Reservoir Minerals Executes Definitive Agreement to Option the Parlozi Lead-Zinc-Silver Project to Midlands Minerals
07 April 2014 - 10:58PM
Marketwired Canada
Reservoir Minerals Inc. (TSX VENTURE:RMC)(PINKSHEETS:RVRLF)(BERLIN:9RE)
("Reservoir" or the "Company"), is pleased to announce that, further to its
January 10, 2014 press release, the Company has entered into a definitive
agreement (the "Option Agreement") with Midlands Minerals. ("Midlands")
(TSX:MEX) for an option to earn up to a 75% interest in Reservoir's Parlozi
Lead-Zinc-Silver Project (the "Project") in Serbia (the "Transaction").
The Option Agreement provides that Midlands can earn an initial 51% interest in
the Project by spending CDN$4.5 million on exploration over four years. A
minimum spend of CDN$500,000 before September 30, 2014, including reimbursement
of exploration expenditures on the project by Reservoir since June 6th, 2013 and
1,500 meters of drilling, are firm commitments. Thereafter, Midlands can earn an
additional 14% interest over two years by obtaining a mining exploitation permit
from the Serbian Government and a further 10% (for a total of 75%) by completing
a bankable feasibility study within two years of obtaining a mining exploitation
permit.
Completion of the Transaction is subject to customary closing conditions,
including receipt of all regulatory approvals, including the consent of the TSX
Venture Exchange.
The Project is a 91 square kilometre exploration permit and is conveniently
located 35 kilometres south of Belgrade, the capital of Serbia. The Parlozi
permit covers occurrences of historical lead-zinc-silver mining in the
Kosmaj-Babe area of the Sumadija mining district in central Serbia. The
mineralization in the permit area comprises silver-bearing vein and
replacement-type lead-zinc sulphides hosted by carbonate sedimentary rocks
associated with intrusive Neogene quartz latite dykes and volcanic breccias.
This type of mineralization has long supported lead-zinc-silver mining
operations in the region.
Qualified Person:
Dr. Duncan Large, Chartered Engineer (UK) and Eur. Geol., a Qualified Person
under National Instrument 43-101 Standards of Disclosure for Mineral Projects of
the Canadian Securities Administrators and a consultant to the Company, has
approved the technical disclosure in this release and verified the data
disclosed.
About the Company:
Reservoir Minerals Inc. is an international mineral exploration and development
company run by a experienced technical and management team, with a portfolio of
precious and base metal exploration properties in Europe and Africa. The Company
operates an exploration partnership business model to leverage its expertise
through to discovery.
This news release includes certain "forward-looking statements" under applicable
Canadian securities legislation. Such forward-looking statements or information,
including but not limited to those with respect to exploration results, involve
known and unknown risks, uncertainties, and other factors which may cause the
actual results, performance or achievements of Reservoir Minerals Inc. to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements or information. Such
factors include, among others, the actual prices of commodities, the factual
results of current exploration, development and mining activities, changes in
project parameters as plans continue to be evaluated, as well as those factors
disclosed in documents filed from time to time with the securities regulators in
the applicable Provinces of British Columbia and Alberta.
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization
of Canada accepts responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Reservoir Minerals Inc.
Chris MacIntyre
VP Corporate Development
+1.416.703.0010
chris@reservoirminerals.com
www.reservoirminerals.com
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