Mazorro Resources Inc.
TSX VENTURE : MZO
FRANKFURT : JAM

Mazorro Resources Inc.

April 22, 2014 08:30 ET

Mazorro Resources Files Monster Lake NI 43-101 Technical Report and Provides Update on Lapaska Option Agreement

OTTAWA, ONTARIO--(Marketwired - April 22, 2014) - Mazorro Resources Inc. ("Mazorro" or the "Company") (TSX VENTURE:MZO)(FRANKFURT:JAM) announces that it has filed a technical report entitled "NI 43-101 Technical Report Pertaining to: Chibougamau Property, Monster Lake West Block and Meston Lake West Block, Northwestern Quebec, Chibougamau Mining Camp, NTS 32G10 and 32G07" dated April 4, 2014 and prepared by Donald Théberge, Eng., M.B.A., an independent qualified person under NI 43-101. The NI 43-101 report is available under the Company's profile on SEDAR (www.sedar.com).

About the Monster Lake area property

During January 2014, the Company announced that it had entered into an amended asset purchase agreement for the acquisition of an initial 50% interest in a total of 81 claims covering approximately 4,515 hectares in the Monster Lake area, in northwestern Quebec. Additionally, the Company has an option, exercisable for a period of two years, to acquire the 50% interest retained by Genius Properties Ltd. (see Press Release dated Jan. 28, 2014). The property comprises two claim blocks: Monster Lake West consisting of 40 claims covering approximately 2,224 hectares and Meston Lake West consisting of 41 claims covering approximately 2,291 hectares. The Monster Lake area is located 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.

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 www.tomagoldcorp.com). 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).

During January 2014, a helicopter-borne magnetic and electromagnetic (TDEM) survey, funded by Genius Properties Ltd., was flown over the Monster Lake property with 258 line-kilometres over the Monster Lake West Block and 257 line-kilometres over the Meston Lake West Block, for a total of 515 line-kilometres. The survey was performed by Prospectair Geosurveys. Both Blocks were flown with traverse lines at 100 metre spacing and control lines spaced every 1,000 metres. Final results of the survey are pending.

Donald Théberge, Eng., M.B.A., is an independent qualified person (as defined by National Instrument 43-101) and is the author of the NI 43-101 report and has reviewed and approved the scientific and technical information in this press release.

Lapaska option agreement

The optionor of the Lapaska property, Adventure Gold Inc., has provided a notice of default with respect to the Lapaska property option agreement which stipulates that the Company had not provided the cash and common share payments which were due on December 31, 2013 and that additional exploration expenditures of approximately $300,000 were required to complete the first option earn-in requirements. Under the terms of the Lapaska option agreement, the Company was provided a 30 day period to cure these defaults or it would forfeit any interest in the property. The Company was not able to cure these default conditions within the 30 day period and has therefore forfeit any interest in the property. Given the uncertainty regarding the Company's ability to renegotiate the terms of the option agreement or to cure the default conditions within the available time period, the Company previously recorded a full impairment charge of $1,841,238 as at November 30, 2013 with respect to the Lapaska mineral exploration property and exploration and evaluation assets.

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. Mazorro currently has 55,514,773 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

  • Andre Audet
    Interim President & CEO
    (613) 241-2332