AURA ANNOUNCES CLOSING OF SALE OF 80% INTEREST IN ITS EAST TAVICHE PROJECT
17 April 2019 - 4:29PM
InvestorsHub NewsWire
Aura announces CLOSING OF
SALE OF
80% INTEREST IN
its EAST taviche project
April
17, 2019 -- InvestorsHub NewsWire -- Aura Resources Inc. (TSX-V:AUU) ("Aura" or the "Company")
announces that,
it
has
completed
the sale of an 80% interest in its East Taviche
project,
located in Oaxaca Mexico, to Minaurum
Gold
Inc. (TSX-V:MGG) ("Minaurum")
and its Mexican subsidiary for the following
consideration:
-
the issuance of
100,000 common shares in the capital of Minaurum;
-
re-imbursement of
all East
Taviche
project
concession fees paid by Aura during 2018 and payment of the
remaining concession fees to bring the property into good standing
until January 31, 2019, resulting in the
Company receiving US$39,452 on closing; and
-
the
issuance of an additional 100,000 common shares in the capital
of Minaurum
upon
receipt
of all relevant
approvals and consents required to be obtained for the commencement
of exploration and drilling activities at the East
Taviche
project.
Additionally, Aura
has granted to Minaurum
an
exclusive option to acquire the remaining 20% of the project for a
total purchase price of CDN$1,000,000. Until exercise of that
option, Aura's 20% interest is free-carried with no obligation to
co-fund project costs and will not be subject to dilution
(together, with the sale of the
80%
interest in the East
Taviche
project
described
above, the "Transaction").
As
announced on January 29, 2019, the
Transaction was completed pursuant to the terms of a definitive
agreement made as of January 25, 2019 among the Company, its
Mexican subsidiary and Minaurum
and its
Mexican subsidiary.
Minaurum
will act
as operator of the project having exclusive authority and control
over the direction and management of the business and operations of
the East Taviche
project.
Minaurum
received
TSX Venture Exchange approval of this transaction on February 12,
2019.
Aura
initiated involvement with the Taviche
project
during 2006 and has operated the project since 2010. Both Aura
and Minaurum
recognize
that the property holds good potential for the further discovery of
silver and gold along the prospective Mezcal structure.
Robert Johansing,
CEO of Aura stated, "We
are very pleased to have Minaurum
advance
the Taviche
project.
Minaurum
is
a regional explorer focused on the exploration and development of
high-grade gold and silver projects in Mexico and is led by
experienced exploration and management teams. This
transaction assures that exploration will continue at the
Taviche
project
allowing Aura to realize value for its investment in the project
and to focus on new opportunities."
Robert
Johansing,
M.Sc.
Econ. Geol., P. Geo.
is a
qualified person as defined by NI 43-101 and has reviewed and
approved the technical content of this press release.
About
Aura
Aura is a
TSX Venture Exchange listed company engaged in the acquisition,
exploration and development of precious metal prospects in North
America including: in Nunavut, Canada (43.54% interest in the
Greyhound project operated by our partner, Agnico Eagle); in
Oaxaca, Mexico (20% owned Taviche
project
operated by Minaurum
Gold);
and, in Arizona, USA (the Gold Chain project subject to option to
earn a 100% interest). Aura has 27,490,128 common shares
outstanding.
For
further information regarding this press release contact:
Robert
Johansing,
President and CEO at (805) 455-4775 or by e-mail at rjohansing@gmail.com. Aura's web site is located
at www.aurasilver.com.
FORWARD-LOOKING
STATEMENTS:
This
press release may contain forward looking statements that are made
as of the date hereof and are based on current expectations,
forecasts and assumptions which involve risks and uncertainties
associated with our business whether further exploration will
result in the target(s) being delineated as a mineral resource,
capital expenditures, operating costs, mineral resources, recovery
rates, grades and prices, estimated goals, expansion and growth of
the business and operations, share consolidation, the private
placement financing activities of the Company, plans and references
to the Company's future successes with its business and the
economic environment in which the business operates. All such
statements are made pursuant to the 'safe harbour'
provisions of, and are intended to be forward-looking statements
under, applicable Canadian securities legislation. Any statements
contained herein that are statements of historical facts may be
deemed to be forward-looking statements. By their nature,
forward-looking statements require us to make assumptions and are
subject to inherent risks and uncertainties. We caution readers of
this news release not to place undue reliance on our
forward-looking statements as a number of factors could cause
actual results or conditions to
differ materially from current expectations. Please refer to the
risks set forth in the Company's most recent annual
MD&A and
the Company's continuous disclosure documents that can be found on
SEDAR at www.sedar.com. Aura does not intend, and disclaims any
obligation, except as required by law, to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise.
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.
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