LONDON, ENGLAND--(Marketwired - Oct. 2, 2013) - Mark Gibson, Chief Executive Officer of High Power Exploration Inc. (HPX), announced today that the company is combining several assets with those of Concordia Resource Corp. (TSX VENTURE:CCN), a publicly-listed, Canada-based, mineral exploration company, through a reverse takeover.
The new, combined company will be named Kaizen Discovery Inc. and will focus on the application of HPX's state-of-the-art, proprietary, geophysical technologies to explore prospective underground targets in some of the world's most prolific mineral-producing regions.
Upon completion of the transaction, HPX's shareholders will hold 85% of Kaizen through 100%-owned subsidiary HPX TechCo Inc. and current Concordia shareholders will hold the balance of 15% of Kaizen. Kaizen, which is Japanese for "continuous improvement", plans to maintain the public listing on the TSX Venture Exchange and expects to be in a position to begin trading under a new symbol before the end of the year.
Mr. Gibson said that Kaizen will be a productive opportunity for shareholders of HPX and Concordia to benefit from the application of HPX's established geological and technical expertise and its innovative technological solutions on Concordia's diverse portfolio of mineral prospects.
"Kaizen will bring a new, technology-focused exploration approach to several of the world's most prospective mineral regions," Mr. Gibson added.
"The specialized HPX technology is capable of high survey productivity and accuracy at great depths. It has been successfully deployed in challenging field exploration environments, including Namibia, Chile and Australia, and now we are looking forward to applying our technology to high-priority, buried targets on Concordia's licences in Africa.
"Future discoveries increasingly will be made in geologically challenging areas, at greater depths, conferring a strong advantage on Kaizen because of its leading-edge HPX geophysical technology."
The proposed transaction will see HPX contribute C$5 million cash, a C$5 million line of credit, its 80% interest in the Ebende Project in the Democratic Republic of Congo, and its joint venture interest in Clancy Exploration's Fairholme Project in Australia to the Kaizen portfolio of assets. Concordia presently owns the balance of 20% of the Ebende Project.
Additional details of the reverse-takeover transaction, including the composition of Kaizen's new management team, are contained in the comprehensive news release issued yesterday by Concordia Resource and available at www.sedar.com and www.concordiaresourcecorp.com.
About High Power Exploration Inc.
HPX is a private, metals-focused exploration company deploying proprietary geophysical technologies to rapidly evaluate buried geological targets. The company combines world-class geological and geophysicist expertise, with innovative, ground-breaking technological hardware and software solutions to address the limitations of existing exploration technology. HPX indirectly is controlled by international financier and mining entrepreneur Robert Friedland.
HPX's technologies have been developed to facilitate rapid and deep electrical geophysical exploration in areas that have proved extremely difficult using historical technologies. These include high power and high signal specifications, facilitating high signal to noise ratios. This in turn enables accurate inversions to identify prospective targets. Both induced polarization and electromagnetic modes are available, enabling exploration for disseminated and massive sulphides, which would usually require separate transmitters.
HPX has been exploring for buried mineral discoveries since 2011, working in Namibia, Chile and Australia. In Chile, a recently completed survey demonstrated that HPX's technology can work in areas with Caliche soils, a sedimentary layer of cemented calcium carbonate, generally found in arid or semiarid regions, which renders conventional geophysical exploration ineffective.
More information on HPX is available at www.hpxploration.com.
About Concordia Resource Corp.
Concordia Resource Corp. is a public mineral exploration company based in Vancouver, Canada. The company shares are listed on the TSX Venture Exchange under the trading symbol CCN. Concordia's current exploration focus is the search for large-scale mineral discoveries in Africa and South America. The company has a portfolio of early-stage exploration prospects in some of the world's most prospective mineral regions, including Burkina Faso, the Democratic Republic of Congo, Mozambique and Argentina.
More information on Concordia is available at www.concordiaresources.com.
Completion of the transaction is subject to a number of conditions, including TSX Venture Exchange acceptance and shareholder approval. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the Concordia Resource Corp. Management Information Circular to be prepared in connection with the transaction, any information released or received with respect to the reverse takeover may not be accurate or complete and should not be relied upon. Trading in the securities of Concordia Resources Corp. should be considered highly speculative.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.
Contact Information:
Mark Gibson
Chief Executive Officer
Mark.G@hpxploration.com
www.hpxploration.com