Mazorro Resources Inc.

Mazorro Resources Inc.

December 08, 2009 08:30 ET

Mazorro Resources Announces Acquisition of Exploration Permits in the Eastern Democratic Republic of Congo

OTTAWA, ONTARIO--(Marketwire - Dec. 8, 2009) - Mazorro Resources Inc. ("Mazorro" or the "Company") (TSX VENTURE:MZO)(FRANKFURT:JAM) is pleased to announce that it has entered into an agreement in principle (the"Agreement") with Congo Mining Company sprl ("CMC") of Kinshasa, Democratic Republic of Congo ("DRC"). Under the terms of the Agreement, Mazorro has agreed to acquire a 100% interest in six mineral exploration permits located in eastern DRC, two of which are currently held by CMC, and the additional four permits will be acquired by CMC from a related party. The exploration permits total approximately 235 km2 ranging in size from 12 km2 to 108 km2.

Consideration payable to CMC for the acquisition of a 100% interest in the six exploration permits will consist of US $100,000 in cash and the issuance of 800,000 common shares of the Company. The cash consideration is payable as follows: US $25,000 within five days of execution of the Agreement; and US $75,000 payable at the earlier of the first anniversary of the definitive purchase agreement or upon the completion and public filing of a National Instrument 43-101 Report evidencing mineralization within the areas covered by the exploration permits. Mazorro has also committed to incur expenditures relating to exploration activities totalling a minimum aggregate of US $500,000 on or before the third anniversary of the definitive purchase agreement.

Closing of the acquisition is contemplated to occur within 90 days and is subject to a number of terms and conditions, including: the satisfactory completion of due diligence relating to the legal and proprietary title of the permits and historical geological information regarding the permits; CMC having completed the acquisition of the outstanding four permits; and regulatory approval, including review and acceptance of the TSX Venture Exchange.

The exploration permits are designated as PR 7971 and PR 7811 (currently owned by CMC), and as PR 8500, PR 8501, PR 7972 and PR 7587 (to be acquired by CMC prior to closing). Mazorro intends to conduct exploration programs on all permit areas in order to complete a National Instrument 43-101 Report on mineralization. The regional geology relating to the permits, which are located along the western edge of the Kibara Metallogenic Belt, is mineral rich with rare earths, tungsten, diamonds and gold. Within Permit PR 7971, there has been a reported history of artisan diggings of gold, cassiterite and rare earth associated monazite. Societe Miniere du Kivu ("SOMINKI") produced 5,000 tonnes of cassiterite from the area covered by PR 7971 in the 1970s and early 1980s. Additionally, tantalite was produced by SOMINKI from PR 7971 for Coltan during the early 1980s. PR 7811 also has an artisan history of monazite, tantalite and gold.

In June 2008, CMC had conducted a satellite imagery interpretation of the area covered by the permits in the North Kivu and Maniema Districts. The interpretation work concentrated on producing lithostructural interpretations and on searching for structural and alluvial features that would assist in guiding exploration of the region. PR 7971 was noted to show a number of circular target features interpreted as possible intrusions. PR 7911 showed large areas of disturbed ground ensuing from artisan work and diggings, which is consistent with the known artisan activity in this area. As well, a large contact shear zone was located on the eastern side of the area covered by the permits.

Mr. Paul Lemmon, CIM, P. Geo., is acting as qualified person (as defined by National Instrument 43-101) and has reviewed and approved the scientific and technical information in this press release.

Mazorro presently has 21,934,395 common shares outstanding.

Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential mineralization) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, changes in world gold markets or markets for other commodities, and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Any forward-looking statement speaks only as of the date on which it is made and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.

Neither the TSX Venture Exchange or 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

  • Mazorro Resources Inc.
    Andre Audet
    Chief Executive Officer