AZL

Azul Ventures Inc. ("Azul", or the "Company") (TSX VENTURE:AZL) is pleased to
announce that it has signed amendments with three more mineral rights owners on
the La Higuera project, in addition to the acquisition announced on November 9,
2012.


David O'Connor, President and CEO, said, "Given the difficult financing
environment currently being faced by the sector, the Company is pleased to have
been able to amend these three agreements which reduces the December 2012
payments significantly and both reduces and delays the overall remaining option
payments. These mineral rights blocks cover the core of the most prospective
zone at La Higuera, on which two open pit mines are currently exploiting copper
oxide ore and beneath which the Company believes there is substantial high grade
copper sulphide mineralization."


These newly amended agreements are with the holders of the Gonzalez optioned
property (Mina Sol mineral rights), the Molina optioned property (San Antonio
mineral rights) and the Canas optioned property (Benja mineral rights).


Mina Sol Mineral Right Agreement

Under the previous Mina Sol option agreement, the Company was required to make
three remaining payments totaling US$842,000, with the next payment of
US$132,000 due on December 15, 2012. The amended agreement has delayed the
remaining payment requirements as outlined below (US$):




          Date                           Revised         Previous
          December 15, 2012           $   40,000       $  132,000
          June 15, 2013                        -          325,000
          December 15, 2013               46,000                -
          June 15, 2014                        -          385,000
          December 15, 2014               46,000                -
          June 15, 2015                  325,000                -
          June 15, 2016                  385,000                -
                                   -------------    -------------
          Total                       $  842,000       $  842,000



In addition, the agreement was amended to allow the owner of the Mina Sol
property the right to mine, during the option period, a maximum of 20,000
tonnes/month of iron ore and 2,500 tonnes/month of copper ore (up from 1,000
tonnes/month copper ore) down to a maximum depth of 730 metres above mean sea
level. This restricts the possible mining operations during this period to the
copper oxide zone, being of no interest to the Company, which plans to develop
the underlying copper sulphide resources.


The amended agreement relates to the exploitation concessions referred to as
Mina Sol 1-9 and are highlighted below in Figure 1.


San Antonio Mineral Rights Agreement

Under the previous San Antonio option agreement, the Company was required to
make three remaining payments totaling US$480,000, with the next payment of
US$55,000 due on December 15, 2012. The amended agreement has delayed the
remaining payment requirements as outlined below (US$):




          Date                           Revised         Previous
          December 15, 2012           $   30,000       $   55,000
          June 15, 2013                        -          125,000
          December 15, 2013               25,000                -
          June 15, 2014                  125,000          300,000
          June 15, 2015                  300,000                -
                                   -------------    -------------
          Total                       $  480,000       $  480,000



The amended agreement relates to the exploitation concessions referred to as San
Antonio 1 -3 and are highlighted below in Figure 1.


Benja Mineral Rights Agreement

Under the previous option agreement on the Benja properties, the Company was
required to make four remaining payments totaling US$460,000, with the next
payment of US$110,000 due on December 15, 2012. The amended agreement eliminates
all of the remaining cash payments in exchange for the immediate issuance of
250,000 Azul common shares. Upon the issuance of the 250,000 common shares, all
conditions for Azul to have earned a 100% interest in the mining concessions
that are subject to the Benja option agreement shall have been fulfilled. The
Benja option agreement concessions cover approximately 80 of the 1,230 hectare
La Higuera property.


The amended agreement relates to the exploitation concessions referred to as
Benja I (1-14) and Benja II (1-14) and are highlighted below in Figure 1.


All of the amended agreements remain subject to the receipt of regulatory
approval, including the approval of the TSX Venture Exchange.


Amended and Restated Loan Agreement with Director and Officer 

The Company has also entered into amended and restated loan agreements with Tony
Wonnacott, a director of the Company and Brad Boland, the Company's Chief
Financial Officer and Corporate Secretary. A total of $850,000 has now been made
available and advanced to the Company. The loan accrues interest at a rate of
10% per annum and is payable at the end of the term of the loan on December 15,
2012. The loan is unsecured and there are no conversion provisions.


About Azul Ventures Inc.

Azul Ventures Inc. is a mineral exploration company with the rights, through its
wholly owned subsidiary Minera Azul Ventures Limitada, to acquire a 100%
interest in two prospective copper-iron properties in La Higuera, Chile: the La
Higuera Property and the Caballo Blanco Property. The properties are located
approximately 600 km north of Santiago in a prolific I.O.C.G. belt surrounded by
excellent infrastructure in a mining friendly jurisdiction.


The La Higuera Property was assembled as a result of the first-time
consolidation of mining rights and covers a historic copper mining district with
mining activity dating back to at least the late 18th century; however, there
had been no known modern exploration conducted on the property. Since the
consolidation of the mining rights in June 2011, Azul completed a rock sampling
program, completed geophysical work which generated intense magnetic and
chargeability anomalies coincident with existing copper workings, finalized a
4,088 m drill program and an underground mapping and sampling program.


The Caballo Blanco Property, which begins approximately 1 km southwest of the La
Higuera Property, has historical copper workings and a total of 15 broad spaced
reconnaissance holes were completed at Caballo Blanco by previous option
holders. The Company has received and logged the core from these historical
drill holes.


Cautionary Statements

Information set forth in this news release may involve forward-looking
statements under applicable securities laws. Forward-looking statements are
statements that relate to future, not past, events. In this context,
forward-looking statements often address expected future business and financial
performance, and often contain words such as "anticipate", "believe", "plan",
"estimate", "expect", and "intend", statements that an action or event "may",
"might", "could", "should", or "will" be taken or occur, or other similar
expressions. All statements, other than statements of historical fact, are
forward-looking statements. By their nature, forward-looking statements involve
known and unknown risks, uncertainties and other factors which may cause the
Company's actual results, performance or achievements, or other future events,
to be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such factors include,
among others, the following risks: the need for additional financing;
operational risks associated with mineral exploration; market conditions;
fluctuations in commodity prices; title matters; environmental liability claims
and insurance; reliance on key personnel; the potential for conflicts of
interest among certain officers, directors or promoters with certain other
projects; the absence of dividends; competition; dilution; the volatility of our
common share price and volume and the additional risks identified in the "Risk
Factors" section of the Company's Filing Statement or other reports and filings
with the TSX Venture Exchange and applicable Canadian securities regulations.
Forward-looking statements are made based on management's beliefs, estimates and
opinions on the date that statements are made and Azul undertakes no obligation
to update forward-looking statements if these beliefs, estimates and opinions or
other circumstances should change, except as required by applicable securities
laws. Investors are cautioned against attributing undue certainty to
forward-looking statements.


To view the map associated with this press release, "Figure 1: Map of
Concessions at La Higuera," please visit the following link:
http://media3.marketwire.com/docs/AZL1012_Figure1.pdf.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Azul Ventures Inc.
David O'Connor
President and Chief Executive Officer
(416) 907-7363
info@azul-ventures.com
www.azul-ventures.com

(TSXV:AZL)
Historical Stock Chart
Von Mai 2024 bis Jun 2024

(TSXV:AZL)
Historical Stock Chart
Von Jun 2023 bis Jun 2024