Mr. Marcel Robillard reports
PUMA EXPLORATION INCREASES ITS WILLIAMS BROOK LANDHOLDINGS
Puma Exploration Inc. has signed a definitive agreement to acquire 100-per-cent interest in 30 claims (the Southeast Moose Brook property) contiguous to its flagship Williams Brook gold property. The acquisition adds by 662 hectares to the Williams Brook North land package for a total of 20,662 ha. Williams Brook returned 5.55 grams per tonne gold over 50.15
metres in its inaugural drilling program in 2021 (see Sept. 15, 2021, news release) and remains the focus of the company's 2022 exploration program. The new claims cover a very prospective area that has seen little exploration in the past.
Puma's properties are located in an emerging gold district with great potential. To ensure its control of the area, the company secured the most prospective claims surrounding the core of the Williams Brook property.
"This new land addition further consolidates our considerable landholdings in the area. We've increased the overall footprint of the Williams Brook property and secured highly prospective and underexplored areas," stated Marcel Robillard, president and chief executive officer.
Over the past 15 months, the company completed several transactions to connect a patchwork of mining claims held by different landowners. Most of these have seen little to no modern exploration work and have never been consolidated into a contiguous land package before.
To acquire a 100-per-cent interest in the Southeast Moose Brook property (30 claims), Puma agrees to issue the vendor on closing:
- 50,000 common shares of the company and a $10,000 cash payment;
- 50,000 common shares of the company on or before the first anniversary of the signing of the agreement;
100,000 common shares of the company on or before the agreement's second anniversary.
Additional performance payments to the vendor:
- Cash payment of $25,000 upon a positive preliminary economic assessment (PEA to be defined in the definitive agreement);
Cash payment of $50,000 upon a positive feasibility study (FS to be defined in the definitive agreement);
One-time cash payment of $100,000 upon commercial production (commercial production to be defined in the definitive agreement).
The vendor will retain a 2-per-cent net smelter return (NSR) royalty on any commercial production from the property. Fifty per cent of the NSR, or 1 per cent, may be purchased by Puma for $1-million. Puma retains the right of first refusal on the remaining 1-per-cent NSR royalty retained by the vendor. The agreement is subject to the approval of the TSX Venture Exchange.
About Puma Exploration Inc.
Puma Exploration is a Canadian-based mineral exploration company with precious metals projects located near the famous Bathurst mining camp (BMC) in New Brunswick, Canada. The company is committed to its DEAR strategy (development, exploration, acquisition and royalties) to generate maximum value for shareholders with low share dilution.
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