VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 12, 2014) - Cassius Ventures Ltd. (the "Company") (TSX VENTURE:CZ) announces that the Company's wholly owned subsidiary, Fortress de Nicaragua S.A. ("Fortress") has sold the issued and outstanding shares of Nueva Segovia Mining S.A. ("Nueva Segovia"), a subsidiary of Fortress, to Avaluce S.A. ("Avaluce"), a private Nicaraguan company.
Nueva Segovia owns the El Zúngano Concession in northern Nicaragua, which covers approximately 23,814 hectares adjacent to the Company's existing Nueva Segovia Concession area.
A nominal amount of consideration is being paid to Fortress for the sale of Nueva Segovia to Avaluce. However, in acquiring Nueva Segovia, Avaluce will be assuming the liabilities of Nueva Segovia, which will result in a reduction of the Company's outstanding concession rent liabilities by approximately $70,000 to $80,000.
The Company continues to engage in discussions with the Nicaraguan Ministry of Mines in order to restructure its key remaining landholdings. Further updates will be provided in due course.
John A. Thomas P.Eng
CEO and President
Eddy Canova, P.Geo., consultant to the Company and a Qualified Person as defined by NI 43-101, has reviewed and is responsible for the technical information contained in 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 release.
Contact Information:
604 558 1107
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