Winnipeg, MB / Accesswire /
March 13, 2014
- Cougar Minerals Corp. - TSX-V: COU
("Cougar"
or "the "Company") is pleased to
announce that it has entered into two separate assignment and
novation agreements with the Sociedad De Asesoria Jurdica y
Economica Minem S.A. ("Minem") for the acquisition of 100%
interest (directly and indirectly) in two (2) properties, Tres
Amantes and San Antonio, both of which are located in the Atacama
Region of Chile. Both property transactions are entirely arm's
length to the Company.
The Tres Amantes and San Antonio concessions are located in Chile's Atacama Region which is
approximately 38 kilometers south of Copiapo, and are accessible by
paved road. The properties lie in northern Chile's Cretaceous
Metallogenic belt, 23 km south-southwest of the Candelaria
copper-gold mine (Freeport McMoRan, 2012 reserves of 4.2 billion
pounds of copper and 1.2 million ounces of gold - footnote 1), and
12 km north-northeast of the historic Chanarcillo Mine which
historically produced more than 100 million ounces of high-grade
silver in the mid-1800s (footnote 2) (Figure 1). These figures are
historical and are provided for context only. There is no guarantee
that either the Tres Amantes or San Antonio properties will ever
produce and investors are cautioned that trading in the shares of
the Company is highly speculative.
Figure 1. Location
Map:
Click Image To View Full Size
Note that the information about the
Candelaria and Chanarcillo Mines has not been verified by the
Company's Qualified Person, and the information about these two
properties is not necessarily indicative of the mineralization on
the Tres Amantes or San Antonio properties.
The Tres Amantes and San Antonio mines were both mined for gold
from the early 1900s until 1940. After 1940 there has been only
small-scale, intermittent artisanal production. Gold mineralization
in the concessions is found within a near-surface blanket or
"manto" along the contact between limestone and a porphyritic
intrusion of dacitic composition, especially where this contact is
intersected by northwest and northeast-trending structures, which
are also mineralized locally. The mineralization occurs as
replacements in both the limestone and the dacitic intrusive, as
well as disseminations, especially in the intrusive rock (footnote
3).
Cougar entered into an assignment and novation agreement dated
March 12th , 2014 with Minem to acquire all rights under a
memorandum of understanding with the Sociedad De Inversiones
Puelche Limitada (the "Tres
Amantes MOU") for the option to
acquire the Tres Amantes property (the "Tres Amantes Agreement"). Cougar also
entered into an assignment and novation agreement dated March 12,
2014 with Minem to acquire all rights under a memorandum of
understanding with the Sociedad Contractual Minera San
Antonio (the "San
Antonio MOU") for the option to
acquire the San Antonio property (the "San Antonio Agreement").
The "Tres Amantes and San Antonio" Project
includes the following mining concessions: Tres Amantes 1-6 with an
area of 30 hectares; Tres Amantes 7-20 with an area of 70 hectares;
San Antonio 1-10 with an area of 50 hectares and Susy Uno 1-37 with
an area of 37 hectares.
Under the terms of the Tres Amantes Agreement and the San
Antonio Agreement (collectively, the "Assignment Agreements"), Cougar has the
option to acquire a 100% interest in gold properties located in
Tres Amantes and adjacent San Antonio by paying $45,000 USD in cash
and issuing 500,000 common shares of Cougar, subject to TSX Venture
Exchange approval, for each of the properties for a total of
1,000,000 shares and $90,000 USD. The agreements are independent of
one another and the Company may exercise the option on either
property to the exclusion of the other. In addition Cougar will
assume all underlying payment obligations under each of the Tres
Amantes MOU and the San Antonio MOU. This includes $600,000 USD in
cash to exercise the option for each property and minimum royalty
payments required pursuant to underlying agreements with respect to
the Tres Amantes 1-6 and Tres Amantes 7-20 concessions. Each of the
$600,000 USD payments are due July 25th, 2015. The
royalty payment with respect to the Tres Amantes concessions
corresponds to 7% of the net sales of minerals deriving from these
concessions. In addition, Inversiones Puelche is obligated to make
advance royalty payments of US$5,000 per month, regardless of the
previous month's sales being lower or nil. Inversiones Puelche
started making these advance royalty payments in December 2013, and
Cougar will assume the payments starting March 2014.
President Murray Nye stated, "These new acquisitions should
allow Cougar Minerals to advance significantly in building an
exploration portfolio and generating shareholder value through
future exploration and development."
Director Larry Segerstrom commented, "This is an amazing
opportunity and I am thrilled to be stepping back to my roots in
Chile. Cougar is excited to acquire a gold deposit with a historic
resource. Our immediate goal is to produce a National Instrument
43-101 compliant report. In addition, we will apply for a permit to
drill between the two historical mines in order to verify, expand
and connect the deposits, as there may be potential for additional
mineralization. We have received excellent support from our team in
Chile in expediting skilled manpower and equipment, and we believe
that we can create shareholder value going forward."
Mr. Larry Segerstrom, P.Geo and a Director of the Company, is a
Qualified Person as defined by National Instrument 43-101 -
Standards of Disclosure for Mineral Projects, has reviewed and
approved the disclosure of technical information contained in this
news release.
-
1.Freeport-McMoRan Copper &
Gold, 2012 Annual Report, p. 109
-
2.Sillitoe, Richard H., 2007,
"Hypogene Reinterpretation of Supergene Silver Enrichment
at Chanarcillo, Northern Chile": Economic
Geology, Vol. 102, p. 777.
-
3.Minera Hochschild Chile, 2012, "Informe Final,
Proyecto San Antonio" (internal company report), p. 7-1 to 7-9.
The Company also wishes to announce that it will hold a
non-brokered private placement of up to 7,000,000 units (the
"Financing Units"),
consisting of one common share and one half of one whole common
share purchase warrant, at a price of $0.20 per Financing Unit to
raise gross proceeds of up to $1,400,000 (the "Financing"). Each whole warrant
will have a purchase price of $0.30 per common
share for a period
of eighteen months and will be subject to
forced conversion if the price exceeds $0.60 for any 10 consecutive
trading days subject to TSX Venture Exchange policies.
In connection with
the Financing, the Company will pay a 9% cash finder's fee and
issue 4.5% finder's warrants. Proceeds from the
Financing will be used for general working capital.
The Financing is subject
to Exchange approval and all securities issued will be subject to a
four month resale restriction.
About Cougar Minerals Corp.
Cougar is a junior exploration company focused on the discovery
and development of economic mineral deposits.
Additional information on Cougar Mineral can be found on
the Company's website at www.cougarminerals.com
and by reviewing the Company's page on SEDAR at
www.sedar.com.
On
behalf of the Board of Directors
COUGAR MINERALS CORP.
s/ "Murray
Nye"
Murray Nye
President
For more information, please
contact:
Cougar Minerals Corp.
Murray Nye, President/CEO
(204) 989-2434
info@cougarminerals.com
OR
Senergy Communications Inc.
Anthony Zelen, President
(778) 331-2028
Anthony@senergyir.com
Neither TSX Venture Exchange, nor its Regulation Services Providers
(as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release. The information in this release may contain
forward-looking information under applicable securities laws. This
forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause actual results to
differ materially from those implied in the forward-looking
information.
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