February 01, 2016 @ 08:40
AURYN Mining Chile SpA (“AURYN” or “the Company” or “AMC”) today announced the following three acquisitions:
- 85% of the outstanding shares of NUOCO (LDM), and in doing so effectively exercised the corresponding mining option agreement.
- The Caren mine, through the acquisition of Minera Mantos Azules Chile, which in turn holds exploitation and environmental permitting to start early production of up to 5,000 t/month on the identified high grade veins that yield grades as high as 124 g/t (http://aurynmining.com/update-on-bonanza-gold-grades-in-caren-mine-have-returned-over-100-gt-au-at-fortuna-merlin-system-in-the-altos-de-lipangue-project-chile/)
- 100% of the Fortuna and Lonco Millarepu mining properties, that constitutes the Fortuna de Lampa mine.
With these acquisitions, AURYN Mining Chile SpA has only one JV mining option agreement pending to be exercise with Medinah Mining Chile (MMC).
“Adding over 3,000 hectares of ownership to the AURYN Mining Chile SpA portfolio is an exciting step forward for AMC,” said AMC’s Executive Chairman, Maurizio Cordova. “This now consolidates the entire mining district, called Altos de Lipangue. With this consolidation, AMC expects to start production this year on the exposed high grade veins, namely Caren-Merlin-Fortuna. A team of mining engineers is travelling to Santiago in February to start the preparation and design work to achieve AMC’s production goal. We expect it to be cash flow positive that will supplement AMC’s exploration efforts and ultimate exercise of the JV Mining Option Agreement, with MMC,” added AMC’s Executive Chairman.
Submitted on Behalf of the Board of Directors
AURYN Mining Chile SpA