Brionor Resources Inc.
TSX VENTURE : BNR

Brionor Resources Inc.

March 20, 2014 11:25 ET

Brionor Finalizes Timeline to Close the Atala Acquisition

TORONTO, ONTARIO--(Marketwired - March 20, 2014) - Brionor Resources Inc. ("Brionor" or the "Company") (TSX VENTURE:BNR) announces that it has set a final deadline to close the previously announced acquisition (the "Acquisition') of Atala Resources Corp. ("Atala") to 'on or before' April 30, 2014. The agreement between the parties as per previous extension agreement(s) contemplated a closing of the Acquisition on or before February 28, 2014. Closing was delayed as a result of Atala's acquisition of AuEx Argentina S.A. from Renaissance Gold Inc. ("RenGold"). As per RenGold's press release dated March 10, 2014, the sale of AuEx Argentina S.A. to Atala is now complete. This then clears the way for Brionor to proceed with the Atala acquisition, as per the following terms: Brionor will acquire Atala and its subsidiary companies for the issuance to Atala shareholders of 12 million Brionor common shares.

About Atala:

Atala Resources Corp. is a private mineral exploration company focused on the acquisition and advancement of its project portfolio in Argentina's prolific mining friendly Santa Cruz province. Through the recent acquisition of AuEx Argentina S.A., as well as other private acquisitions, Atala has amassed a project portfolio on a very favourable basis, that consists of both drill ready and grassroots projects in the very prospective and prolific geological environment that underlay's Santa Cruz province. Atala is led by Brian Gavin, and his team of professionals with over 20 years of experience in Argentina. As a founder of Minera Andes Inc. (Now McEwen Mining), Brian and his team were responsible for the discoveries of the high grade San Jose Ag/Au, mine now in production as a joint venture between McEwen Mining and Hochshild Mining PLC, and the Los Azules Cu project, a large world class porphyry copper system located in San Juan province.

Lew Lawrick, President & CEO of Brionor commented, "We are very pleased to be able to now press ahead with our acquisition of Atala and its project portfolio, which includes a team of professionals on the ground in Argentina. Brian and his team bring an enviable track record of success that we will look to duplicate inside of Brionor. We are very bullish on our prospects in Argentina despite the current 'out of favour' view, we believe this to be an opportune time to acquire these assets as supported by a world class team of professionals."

As previously disclosed, the completion of the transaction is subject to a number of conditions, including but not limited to, both parties obtaining all necessary approvals, including the required regulatory approvals (see press release dated February 20, 2013 for more details).

Brionor is a junior mining exploration company with a portfolio of exploration projects in Québec.

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.

Contact Information

  • Brionor Resources Inc.
    Lewis Lawrick
    President & CEO
    647-478-5307

    Robert Ayotte
    Executive Chairman
    450-441-9177
    info@brionor.com