AURA ANNOUNCES CLOSING OF SALE OF 80% INTEREST IN ITS EAST TAVICHE PROJECT
April 17 2019 - 10:29AM
InvestorsHub NewsWire
Aura announces CLOSING OF
SALE OF
80% INTEREST IN
its EAST taviche project
April 17, 2019 -- InvestorsHub NewsWire -- Aura Resources Inc.
(TSX-V:AUU) ("Aura" or the
"Company") announces that,
it
has
completed the sale of an 80% interest in its East
Taviche
project,
located in Oaxaca Mexico, to
Minaurum
Gold Inc. (TSX-V:MGG) ("Minaurum")
and its Mexican subsidiary for the following
consideration:
-
the
issuance of 100,000 common shares in the capital of
Minaurum;
-
re-imbursement
of all East
Taviche
project concession
fees paid by Aura during 2018 and payment of the remaining
concession fees to bring the property into good standing until
January 31, 2019,
resulting in the
Company receiving US$39,452 on closing; and
-
the
issuance of an additional 100,000 common shares in the capital
of Minaurum
upon
receipt of
all
relevant approvals and consents required to be obtained for the
commencement of exploration and drilling activities at the
East Taviche
project.
Additionally, Aura
has granted to Minaurum
an
exclusive option to acquire the remaining 20% of the project for a
total purchase price of CDN$1,000,000. Until exercise of that
option, Aura's 20% interest is free-carried with no obligation to
co-fund project costs and will not be subject to dilution
(together, with the sale of the
80%
interest in the East
Taviche
project
described above,
the "Transaction").
As
announced on January 29,
2019, the Transaction was completed pursuant to the terms of a
definitive agreement made as of January 25, 2019 among the Company,
its Mexican subsidiary and Minaurum
and
its Mexican subsidiary.
Minaurum
will
act as operator of the project having exclusive authority and
control over the direction and management of the business and
operations of the East Taviche
project.
Minaurum
received TSX
Venture Exchange approval of this transaction on February 12,
2019.
Aura
initiated involvement with the Taviche
project during
2006 and has operated the project since 2010. Both Aura and
Minaurum
recognize that the
property holds good potential for the further discovery of silver
and gold along the prospective Mezcal structure. Robert
Johansing,
CEO of Aura stated,
"We are very pleased to have
Minaurum
advance the
Taviche
project.
Minaurum
is
a regional explorer focused on the exploration and development of
high-grade gold and silver projects in Mexico and is led by
experienced exploration and management teams.
This transaction assures that exploration will continue at the
Taviche
project allowing Aura to realize value for its investment in the
project and to focus on new opportunities."
Robert
Johansing,
M.Sc.
Econ. Geol., P. Geo.
is a
qualified person as defined by NI 43-101 and has reviewed and
approved the technical content of this press release.
About Aura
Aura is a TSX
Venture Exchange listed company engaged in the acquisition,
exploration and development of precious metal prospects in North
America including: in Nunavut, Canada (43.54% interest in the
Greyhound project operated by our partner, Agnico Eagle); in
Oaxaca, Mexico (20% owned Taviche
project operated
by Minaurum
Gold);
and, in Arizona, USA (the Gold Chain project subject to option to
earn a 100% interest). Aura has 27,490,128 common shares
outstanding.
For further information regarding this press release
contact: Robert
Johansing,
President and CEO at (805) 455-4775 or by e-mail at rjohansing@gmail.com. Aura's web site is located
at www.aurasilver.com.
FORWARD-LOOKING
STATEMENTS:
This press release may contain forward looking statements that are
made as of the date hereof and are based on current expectations,
forecasts and assumptions which involve risks and uncertainties
associated with our business whether further exploration will
result in the target(s) being delineated as a mineral resource,
capital expenditures, operating costs, mineral resources, recovery
rates, grades and prices, estimated goals, expansion and growth of
the business and operations, share consolidation, the private
placement financing activities of the Company, plans and references
to the Company's future successes with its business and the
economic environment in which the business operates. All such
statements are made pursuant to the 'safe
harbour'
provisions of, and are intended to be forward-looking statements
under, applicable Canadian securities legislation. Any statements
contained herein that are statements of historical facts may be
deemed to be forward-looking statements. By their nature,
forward-looking statements require us to make assumptions and are
subject to inherent risks and uncertainties. We caution readers of
this news release not to place undue reliance on our
forward-looking statements as a number of factors could cause
actual results or conditions
to differ materially from current expectations. Please refer to the
risks set forth in the Company's most recent
annual MD&A
and the Company's continuous disclosure documents that can be found
on SEDAR at www.sedar.com. Aura does not intend, and disclaims
any obligation, except as required by law, to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise.
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 release.
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