VANCOUVER, Nov. 30, 2017 /CNW/ - Tinka Resources
Limited ("Tinka" or the "Company") (TSXV &
BVL: TK) (OTCPK: TKRFF) is pleased to announce that a
total of 12,632,660 common share purchase warrants (the "Warrants")
have been exercised at $0.30 per
common share for total proceeds to the Company of C$3,789,798. The Warrants were exercised
pursuant to the terms of warrant certificates issued in connection
with the closing of a private placement financing undertaken by the
Company in May 2015, which were due
to expire November 29, 2017. No
commission was paid in connection with the exercise of the
Warrants.
Proceeds will be used for the ongoing drill program, engineering
and metallurgical studies at the Company's Ayawilca zinc and tin
project in Peru, and for general
working capital purposes.
Dr. Graham Carman, President and
CEO, stated: "I am pleased to report that the Company's treasury
has been topped up by C$3.7 million
due to the exercise of Warrants held mostly by the Company's two
largest shareholders. Tinka now has sufficient cash to fund
exploration drilling and resource development work at the Ayawilca
project well into 2018. Tinka's exploration drill program is
ongoing and the Company is planning to continue drilling for the
foreseeable future, focussing on the testing of new target areas
and extensions of the known zinc mineralization. The current
Inferred Mineral Resource estimate at Ayawilca is 42.7 million
tonnes grading 7.3% Zinc Equivalent (see Press Release Nov 8, 2017). We believe there remains
significant potential for resource expansion at Ayawilca.
Simultaneously, we are working on de-risking the project
through detailed metallurgical tests of zinc sulphide
mineralization from different parts of the deposit, along with
preliminary desktop mining studies."
The qualified person, Dr. Graham
Carman, Tinka's President and CEO, and a Fellow of the
Australasian Institute of Mining and Metallurgy, has reviewed and
verified the technical contents of this release.
On behalf of the Board,
"Graham Carman"
Dr. Graham Carman, President & CEO
About Tinka Resources Limited
Tinka is an exploration
and development company with its flagship property being the
100%-owned Ayawilca carbonate replacement deposit (CRD) in the
zinc-lead-silver belt of central Peru, 200 kilometres northeast of Lima. The Ayawilca Zinc Zone Inferred Mineral
Resource estimate now consists of 42.7 Mt at 6.0 % zinc, 0.2 %
lead, 17 g/t silver & 79 g/t indium, and a Tin Zone Inferred
Mineral Resource of 10.5 Mt at 0.63 % tin, 0.23 % copper & 12
g/t silver (Nov 8, 2017). Drilling
for resource extensions and the testing of new targets is
ongoing.
Forward Looking Statements: Certain information in this
news release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws (collectively "forward-looking
statements"). All statements, other than statements of
historical fact are forward-looking statements. Forward-looking
statements are based on the beliefs and expectations of Tinka as
well as assumptions made by and information currently available to
Tinka's management. Such statements reflect the current
risks, uncertainties and assumptions related to certain factors
including, without limitations, the successful completion of the
current and future drill programs, the interpretation and actual
results from the drill programs, the Company's expectations
regarding mineral resource calculations, capital and other costs
varying significantly from estimates, production rates varying from
estimates, changes in world metal markets, changes in equity
markets, uncertainties relating to the availability and costs of
financing needed in the future, equipment failure, unexpected
geological conditions, imprecision in resource estimates or metal
recoveries, success of future development initiatives, competition,
operating performance, environmental and safety risks, delays in
obtaining or failure to obtain necessary permits and approvals from
local authorities, community relations, and other development and
operating risks. Should any one or more of these risks or
uncertainties materialize, or should any underlying assumptions
prove incorrect, actual results may vary materially from those
described herein. Although Tinka believes that assumptions
inherent in the forward-looking statements are reasonable,
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. Except as may be required
by applicable securities laws, Tinka disclaims any intent or
obligation to update any forward-looking statement.
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 news release.
SOURCE Tinka Resources Limited