Mazorro Resources Inc.

Mazorro Resources Inc.

February 03, 2010 08:30 ET

Mazorro Resources Provides Update on Congo Exploration Permits

OTTAWA, ONTARIO--(Marketwire - Feb. 3, 2010) - Mazorro Resources Inc. ("Mazorro" or the "Company") (TSX VENTURE:MZO)(FRANKFURT:JAM) is pleased to provide an update with respect to the previously announced acquisition of exploration permits in the Democratic Republic of Congo ("DRC", see Press Release dated December 8, 2009).

During December 2009, the Company provided payment of the initial cash consideration due under the terms of the agreement with Congo Mining Company sprl ("CMC"). The Company has completed a process of evaluating quotations for an independent National Instrument 43-101 Technical Report on the six mineral permits located in eastern DRC. Wardell Armstrong International has been awarded the contract to complete the NI 43-101 report which incorporates the requirement for a site visit of the six mineral permits. Travel logistics and in-country planning have been finalized with the site visit anticipated to initiate within a weeks time.

Closing of the acquisition of the six exploration permits remains subject to a number of terms and conditions, including: the satisfactory completion of due diligence relating to the legal and proprietary title of the permits and historical geological information regarding the permits; and regulatory approval, including review and final acceptance of the TSX Venture Exchange.

The Company also announces that it has engaged Mr. Paul Lemmon, CIM, P. Geo., as a consulting geologist and to act as the Company's qualified person (as defined by National Instrument 43-101). Mr. Lemmon will oversee the exploration and technical work programs for the DRC permits.

Mr. Lemmon is a Professional Geologist licensed by the Association of Professional Engineers and GeoScientists of New Brunswick. Mr. Lemmon is a member of the Prospectors & Developers Association of Canada, The Canadian Institute of Mining, and Canadian Geological Association. Previous industry experience includes his role as a research scientist at the Bedford Institute of Oceanography, directorships of several exploration companies in both the mineral exploration and oil and gas sectors. Mr. Lemmon has been involved in the management of exploration programs in various jurisdiction including Guyana, Guinea, Texas, Kazakstan, and Congo. Mr. Lemmon was educated at Mt. Allison University and Universite de Strasbourg. Mr. Lemmon is a Fellow of the Geological Society of London UK, the licensed body for professional Geoscientists in the United Kingdom. Paul is also a Professional Graduate of United Kingdom's Institute of Materials, Minerals and Mining.

Mazorro presently has 21,934,395 common shares outstanding.

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