RIMOUSKI, Quebec, June 13, 2018 (GLOBE NEWSWIRE) -- Puma Exploration Inc. (the “Company” or “Puma”) announces an update on various corporate matters. Over the past two years, the Company has focused its efforts on the acquisition, the development and the exploration of the Murray Brook project in New Brunswick, with the goal of seeing the Murray Brook Deposit go into production. On April 27th, 2018, the Company signed an option agreement and a strategic alliance with Trevali Mining Corporation, the only base metals producer in New Brunswick. Therefore, for the current year, the Murray Brook project will remain the focus of Puma’s activities. The partners are currently defining the development and exploration program which will be released once available.
Board Member Resignation
The Company would also like to announce the resignation, effective on June 12th, 2018, of Isabelle Valiquette from the Board of directors of Puma Exploration and welcomes Mrs. Valiquette as special advisory to the Board. “Following the sale of Murray Brook Minerals to Puma Exploration in February 2017, I felt an obligation to follow the evolution of the Company in order to better protect the interests of the Murray Brook Minerals shareholders. Since then, in the best interest of all its shareholders, Puma Exploration further decided to enter into a partnership with Trevali Mining Corp., the owner of the producing Caribou Mine, the adjoining property to the Murray Brook Deposit. Hence, considering the nature of the upcoming requirements, I feel it appropriate for me to let a more qualified person in regards to mining technical matters, occupy my seat on the Board of Puma. My interest in the progress of Puma remains intact and I will be delighted to bring assistance to the Company whenever required to do so”, notes Isabelle Valiquette.
The company sincerely thanks Mrs. Valiquette for her services and support to Puma as she was instrumental to achieve the assets purchase of the Murray Brook Project.
In accordance with its compensation policy and stock option plan, on June 12th, 2018, the Board of directors of Puma Exploration (TSX-V:PUMA) granted 5,400,000 stock options with an exercise price of $0.10, expiring on June 12th, 2023, distributed as follows:
|Employees and service providers||2,750,000 options|
Puma proposes to extend the expiry dates of 9,099,665 outstanding share purchase warrants (the "warrants") that were issued pursuant to a private placement completed July 19th, 2016. Each warrant entitles the holder to purchase one common share in the capital of the Company at a price of $0.10 per share for a period of 24 months from the date of issuance which expires on July 19th, 2018. Subject to TSX Venture Exchange approval, the expiration of these warrants will be extended to December 31st, 2018. All other terms of the warrants will remain the same.
The Murray Brook Deposit
The Murray Brook Deposit, has a currently defined measured and indicated mineral resource of 5.28 million tons averaging 5.24% zinc, 1.80% lead, 0.46% copper, 68.9 g/t silver and 0.65 g/t gold containing 610 M lbs of zinc, 209 M lbs of lead and 11.7 M ounces of silver. The core of the mineral resource occurs in the West Zone (Zinc-Lead) which is 200 meters wide, extending from surface to 300 meters vertical and the true thickness of the massive sulphide body varies from 75 meters to 100 meters. The East Zone (Copper-Gold) is 100 meters wide, also extending from surface to 300 vertical meters and is mainly mineralized with gold and copper. On February 20th 2017, a NI 43-101 report was filed on SEDAR.
About Puma Exploration Inc.
Puma Exploration is a Canadian mineral exploration company with advanced precious and base metals projects in Canada. The Company's major assets consist of an option to acquire 100% beneficial interest in the Murray Brook Property, the Turgeon Zinc-Copper Project and the Nicholas-Denys Project all located in New Brunswick as well as an equity interest in BWR Resources, Manitoba. Puma’s objective is to focus its exploration efforts in New Brunswick.
Qualified Persons and QC/AC
Technical information provided in this news release was prepared and reviewed by Marcel Robillard, P.Geo., President and Dominique Gagné, P.Geo., Vice President Exploration of Puma Exploration, qualified persons as defined by NI 43-101 standards. 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. Mr. Robillard and Mr. Gagné are not independent of the Company, as both are officers and shareholders thereof.
Forward-Looking Statements: This press release may contain forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Puma Exploration Inc. to be materially different from actual future results and achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date the statements were made, except as required by law. Puma Exploration undertakes no obligation to publicly update or revise any forward-looking statements. These risks and uncertainties are described in the quarterly and annual reports and in the documents submitted to the securities administration.