Cogitore Resources Inc.

Cogitore Resources Inc.

June 05, 2009 16:00 ET

Cogitore Resources Provides Update on Estrades Mine

TORONTO, ONTARIO--(Marketwire - June 5, 2009) - Cogitore Resources Inc. (TSX VENTURE:WOO) (the "Company") announces that, as permitted by the terms of the Purchase Agreement (the "Agreement") between Atlas Precious Metals Inc. and its wholly-owned subsidiary (collectively, "Atlas") and the Company signed June 14, 2005, the Company intends to transfer a 70% interest in the Estrades Mine to Atlas in final satisfaction of its obligation to make a US$950,000 payment in cash or common shares of the Company to Atlas on June 14, 2009, and a further payment of US$1,450,000 in cash or common shares on June 14, 2010. After reviewing the results of the feasibility study for the Estrades project dated October 24, 2008, a copy of which has been publicly filed by the Company, the Company has concluded that it is not in the best interests of its shareholders to expend additional resources to move ahead with the Estrades project at this time, notwithstanding that the deposit may become a valuable asset in the future. The Company believes that, with continuing low zinc prices and an exceptionally difficult period of tight credit and lower investor risk tolerance, it should preserve its cash and present equity structure, and return the 70% interest to Atlas. The Company will continue to own a 30% interest in the Estrades property and related assets. The Company will continue its exploration work in the adjoining claims, and more specifically in the Caribou project, where a new high grade massive sulphide deposit was discovered four kilometres west of the Estrades Mine in the course of the winter 2009 drilling program.

At the present time, the Company intends to continue its focus on base metal exploration in the Abitibi Belt of Quebec and Ontario, and the Central Belt of Newfoundland.

On Behalf of the Board of Directors

Mark Goodman, Chairman of the Board

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.

Contact Information

  • Cogitore Resources Inc.
    Mark Goodman
    Chairman of the Board