BUENOS AIRES, Argentina, Sept. 06, 2017 (GLOBE NEWSWIRE) -- AbraPlata Resource Corp ("AbraPlata" or the "Company") (TSX-V:ABRA) (OTCQB:ABBRF) (Frankfurt:1AH) is pleased to announce that it has completed the definitive documentation necessary to acquire all of the issued and outstanding shares of Minera Cerro Bayo SA (“Cerro Bayo”), a privately held Argentine company. The transaction was originally announced in the Company's news release dated July 12, 2017. Cerro Bayo owns certain mineral rights that, as a result of a long-standing border dispute between two neighbouring provinces in northwestern Argentina, overlap and potentially conflict with the Company's mineral rights to its Diablillos Ag-Au project. The acquisition of the potentially conflicting mineral rights through the acquisition of Cerro Bayo means that the Company will retain its title to the Diablillos Ag-Au project regardless of the ultimate outcome of the provincial border dispute.
Terms of the transaction call for the Company to pay a total of US$3,325,000 in cash and issue 500,000 common shares of the Company to the sellers of Cerro Bayo in instalments over a five year period. The transaction is subject to approval by the TSX Venture Exchange.
Additional details respecting the provincial border dispute and the potentially conflicting titles to the Diablillos property can be found in the Company's news release dated July 12, 2017 and the Filing Statement dated March 1, 2017, copies of which are filed under the Company's profile on SEDAR (www.sedar.com).
Abraplata is a junior mining exploration company focused on delivering shareholder returns by unlocking mineral value in Argentina. The Company's experienced management team has assembled an outstanding portfolio of gold, silver and copper exploration assets, and is focused on advancing its flagship Diablillos property, with an indicated resource of 81.3m oz Ag and 755k oz Au, through the various stages of feasibility. In addition, AbraPlata owns the the highly prospective Cerro Amarillo property with its cluster of five mineralized Cu-(Mo-Au) porphyry intrusions located in a mining camp hosting the behemoth El Teniente, Los Bronces, and Los Pelambres porphyry Cu-Mo deposits. Further exploration work is also planned for the Company’s Samenta porphyry Cu-Mo property, located south of First Quantum’s TacaTaca project, as well as its Aguas Perdidas Au-Ag epithermal property.
ON BEHALF OF THE BOARD
ABRAPLATA RESOURCE CORP.
President & Chief Executive Officer
Willem Fuchter, PhD PGeo, President and CEO of AbraPlata Resource Corp. and a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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.
For more information on AbraPlata go to: www.abraplata.com
For further information concerning this news release, please contact: Willem Fuchter President & Chief Executive Officer AbraPlata Resource Corp. Tel: +54.11.5258.0920 E-mail: firstname.lastname@example.org Karl Cahill VP Investor Relations AbraPlata Resource Corp Tel: +1.858.531.6100 Email: email@example.com
Source:Abraplata Resource Corp