Azarga Metals Corp (“Azarga” or the “Company”) (TSXV:AZR) reports that it has now closed the acquisition of an additional 40% interest in the Unkur Copper-Silver Project, taking its ownership interest from 60% to 100% (the “Unkur Project Consolidation”).
On completion of the Unkur Project Consolidation, Azarga Metals will have issued 42,000,000 common shares at a deemed price of C$0.15 (“Consideration Shares”) to the vendors of the indirect 40% interest. On March 16, 2018, the Company issued 36,750,000 of the Consideration Shares and will issue the remaining 5,250,000 Consideration Shares upon the receipt of the TSX Venture Exchange’s clearance of a personal information form for one of the vendors who will become a greater than 10% shareholder upon issuance of the remaining shares.
UPDATE ON UNKUR PROJECT ACTIVITIES
Azarga Metals has engaged Tetra Tech Mining and Minerals (“Tetra Tech”) to complete a NI 43-101 compliant Preliminary Economic Assessment (“PEA”) for Unkur. A ‘kick-off’ meeting was held with Tetra Tech in Swindon, UK two weeks ago and Tetra Tech is commencing the process of familiarizing themselves with the Company’s relevant data. The PEA works remain on-track to be completed in mid-2018.
UPDATE ON ADDITIONAL COPPER-SILVER GROWTH OPPORTUNITIES IN CHARA-ALDAN AREA, RUSSIA
Since execution of the exclusive Memorandum of Understanding (“MOU”) for cooperation with certain parties with respect to additional growth opportunities pertaining to copper and silver rich sediment-hosted projects in the broader Chara-Aldan area of eastern Russia in January 2018, the Company has commenced review of a number of potential target acquisitions. The initial focus is for prospects that are complimentary to Azarga Metals’ Unkur Copper-Silver Project located in the same region. Data continues to be exchanged between the MOU parties and visits to certain prospective acquisitions sites are being planned.
About Azarga Metals Corp.
Azarga Metals is a mineral exploration and development company that owns 100% of the Unkur Copper-Silver Project in the Zabaikalsky administrative region of eastern Russia.