Azarga Metals Completes 100% Consolidation of Unkur Project
AZARGA METALS CORP. ("Azarga Metals" or the “Company”) (TSX-V:AZR) reports that it has now closed the acquisition of an additional 40% interest in the Unkur Copper-Silver Project, taking its ownership interest from 60% to 100% (the “Unkur Project Consolidation”).
On completion of the Unkur Project Consolidation, Azarga Metals will have issued 42,000,000 common shares at a deemed price of C$0.15 (“Consideration Shares”) to the vendors of the indirect 40% interest. On March 16, 2018, the Company issued 36,750,000 of the Consideration Shares and will issue the remaining 5,250,000 Consideration Shares upon the receipt of the TSX Venture Exchange’s clearance of a personal information form for one of the vendors who will become a greater than 10% shareholder upon issuance of the remaining shares.
Azarga Metals has engaged Tetra Tech Mining and Minerals (“Tetra Tech”) to complete a NI 43-101 compliant Preliminary Economic Assessment (“PEA”) for Unkur. A ‘kick-off’ meeting was held with Tetra Tech in Swindon, UK two weeks ago and Tetra Tech is commencing the process of familiarizing themselves with the Company’s relevant data. The PEA works remain on-track to be completed in mid-2018.
UPDATE ON ADDITIONAL COPPER-SILVER GROWTH OPPORTUNITIES IN CHARA-ALDAN AREA, RUSSIA
Since execution of the exclusive Memorandum of Understanding (“MOU”) for cooperation with certain parties with respect to additional growth opportunities pertaining to copper and silver rich sediment-hosted projects in the broader Chara-Aldan area of eastern Russia in January 2018, the Company has commenced review of a number of potential target acquisitions. The initial focus is for prospects that are complimentary to Azarga Metals’ Unkur Copper-Silver Project located in the same region. Data continues to be exchanged between the MOU parties and visits to certain prospective acquisitions sites are being planned.
About Azarga Metals Corp.
Azarga Metals is a mineral exploration and development company that owns 100% of the Unkur Copper-Silver Project in the Zabaikalsky administrative region of eastern Russia.
AZARGA METALS CORP.
Dorian L. (Dusty) Nicol, President and CEO
For further information please contact: Doris Meyer, at +1 604 536-2711 ext 6, or visit www.azargametals.com.
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.
This news release contains forward-looking statements that are based on the Company’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current planned exploration activities; conclusions of economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.