OTTAWA, ONTARIO--(Marketwired - June 13, 2013) - Mazorro Resources Inc. (TSX VENTURE:MZO)(FRANKFURT:JAM) ("Mazorro" or the "Company") announces that it has adopted a new stock option plan (the "Plan"). Under the Plan, the maximum number of common shares reserved for issuance will be 5,250,000, being approximately 10% of the Corporation's currently issued and outstanding common shares. The Plan is subject to TSX Venture Exchange acceptance.
The Company also announces that it has terminated the acquisition agreement (the "Agreement") relating to claims located along the Detour gold trend, Abitibi area, Quebec which comprised three claim blocks known as: Brouillan, Carheil and Jeremie East (for more details on the acquisition, see news release dated October 25, 2012). The parties have agreed on a lump sum payment of $25,000 to terminate the Agreement in exchange for which Mazorro will be released of all obligations under the Agreement. The only cash payments and shares issued under the Agreement were those owed upon signing of the Agreement. The claims forming part of the property will be returned to the vendors. Persisting challenges in the junior resource financial markets led to the Company's determination that it was not appropriate to incur additional costs for the Detour gold trend property acquisition or exploration in the current market environment.
About Mazorro
Mazorro Resources Inc. is a TSX Venture Exchange listed, Canadian based, precious metals exploration company that is active in creating value through exploration and development of bulk tonnage and high-grade gold deposits within Canada's Abitibi Gold district. Mazorro has 52,514,773 common shares outstanding.
Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential mineralization) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, changes in world gold markets or markets for other commodities, and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. 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, the Company disclaims any intent or obligation to update any forward-looking statement.
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:
Andre Audet
Interim President & CEO
(613) 241-2332