AURA ANNOUNCES AGREEMENT ON ITS EAST TAVICHE PROJECT
29 Januar 2019 - 4:21PM
InvestorsHub NewsWire
Manotick,
Ontario -- January 29, 2019 -- InvestorsHub NewsWire -- Aura
Resources Inc. (TSX-V:AUU) (“Aura” or the “Company”)
announces that it has entered into
a definitive agreement with Minaurum Gold Inc. (TSX-V:MGG) (“Minaurum”) and its
Mexican subsidiary whereby Minaurum will acquire an interest in the
Company’s East Taviche property located in Oaxaca, Mexico. In
accordance with the terms of the agreement, Minaurum will acquire
an initial 80% interest in the East Taviche project for the
following consideration:
-
the issuance of 100,000 common shares in the
capital of Minaurum;
-
re-imbursement of all 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, to a maximum of US$80,000;
and
-
the issuance of an additional 100,000 common
shares in the capital of Minaurum upon receiving all relevant
approvals and consents required to be obtained for the commencement
of exploration and drilling activities at the East Taviche
project.
Additionally, Aura will grant 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 shall be free-carried with no
obligation to co-fund project costs and will not be subject to
dilution (together, with the sale of an 80% interest in the East
Taviche Property described above, the
“Transaction”).
Upon
acquiring the initial 80% interest, 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.
The
Transaction is subject to the approval of the TSX Venture
Exchange.
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 (45.17% 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 including the uncertainty as to whether the
Transaction is completed on a timely basis or at all, 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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