Vior Inc.
TSX VENTURE : VIO
FRANKFURT : VL5

Vior Inc.

May 26, 2011 07:41 ET

Vior Receives a $1.5 Million Payment From Aurvista Gold Corporation

QUÉBEC, CANADA--(Marketwire - May 26, 2011) -SOCIÉTÉ D'EXPLORATION MINIÈRE VIOR INC. (TSX VENTURE:VIO)(FRANKFURT:VL5) – Société d'exploration minière Vior Inc. ("Vior") announces that it received from its partner on the Douay property (the "Property"), Aurvista Gold Corporation ("Aurvista"), the $1.5 million payment contemplated by the agreement dated March 7, 2011, as amended on March 23, 2011 (the "Agreement"). Consequently, considering that Aurvista has also incurred on the Property exploration expenditures totalling $2.5 million, Aurvista has therefore acquired an undivided 50% interest in the Property (see press release dated February 4, 2011 for more details on the transaction between Vior and Aurvista).

Furthermore, Aurvista may now acquire an additional 50% interest in the Property, thereby acquiring the Property from Vior, on the following conditions:

  • Aurvista must issue a minimum of 21.25 million common shares to Vior.

  • Aurvista shall have completed an initial public offering and a listing on the stock exchange before November 30, 2011.

In light of the foregoing, Vior confirms that its shareholders will be called to attend a special meeting of shareholders on July 8, 2011 in Québec City in order to approve the transaction with Aurvista. The shareholders of Vior will receive during the month of June a management proxy circular containing detailed information on the transaction and the special resolution of shareholders to approve such transaction.

Profile

Vior is a mining exploration company focused on developing its properties. The company owns 50% of the Douay gold project and other mineral properties.

SEDAR: Société d'exploration minière Vior inc.

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.

Contact Information