TORONTO, ONTARIO--(Marketwired - Nov. 30, 2016) - Arena Minerals Inc., (TSX VENTURE:AN) ("Arena" or the "Company") is pleased to report that the Japan Oil, Gas and Metals National Corporation ("JOGMEC") and Arena joint venture has approved a revised exploration program that is to commence immediately. An initial phase will consist of a ground magnetic and vector induced polarization downhole surveys in the area surrounding PU-RC-39 where the periphery of a porphyry system was intersected (please refer to press release dated December 16, 2015). The geophysical programs shall allow for more targeted drilling.
"Given the favourable results of our initial drill campaigns, coupled with the introduction of downhole vector IP and magnetic surveys, which have worked very successfully in the region, we are excited to get back on the ground working. We are pleased to have negotiated a successful extension to our property reduction schedule, as this will allow us to explore the land package more thoroughly," commented William Randall, President and CEO of Arena.
The Company is also pleased to report that it has successfully negotiated an extension of the mandatory land reduction schedule with Sociedad Quimica y Minera de Chile ("SQM"), the underlying owner of the properties in question to which Arena has the option to acquire 80% ownership by means of an option agreement signed on July 27, 2012 (the "Underlying Option Agreement" and for further details please refer to press release dated August 1, 2013). According to the Underlying Option Agreement, Arena was required to reduce the total holdings in the Atacama Copper project to a maximum of 50,000 hectares, which in turn required the JOGMEC joint venture to reduce its land holding to 10,000 hectares. Under the revised terms, the JOGMEC joint venture shall continue to carry approximately 27,000 hectares through to July 27, 2017, upon which date it shall have to reduce the property holdings to 10,000 hectares. This means Arena will retain approximately 67,000 hectares as part of the Atacama Copper project through to July 27, 2017 at which point the total land holding shall be reduced to a maximum of 50,000 hectares. At present the balance of the 67,000 hectares is held by Arena or optioned to Teck Chile Limitada (please refer to press releases dated October 23, 2015).
Pursuant to the revised agreement with SQM, Arena shall reduce to a total of 50,000 hectares of holdings in the Atacama Copper property by July 27, 2017, and keep a total of approximately 67,000 hectares until such date. In addition, JOGMEC shall make an additional payment of USD100,000 and incur an additional exploration expenditure of USD150,000 by December 31, 2016.
About Arena Minerals
Arena Minerals is a prospect generator that has one property under option covering approximately 68,468 hectares within the Antofagasta region of Chile. The property is at low altitudes, within producing mining camps in infrastructure rich areas. The Company's flagship asset is the Atacama Copper Property, consisting of 68,468 hectares, following a contractual land reduction on July 26, 2016, of essentially undrilled ground in the heart of Chile's premier copper mining district. Currently, approximately 50% of the Atacama Copper Property is under option to third parties. Pursuant to option agreements entered into between Arena, Japan Oil, Gas and Metals National Corporation and Teck Resources Chile Limitada, each have the right to earn into 60% of the respective land holdings within the property, by collectively spending over $40 million in exploration expenditures, amongst certain other commitments.
The technical and scientific aspects of this news release have been reviewed and approved by Mr. Vernon Arseneau, P.Geo, who is a qualified person pursuant to NI 43-101. As the Vice President of Exploration of the Company, Mr. Arseneau is not considered independent.
To view the website, please visit www.arenaminerals.com.
In addition to featuring information regarding the Company, its managements and projects, the website also contains the latest corporate news and an email registration allowing subscribers to receive news and updates directly.
On behalf of the Board of Directors of Arena Minerals Inc.
William Randall, President, and CEO
Cautionary Note Regarding Accuracy and Forward-Looking Information:
This news release contains forward-looking information within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements, projections and estimates relating to the future development of any of the Company's properties, the commencement of work programs, the progress of drill programs, the prospectivity of, and planned work programs on, such properties, the ability to enter into any additional joint venture partnership agreements as proposed, or at all, the ability of any potential partner to accelerate drill programs, increase the development of any of the projects or prospects of the Company, the results of the exploration program, future financial or operating performance of the Company, its subsidiaries and its projects, the development of and the anticipated timing with respect to the Atacama project. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". The statements made herein are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of the Company's interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; other risks of the mining industry and the risks described in the annual information form of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward looking information. Arena Minerals does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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.