AuRo Resources Enters into LOI to Acquire La Argentina, La Alejandria and El Mulatos Mines
March 21 2011 - 10:38AM
Marketwired
AuRo Resources Corp. (TSX VENTURE: ARU) (the "Company") reports
that it has entered into a letter of intent (the "LOI") with
Minerales Del Puerto ("Minerales"), an arm's length party, to
acquire an 90% ownership interest in the Argentina mine and an 100%
ownership interest in the La Alejandria and El Mulatos mines. The
Argentina, La Alejandria and El Mulatos mines (collectively, the
"Mines") are all contiguous to the Company's flagship "El Tesoro"
Project and are within the Municipalities of Maceo and Puerto
Berrio, Colombia. All 3 of these properties reside within an
elevation of less than 1,000 meters, and are therefore unaffected
by Law 1382 of 2010, restricting mining above 3,200 meters. They
are also proximal to a major highway, the Autopista 62, and
necessary infrastructure.
Pursuant to the LOI, the Company has agreed to pay Minerales an
aggregate amount not to exceed $1.3 million over 2 years and issue
common shares in the capital of the Company, such shares not to
exceed 6.5 million common shares. The final terms of the
acquisition will be contained in the definitive agreement to be
entered into by the Company and Minerales, subject to final legal
technical due diligence.
Mark Lawson, President & CEO of the Company, stated, "These
3 projects are congruent with our strategy of amassing a sizeable,
contiguous land package with proven geology, proximal to B2
Gold/AngloGold's 2.5 Million OZ Au Gramalote Project."
FOR THE PURPOSE OF PROVIDING INFORMATION RELATING TO THE MINES,
THE COMPANY IS RELYING ON INFORMATION PROVIDED TO IT BY MINERALES.
SUCH INFORMATION WAS DERIVED FROM HISTORICAL GEOLOGICAL INFORMATION
AND DOES NOT PRESENTLY CONFORM TO THE STANDARDS AS OUTLINED IN
NATIONAL INSTRUMENT 43-101.
The Argentina Mine, which has historically produced small
quantities of gold, is contiguous to the southeast section of the
Company's flagship "El Tesoro" project, and proximal to the Nus
fault. Recent grab samples taken and analyzed by SGS Medellin S.A.
have returned results including 110.0 g/t Au and 240.0 g/t Au.
The El Mulatos Mine is comprised of approximately 378 hectares,
and is contiguous to El Tesoro to the north. This project is dually
intersected by the Palestina and Nus fault structures. Recent grab
samples taken and analyzed by SGS Medellin S.A. have returned
results including 6.0 g/t Au, 2.5 g/t Au and 46.5 g/t Ag and 35.0
g/t Ag respectively. Vertical quartz veins in altered diorite have
been observed at the El Mulatos Mine. The La Alejandria Mine is
comprised of approximately 384 hectares, and is contiguous to the
"El Mulatos" Mine to the north.
AuRo Resources is also pleased to announce that it has retained
Deutsche Investor-Relations GmbH ("DIRG") to provide the Company
with investor relations services in Europe. DIRG is a Berlin-based
investor relations firm that provides a multitude of investor
relations services to publically traded companies looking to
establish support in German-speaking Europe. DIRG will create an
online presence for XYZ through the creation of a corporate profile
on, with the intent of creating a multifaceted investor relations
program based on this profile.
Pursuant to an agreement between DIRG and the Company, DIRG will
be paid EUR2,500 per month to provide the said services for a
period of 6 months, subject to automatic 6 months renewals unless
cancelled in advance by either party. DIRG and the Company are at
arm's length.
The content of this news release has been reviewed by Mr. Ken
Thorsen, P. Eng., who serves as the Qualified Person in accordance
with National Instrument 43-101.
ON BEHALF OF THE BOARD
Mark Lawson, President & CEO
Cautionary Note Regarding Forward-looking Statements
Certain statements contained in this news release may constitute
forward-looking information, within the meaning of Canadian
securities laws. Forward-looking information may relate to this
news release and other matters identified in the Company's public
filings, Forward-looking information and anticipated events or
results and can be identified by terminology such as "may", "will",
"could", "should", "expect", "plan", "anticipate", "believe",
"intend", "estimate", "projects", "predict", "potential",
"continue" or other similar expressions concerning matters that are
not historical facts and include, but are not limited in any manner
to, those with respect to capital and operating expenditures,
economic conditions, availability of sufficient financing, receipt
of approvals, satisfaction of closing conditions and any and all
other timing, development, operational, financial, economic, legal,
regulatory and/or political factors that may influence future
events or conditions. Such forward-looking statements are based on
a number of material factors and assumptions, including, but not
limited in any manner, those disclosed in any other public filings
of the Company, and include the ultimate availability and final
receipt of required approvals, sufficient working capital for
development and operations, access to adequate services and
supplies, availability of markets for products, commodity prices,
foreign currency exchange rates, interest rates, access to capital
markets and other sources of financing and associated cost of
funds, availability of a qualified work force, availability of
manufacturing equipment, no material changes to the tax and
regulatory regime and the ultimate ability execute its business
plan on economically favorable terms. While we consider these
assumptions to be reasonable based on information currently
available to us, they may prove to be incorrect. Actual results may
vary from such forward-looking information for a variety of
reasons, including but not limited to risks and uncertainties
disclosed in other Company filings at www.sedar.com and other
unforeseen events or circumstances. Other than as required by law,
the Company does not intend, or undertake any obligation to update
any forward looking information to reflect, among other things, new
information or future events.
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.
Contacts: AuRo Resources Corp. Tyler Ross Corporate Development
604-893-8838 AuRo Resources Corp. Jeremy Ross Corporate Development
604-893-8838 604-681-0796 (FAX) AuRo Resources Corp. Mark Lawson
President & CEO 416-623-0565 www.auroresources.com
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