NZZ Nitinat Minerals Corporation

Nitinat Minerals Corporation (the "Corporation") (TSX VENTURE:NZZ) is pleased to
announce that it has entered into a letter of intent (the "LOI") dated June 18,
2012 with Taman Petroleum Corporation ("Taman"), an arm's length party to the
Corporation, to acquire all of the issued and outstanding securities in the
capital of Taman. Pursuant to the terms of the LOI, Nitinat will acquire all of
the issued and outstanding securities in the capital of Taman in exchange for
the issuance of 10,000,000 common shares in the capital of the Corporation at a
deemed price of $0.15 per share. The closing of the acquisition is subject to
the Corporation completing its due diligence, the execution of a share exchange
agreement and the receipt of all necessary approvals, including, but not limited
to, the approval of the TSX Venture Exchange.


FOR THE PURPOSE OF PROVIDING INFORMATION RELATING TO THE TEMRYUK OIL & GAS
EXPLORATION-EXPLOITATION LICENCE, THE CORPORATION IS RELYING ON HISTORICAL
INFORMATION. ALL INFORMATION PERTAINING TO THE TEMRYUK OIL & GAS
EXPLORATION-EXPLOITATION LICENCE WAS DERIVED FROM HISTORICAL GEOLOGICAL REPORTS
AND HAVE NOT BEEN VERIFIED.


About Taman

Taman, a private Alberta, Canada company, owns 8% of the South Temryuk Oil & Gas
Exploration-Exploitation Licence located in the mature Azov-Kuban petroleum
region of southwest Russia (the "Project"). Taman owns its interest in the
Project through its 8% interest in Technoton LLC, a Russian private company,
which owns 100% of the Project; covering an estimated 4,000 hectares. Taman, via
its interest in Technoton, has a formal participation, option and purchase
agreement to govern the option and rights to revenues from the production from
the Project. Taman has a right to earn an additional 20% of the Project by
purchasing an additional 20% equity interest in Technoton for an aggregate
purchase price of $2 million or $1 million for each 10% allotment. To date,
Taman has paid an aggregate of $250,000 to Technoton for the purchase of the
first additional 10% equity interest in Technoton.


The Project is situated four kilometres south of the community of Temryuk
(Krasnodar Krai Russia), located between the Black Sea and the Sea of Azov. The
Azov-Kuban petroleum basin region is a mature oil and gas producing region with
ready access to both pipelines and ocean tankers. The South Temryuk license is
sandwiched between two mature producing oilfields, the Kurchanskoye and the
Strelchanskoye; controlled by the major petroleum company Rosneft. Reports
indicate that estimated historical production from Kurchanskoye is 80 million
barrels (mmb) of oil and 170 billion cubic feet (bcf) of natural gas, while
Strelchanskoye production estimates are 30 mmb oil and 30 bcf natural gas.


In March 2008, well 'ST-1' was drilled on the Project to a depth of 3,840
metres, targeting priority geophysical anomalies which are the projected
equivalents to regional production horizons. The well confirmed the presence of
the main Sarmat oil horizon and also discovered the deeper Chokrak gas
condensate horizon. Both technical and financial difficulties were encountered
shortly after the completion of the well. Poor operating and testing practises
used on well ST-1 at the time resulted in an inconclusive production assessment.
Therefore, proposed near term work would re-evaluate well ST-1 using modern
equipment and methods to better assess the economic viability of the hole.
Additionally, the Project has a number of other untested geological-geophysical
targets which offer future exploration targets.


Azov-Kuban Petroleum Basin

The Azov-Kuban Petroleum Basin encompasses about 161,000 square kilometers
northeast of the Black Sea, in both southeast Ukraine and southwest Russia. In
June 2011, the U.S. Geological Survey, using a geology-based assessment
methodology, estimated mean volumes of technically recoverable, conventional,
undiscovered petroleum resources at 218 million barrels of crude oil, 4.1
trillion cubic feet of natural gas, and 94 million barrels of natural gas
liquids for the Azov-Kuban Basin (USGS Fact Sheet 2011-3052). Note that this
estimate is for the basin as a whole and does not address the economic
recoverability of these estimated resources.


Appointment of New Director

The Corporation announces that Messier Marc Branson has resigned as a director
of the Corporation and Mr. Vern Bock has been appointed to the board of
directors. The Corporation would like to thank Mr. Branson for his service and
wishes him success in his future endeavors. 


Mr. Bock began his career in the 1970s as an accountant for the State of
Nebraska Department of Revenue where he participated in implementing a new
income and sales tax system for the State of Nebraska. During the next eight
years he rose to head comptroller, managing the activities of over 300
professional and support staff in processing that state's tax revenues. He left
that position to enter private business, opening a photo-film development
business which in seven years he built into the largest independent Kodak
dealership in the state. In the mid-1980s, he moved to California where, for the
past 30 years, he has been successfully engaged in the real estate mortgage
banking and finance. Currently, Mr. Bock is a Senior Loan Agent for Wells Fargo
Private Mortgage Funding, which is now the largest real estate mortgage lending
institution in the U.S. As a private direct lender, Mr. Bock is able to exercise
wide personal discretion to fund real estate loans including, when deemed
appropriate, loans not otherwise conforming to the more restricted general
requirements of the lending industry.


This update contains "forward looking statements" within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and applicable
Canadian securities legislation. Generally, these forward looking statements can
be identified by the use of forward looking terminology such as "plans",
"anticipated", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases or state
that certain actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved". Nitinat is subject to significant
risks and uncertainties which may cause the actual results, performance or
achievements to be materially different from any future results, performance, or
achievements expressed or implied by the forward looking statements contained in
this release. Nitinat cannot assure investors that actual results will be
consistent with these forward looking statements and Nitinat assumes no
obligation to update or revise the forward looking statements contained in this
release to reflect actual events or new circumstances.

Nitinat Minerals (TSXV:NZZ)
Historical Stock Chart
Von Mai 2024 bis Jun 2024

Nitinat Minerals (TSXV:NZZ)
Historical Stock Chart
Von Jun 2023 bis Jun 2024