Mazorro Resources Inc.

Mazorro Resources Inc.

June 14, 2010 17:23 ET

Mazorro Resources Announces Closing of Amended Acquisition Agreement for Exploration Permits in the Eastern Democratic Republic of Congo

OTTAWA, ONTARIO--(Marketwire - June 14, 2010) - Mazorro Resources Inc. ("Mazorro" or the "Company") (TSX VENTURE:MZO)(FRANKFURT:JAM) announces that it has entered into an amended agreement (the "Agreement") with Congo Mining Company sprl ("CMC") of Kinshasa, Democratic Republic of Congo ("DRC") for the acquisition of a 100% interest in exploration permits in the DRC. The Company originally announced an agreement in principle with CMC pursuant to which it would acquire a total of six exploration permits (see Press Release dated December 8, 2009) and has now revised the agreement to acquire two of these exploration permits, being PR7811 and PR8500.

Revised consideration payable to CMC for the acquisition of a 100% interest in the two exploration permits consists of US $75,000 in cash and the issuance of 600,000 common shares of the Company. The cash consideration is payable as follows: US $25,000 was paid at the time of execution of the agreement in principle in December 2009; and US $50,000 is payable at the earlier of the first anniversary of the Agreement or upon the completion and public filing of a National Instrument 43-101 ("NI 43-101") Report evidencing mineralization within the areas covered by the exploration permits. Mazorro has also committed to incur expenditures relating to exploration activities totalling a minimum aggregate of US$500,000 on or before the third anniversary of the Agreement.

Closing of the acquisition was completed today, June 14, 2010, and is subject to final acceptance of the TSX Venture Exchange.

As previously reported, Wardell Armstrong International was contracted to complete the independent NI 43-101 Report which incorporated the requirement for a site visit of the mineral permits. The NI 43-101 Report will be publicly available on SEDAR.

Mr. Paul Lemmon, CIM, P. Geo., is acting as qualified person (as defined by National Instrument 43-101) and has reviewed and approved the scientific and technical information in this press release.

Including the shares issued for this acquisition, Mazorro presently has 23,334,395 common shares outstanding.

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.

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

  • Andre Audet
    Chief Executive Officer