Mazorro Resources Inc.

Mazorro Resources Inc.

December 16, 2010 16:10 ET

Mazorro Announces Private Placement of Flow-Through Shares for Maximum Proceeds of $1,000,000

OTTAWA, ONTARIO--(Marketwire - Dec. 16, 2010) - Mazorro Resources Inc. ("Mazorro" or the "Company") (TSX VENTURE:MZO)(FRANKFURT:JAM) announces the initiation of a private placement financing of flow-through common shares. The Company intends to issue up to 6,666,667 flow-through common shares at $0.15 per share for maximum gross proceeds of $1,000,000.

Mazorro intends to use the proceeds from the sale of flow-through shares to fund drilling and other exploration costs for the Lapaska property in the Louvicourt Township of Quebec (the "Property") held under option from Adventure Gold Inc. (see Press Release of December 15, 2010). The Property is comprised of 26 claims covering an area of approximately 352 hectares located 20 kilometres east of the city of Val d'Or, in the eastern part of the Val d'Or gold mining camp, Quebec. The flow-through share proceeds will be used to fund these Canadian exploration expenses prior to December 31, 2011 at the latest. The Company intends to renounce the qualifying expenditures to subscribers for the year ended December 31, 2010.

In connection with the private placement offering, the Company may pay finder's fees of up to 8% cash and 8% in agent options exercisable for non-flow-through common shares at $0.15 per share for a period of 24 months from the closing date. All securities issued in the offering will be subject to a four month hold period from the closing date. This private placement is subject to TSX Venture Exchange acceptance.

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