Waymar Announces 3rd Milestone Option Payments on Anza Property
June 26 2012 - 8:00AM
Marketwired Canada
Waymar Resources Ltd. ("Waymar" or the "Company") (TSX VENTURE:WYM) is pleased
to announce that the Company has made the required option cash payments
aggregating US$1,000,000 and issued 1,000,000 common shares to the optionors to
continue to work towards fully exercising its option in respect of the Anza
Property, Colombia.
Pursuant to the Anza Property Option Agreement made effective June 29, 2010, the
Company entered into a property option agreement to acquire a 100% legal and
beneficial interest in the Anza property comprised of approximately 6,738
hectares of mineral rights located on the eastern-most margin of Colombia's
Western Cordillera, 50km west of Medellin. In order to exercise its option, the
Company is required to make cash payments to the optionors aggregating US$3.8
million over a three year period (of which US$1,800,000 has now been paid),
issue 3,800,000 common shares to the optionors over a three year period (of
which 1,800,000 common shares have now been issued) and make expenditures on the
property aggregating US$4 million over a three year period. As part of the
agreement, the Company has satisfied its obligation to incur cumulative
exploration expenditures amounting to US$2,000,000 (including a minimum of 2,000
meters of drilling) by the end of the second year. The optionors will retain a
2% net smelter return royalty on the property, 50% of which may be purchased by
the Company for US$1,000,000.
About Waymar Resources Ltd.
Waymar Resources Ltd. is a Canadian mineral exploration company with an option
to acquire 100% interest in the Anza project located in the west of the
Antioquia Department in the Republic of Colombia. Colombia is a significant
producer of gold, nickel, emeralds, petroleum and natural gas as well as a
leading producer of coal in Latin America. Waymar also has 100% ownership of
certain properties surrounding Anza to cover district potential and is
continually seeking opportunities to acquire exploration properties. Waymar
trades on the TSX Venture Exchange under the symbol "WYM".
WAYMAR RESOURCES LTD.
Pablo Marcet, President & CEO
There has been insufficient exploration to define a mineral resource at the Anza
property to date, and it is uncertain if further exploration will result in such
targets being delineated as a mineral resource.
This press release may contain "forward looking statements" and "forward-looking
information" within the meaning of applicable Canadian securities legislation.
Generally, forward-looking information can be identified by the use of
forward-looking terminology such as "plans", "expects", "estimates", "intends",
"anticipates" 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". Forward-looking information is based
on the reasonable assumptions, estimates, intentions, analysis and opinions of
Waymar made at the date that such statements are made. Forward-looking
information is subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity, performance or
achievements of Waymar to be materially different from those expressed or
implied by such forward-looking information, including the risk factors
disclosed elsewhere in Waymar's public disclosure. Accordingly, readers should
not place undue reliance on forward-looking information. The forward-looking
information contained herein is presented for the purposes of assisting
investors in understanding Waymar's plans and objectives and may not be
appropriate for other purposes. Waymar does not undertake to update any
forward-looking information, except in accordance with applicable securities
laws.
Shares Outstanding: 46,945,170
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