' Properties,
namely: the Buena Suerte, San Antonio, Ojitos, Emes and Las Juanitas showings.
The Buena Suerte and San Antonio showings are currently the primary exploration
targets.
The San Antonio and Buena Suerte showings are part of one continuous manto,
which has a thickness of 1.4 to 4.25 m and has been traced continuously along
strike for 1.2 km. Calculated weighted sample averages from the San
Antonio-Buena Suerte manto indicate grades of between 0.02 to 4.91% Cu and 1 to
51 g/t Ag. Localized sample intervals show enrichment in Cu and Ag: a 0.48 m
zone of 4.26% Cu, a 0.75 m zone of 5.77% Cu, a 0.70 m zone of 14.9% Cu and 91
g/t Ag, a 0.79 m zone of 5.87% Cu, and a 0.85 m zone of 159 g/t Ag. The down-dip
extent of this manto remains open for the San Antonio and Buena Suerte showings.
The Ojitos showing, discovered in 2011, has a mineralized thickness of 0.5 to
5.69 m, with calculated weighted trench-sample averages ranging from 0.03 to
3.66% Cu and 1 to 583 g/t Ag. Locally, mineralized zones show enrichment in Cu
and Ag: a 0.80 m zone of 18.05% Cu, a 1.30 m zone of 9.79% Cu, a 2.49 m zone of
6.93% Cu, a 0.64 m zone of 16.75% Cu and 592 g/t Ag, a 0.66 m zone of 5.81% Cu
and 197 g/t Ag, and a 0.70 m zone of 583 g/t Ag.
Some 1.5 km northwest of Ojitos is the Emes showing, also discovered in 2011. A
grab sample from this manto carried 2.65% Cu and 48 g/t Ag.
The northernmost showing on the Mexican Copper Mines' Property is Las Juanitas.
This showing is situated stratigraphically deeper than the above-mentioned
showings (within the L. Cretaceous San Marcos Formation). The manto has a
thickness of 0.4 to 2.0 m and grades 0.01 to 2.83 % Cu and 1 to 63 g/t Ag.
Locally, mineralized zones show enrichment in Cu and Ag, including a 0.5 m zone
of 2.83% Cu and 63 g/t Ag. The down-dip extension, as with the other showings,
is yet to be defined by drilling.
It is postulated that these Cu-Ag bearing mantos were generated when deep, hot,
oilfield basinal brines leached Cu and Ag (plus a spectrum of other elements
including Zn, Pb) from sedimentary and igneous rocks. During an orogenic phase,
these hot, metalliferous brines migrated towards the surface through the
Cretaceous strata. The fluids then encountered an oxidation/reduction boundary
in the Lower Cretaceous strata and thus Cu and Ag sulphides were precipitated.
Subsequent interaction with oxidizing ground waters partially broke down the
metal sulphides and deposited the secondary copper and silver minerals.
Sediment-hosted copper deposits are traditionally classified into two types: the
Kupferschiefer type and the redbed type. The Cu-Ag deposits of the Cuatro
Cienegas area belong to the latter redbed type. Elsewhere in North America
redbed copper deposits, similar to those around Cuatro Cienegas, occur at Las
Vigas (Chihuahua, Mexico), Spar Lake (Montana, USA), Rock Creek and Montanore
(Montana, USA), and Creta (Oklahoma, USA). Evidence from recent exploration
reveals characteristics of the Cu-Ag deposits on the Mexican Copper Mines'
Properties which bear many striking similarities to the deposits of the Copper
Belt of Zambia and the Democratic Republic of the Congo, which have to date
produced in excess of 1 billion tonnes of copper metal from ores with an average
grade of approximately 2.7% Cu, together with significant quantities of Ag.
These results were obtained by qualified personnel during the preparation of an
NI 43-101 report and can be considered accurate. This report on the Madero
property was written by Dahrouge Geological Consulting Ltd. and dated December
11, 2013. It is being filed on www.sedar.com, on Feb 19th, 2014, with this press
release. William R. Gilmour, BSc, PGeo, of Discovery Consultants of Vernon, BC,
and a qualified person as defined by NI 43-101, has supervised the preparation
of the scientific and technical information that forms the basis for this news
release.
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 news release.
FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking
statements." All statements, other than statements of historic fact, that
address activities, events or developments that Brigadier believes, expects or
anticipates will or may occur in the future are forward-looking statements.
Forward-looking statements are often, but not always, identified by the use of
words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", and
"intend" and statements that an event or result "may", "will", "can", "should",
"could", or "might" occur or be achieved and other similar expressions. These
forward-looking statements reflect the current expectations or beliefs of
Brigadier based on information currently available to Brigadier. Forward-looking
statements are subject to a number of risks and uncertainties that may cause the
actual results of Brigadier to differ materially from those discussed in the
forward-looking statements, and even if such actual results are realized or
substantially realized, there can be no assurance that they will have the
expected consequences to, or effects on Brigadier. Factors that could cause
actual results or events to differ materially from current expectations include,
among other things, failure to successfully complete financings, capital and
other costs varying significantly from estimates, production rates varying from
estimates, changes in world copper and/or gold or other mineral markets, changes
in equity markets, uncertainties relating to the availability and costs of
financing needed in the future, equipment failure, unexpected geological
conditions, imprecision in resource estimates, success of future development
initiatives, competition, operating performance of facilities, environmental and
safety risks, delays in obtaining or failure to obtain tenure to properties
and/or necessary permits and approvals, and other development and operating
risks. Any forward-looking statement speaks only as of the date on which it is
made and, except as may be required by applicable securities laws, Brigadier
disclaims any intent or obligation to update any forward-looking statement,
whether as a result of new information, future events or results or otherwise.
Although Brigadier believes that the assumptions inherent in the forward-looking
statements are reasonable, forward-looking statements are not guarantees of
future performance and accordingly undue reliance should not be put on such
statements due to the inherent uncertainty therein.
FOR FURTHER INFORMATION PLEASE CONTACT:
Brigadier Gold Limited
Mr. Grant Hall
President & CEO
+1 (520) 668-4101
ghall@brigadiergold.com
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