Martina Minerals Corp.
TSX VENTURE : MTN

May 01, 2012 10:37 ET

Martina Minerals Corp. Announces Large Scale Addition to Its Exploration Area

TORONTO, ONTARIO--(Marketwire - May 1, 2012) - Martina Minerals (TSX VENTURE:MTN) the Board of Martina Minerals ("Martina") is pleased to announce that it has signed a binding "Letter of Intent" with BlueCreek Mining, a Filipino owned company, to acquire an initial 40% interest in two groups of property known as Boston and San Miguel located in Eastern Mindanao, Philippines.

The Boston property is to the east of Mt. Diwalwal, one of the largest gold deposits in the Philippines, which is itself immediately to the east of Martina's TRIMA 1 property. The San Miguel property is approximately 130 kilometres to the north of Boston. The properties are along the well-known and highly mineralised East Mindano fault.

The Boston exploration area is held in an Ancestral Domain Title of the Boston Mandaya-Manobo Indigenous Peoples. The Boston properties comprise 19,151 hectares. The Indigenous Peoples will also receive 1 million common shares and warrants of Martina and a cash payment of US$150,000.

The San Miguel property is also within an Ancestral Domain Title and represented by the Upper San Miguel Manobo Sectoral Council of Elders and Leaders. The Indigenous Peoples will receive a cash payment of US$50,000. The San Miguel property comprises approximately 18,000 hectares.

Negotiations are on-going to acquire additional lands within the San Miguel area, which are privately held.

Martina will issue to BlueCreek 3,000,000 shares of Martina and 3,000,000, 10 cent, five-year warrants and they will be reimbursed for sunk costs to date. As a part of the transaction BlueCreek will retain a 30% ownership in each of the properties and the local Indigenous Peoples will hold the balance of the properties.

Martina can, at its option, acquire BlueCreek's 30% economic interest in the properties based on the following events: Discovery of 500,000 ounces of gold or its equivalent to NI 43-101 resource standard for 2,500,000 common shares; discovery of 1,000,000 ounces of gold or its equivalent to NI 43-101 resource standard for 5,000,000 common shares; and 1,000,000 common shares per additional 1,000,000 ounces or its equivalent to NI 43-101 resource standard.

In addition a bonus of 100,000 common shares are to be issued per million ounces, or its equivalent moved in to the reserve category and a further 100,000 common shares per million ounces or its equivalent at completion of the Bankable Feasibility Study for Boston and San Miguel.

The transaction is subject to due diligence and regulatory approval.

ON BEHALF OF THE BOARD

Willie McLucas, President and CEO

and

Harvey McKenzie, Director and CFO

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Contact Information

  • Martina Minerals Corp.
    Willie McLucas
    President and CEO
    + 44 7881 816 980

    Martina Minerals Corp.
    Harvey McKenzie
    Director and CFO
    + 1 416 400 8003