Puma Exploration Inc. (TSX-V: PUMA) is pleased to announce the closing of the purchase agreement with Targets Minerals in relation to the Nicholas-Denys Project as disclosed on August 27, 2019.
In exchange of its interest in the Ann’s Creek and Beresford Copper properties and in some surface rights, Puma has received $100,000 in cash, $10,000 in debentures and 14,200,000 shares of Targets Minerals representing approximatively 48% of the current and outstanding shares of the company. Puma also retains 1% NSR Royalty of which half of it can be bought back for $1,000,000.
Puma constitutes the largest Targets Minerals shareholder and both managements will work together to create a major new active player in Northern New Brunswick with the initial focus on precious metal (Gold-Silver). Targets Minerals plans to list its shares on a Canadian Stock Exchange within the next 18 months.
‘’We are very happy to close the transaction in such an efficient and timely manner. The direct equity ownership (48%) in Targets Minerals will provide a great exposure to the Gold and Silver upside within the current precious metals renewed interest markets. Puma and Targets Minerals will work closely together to explore and develop the projects’’ notes Marcel Robillard, President and CEO of Puma Exploration.
ABOUT NICHOLAS-DENYS PROJECT
The Nicholas-Denys covers the Rocky Brook Millstream Fault and his splay, the Main Fault. These faults represent two major mineralized structures which contain the main precious metals (Au-Ag) lenses on the property. These faults can be followed over 20 kilometers and the intersection with minor transverse NW-SE extension structure, represents the primary exploration targets for the high-grade Au-Ag lenses.
ABOUT PUMA EXPLORATION
Puma is a Canadian mineral exploration company with advanced precious and base metals projects in Canada. While the priority remains to secure and finalize the acquisition of the Murray Brook project, the emphasis will be directed to the exploration of the new targets identified around the existing deposits at Murray Brook and Chester but also within underexplored targets located on both favourable horizons within the properties.
The company’s objective for 2019 also includes selling undervalued assets as to increase the value of the company to its shareholders. Puma holds 14,200,000 shares of Targets Minerals, exploring for precious metals (Gold-Silver) in New Brunswick and 4,750,000 shares of BWR Resources exploring for gold in Manitoba, and has an option agreement with Rio Tinto for the Red Brook Project in New Brunswick.
QUALIFIED PERSONS AND QC/AC
Technical information provided in this news release was prepared and reviewed by Marcel Robillard, P.Geo., President, and Dominique Gagné, P.Geo., Vice President Exploration of Puma Exploration, qualified persons as defined by NI 43-101. Neither 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. Mr. Robillard and Mr. Gagné are not independent of the Company, as both are officers and shareholders thereof.
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