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Arena Minerals Inc
Symbol AN
Shares Issued 80,121,090
Close 2017-02-21 C$ 0.16
Market Cap C$ 12,819,374
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Arena, JOGMEC JV receives drill permit for Pampa Union

2017-02-21 18:14 ET - News Release

Mr. William Randall reports

ARENA MINERALS AND JOGMEC JOINT VENTURE RECEIVES PERMIT TO DRILL 241 HOLES AND COMMENCES THE DRILL PROGRAM

Arena Minerals Inc. and Japan Oil, Gas and Metals National Corp. (JOGMEC) joint venture has received drilling permits for the Pampa Union drill program that forms part of the $17.5-million (U.S.) JOGMEC joint venture. The exploration program has been designed to complete a 1.5-kilometre grid-spacing drill pattern over Pampa Union, as well as a follow-up on previous successes. Drill hole PU-RC-39, drilled in the northwestern portion of the Pampa Union block, intersected a lithocap, alteration and pyrite shell characteristic of a porphyry system down to a total depth of 441 metres below surface. The follow-up 241 platform drill program has met all necessary environmental, health and safety, freshwater resource management, archeological, communal, and fauna and flora standards and was officially approved by the National Environmental Assessment Service in Santiago.

"We are pleased to have received drill permits for up to 241 additional drill platforms at the Pampa Union project, which is currently under joint venture with JOGMEC," commented William Randall, president and chief executive officer of Arena. He continued: "We plan to commence drilling immediately, initially with one drill rig and adding a second drill in the coming weeks. We will be following up on previous discoveries, as well as further regional exploratory drilling, which is a big step for the company in our objective of delineating a copper porphyry deposit in the Antofagasta mining region of northern Chile."

The drill program is fully financed by the JOGMEC joint venture, with funds already in Chile, enabling immediate initiation of the drill program. AK Drilling has been awarded the drill bid, consisting of an initial 10,000 metres of reverse circulation drilling. Drill rigs are being mobilized to the Pampa Union project with drilling to commence shortly.

About Arena Minerals Inc.

Arena Minerals is a prospect generator that has one property under option covering approximately 68,468 hectares within the Antofagasta region of Chile. The property is at low altitudes, within producing mining camps in infrastructure-rich areas. The company's flagship asset is the Atacama copper property, consisting of 68,468 hectares, following a contractual land reduction on July, 2016, of essentially undrilled ground in the heart of Chile's premier copper mining district. Pursuant to option agreements entered into between Arena, Japan Oil, Gas and Metals National, and Teck Resources Chile Ltda., each has the right to earn into 60 per cent of the respective landholdings within the property, by collectively spending over $40-million in exploration expenditures, amongst certain other commitments.

The technical and scientific aspects of this news release have been reviewed and approved by Vernon Arseneau, PGeo, who is a qualified person pursuant to NI 43-101. As the vice-president of exploration of the company, Mr. Arseneau is not considered independent.

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