Mazorro Resources Inc.

Mazorro Resources Inc.

November 27, 2013 08:30 ET

Mazorro Resources Acquires 81 Claims in Monster Lake Area, Northwestern Quebec

OTTAWA, ONTARIO--(Marketwired - Nov. 27, 2013) - Mazorro Resources Inc. ("Mazorro" or the "Company") (TSX VENTURE:MZO)(FRANKFURT:JAM) is pleased to announce that it has entered into an asset purchase agreement (the "Agreement") for the acquisition of a 100% interest in a total of 81 claims covering approximately 4,300 hectares in the Monster Lake area, in northwestern Quebec.

The Monster Lake area is located in northwestern Quebec, approximately 44 kilometres southwest of the town of Chibougamau. The property is easily accessible by road and a high-voltage power line crosses the area nearby. The claims acquired comprise two blocks: one block comprising 40 claims is located immediately to the west and contiguous to TomaGold Corp.'s Monster Lake property and the second block comprising 41 claims is located to the southeast of TomaGold's property and adjoins various other land holdings in the area.

Since 1984, over 40,000 metres of diamond drilling has been completed by various operators along the over four-kilometre mineralized corridor at the Monster Lake area. In the winter of 2012, TomaGold drilled 16 holes for a total of 2,420 metres on the Annie zone, which resulted in a major discovery of 237.6 grams per tonne of gold over 5.7 metres in hole M-12-60. In 2013, TomaGold drilled 12 holes totalling 5,000 metres on zone 325. All the holes intersected the gold-bearing structure, and seven of the 12 holes returned values of over 10 grams per tonne of gold (see TomaGold's website at TomaGold recently announced a significant option agreement with Iamgold Corp. valued at over $17.5 million whereby Iamgold can earn a 50% interest in TomaGold's Monster Lake and other properties (see TomaGold press release dated November 12, 2013).

"With this acquisition, Mazorro has secured two strategically located claim blocks within the emerging Monster Lake gold camp. Mazorro looks forward to evaluating the significant exploration potential for gold at these new properties," stated André Audet, President and CEO of Mazorro.

The Agreement

Under the terms of the Agreement, the Company will acquire a 100% interest in 81 claims by paying the vendor, Synergy Acquisition Corp. (CNSX:QMP), an arm's-length party to Mazorro, a total of $50,000 in cash and issuing a total of 4,000,000 common shares and 1,000,000 warrants of the Company (the "Purchase Price"). Initial consideration payable includes $25,000 cash, 1,500,000 common shares and 1,000,000 warrants. Each warrant is exercisable at a price of $0.10 per share for a period of two years following the date of issuance, which will occur shortly after the receipt of the required regulatory approvals. The balance of the Purchase Price is payable as follows: $25,000 cash and 1,500,000 common shares upon the receipt of a National Instrument 43-101 compliant technical report on the property with a final payment of 1,000,000 common shares payable 12 months following the execution of the Agreement.

A 2% net smelter royalty ("NSR") is granted to the vendor with the Company having the right to purchase one-half (1.0%) of the NSR at any time by paying the vendor $250,000. The securities to be issued by the Company pursuant to the agreement will be subject to a four month hold period from their date of issuance. The Agreement and the transactions contemplated therein are subject to TSX Venture Exchange acceptance.

Mr. Léo Côté, P. Eng., a director of Mazorro is acting as the Company's qualified person as defined by National Instrument 43-101 and has reviewed this press release.

About Mazorro

Mazorro Resources Inc. is a TSX Venture Exchange listed, Canadian based, precious metals exploration company that is active in creating value through exploration and development of gold projects in Quebec, Excluding any common shares to be issued in connection with this acquisition, Mazorro currently has 52,514,773 common shares outstanding.

Neither the 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.

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.

Contact Information

  • Mazorro Resources Inc.
    Andre Audet
    Interim President & CEO
    (613) 241-2332