Casa Minerals Inc. Closes 90% Ownership of Congress Gold Mine and Initiates the Title Transfer
Casa Minerals Inc. (TSX-V: Casa; OTC Pink: CASXF; Frankfurt: 0CM) (the “Company” or “Casa”) is pleased to announce it has entered into an amendment to the option agreement to expedite the purchase of the Congress Gold Mine, located in west-central Arizona, USA. The Company has expedited to the optionors the final cash payment of US $45,000 and share issuance of 1,125,000 common shares, subject to a hold period of one year from the issue date. In consideration of the accelerated payments, the optionors have eliminated the expenditure obligations under the option agreement.
Casa president and CEO, Mr. Farshad Shirvani stated “We are excited to move forward with our Congress Gold Mine acquisition. The Company is working to finalize its Phase One exploration program on the project and news detailing expected exploration activities will be released shortly.”
The Congress Gold Mine is located three miles north of Congress in the Martinez Mining District of Yavapai County, Arizona. The property consists of 14 Patented Mineral Properties with approximately 260 acres area. Commencing in or about 1887, the Congress mine operated at intervals until 1992 and at one time supported a full-scale mining and milling operation and the small town of Congress. It has the distinction of being Arizona’s largest gold-silver mine with production of about 500,000 ounces of gold.
Mr. Erik Ostensoe P.Geo., a director and chief geologist of the Company, a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure in this news release.
Cautionary Note: All historic data referenced in this news release were obtained from available archives and have not been confirmed or verified by the Company or a Qualified Person. There is no assurance that work by Casa Minerals will result in identification of economically-viable mineral bodies comparable in size and/or grade to those that supported historic mining operations.
About Casa Minerals Inc.
The Company is engaged in the acquisition, exploration and development of mineral properties located in Canada and the USA. The Company owns a one hundred percent (100%) interest in the polymetallic Pitman and Keaper properties (BC, Canada), has an option to acquire a seventy-five percent (75%) interest in the Arsenault VMS Property (BC, Canada), and owns ninety percent (90%) interest in the Congress gold mine from 40 feet depth and beyond, subject to a 1.5% Net Smelter Royalty (Arizona, USA). This historic high-grade gold producing mine has not been explored or produced since 1992.
On Behalf of Board of Directors
Farshad Shirvani, M.Sc. Geology
President and CEO
NEITHER 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.
Certain of the statements made and information contained herein may constitute “forward-looking information.” In particular references to the private placement and future work programs or expectations on the quality or results of such work programs are subject to risks associated with operations on the property, exploration activity generally, equipment limitations and availability, as well as other risks that we may not be currently aware of. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.