VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 25, 2014) - Lowell Copper Ltd. (TSX VENTURE:JDL) ("Lowell Copper") and Minaurum Gold Inc. (TSX VENTURE:MGG) ("Minaurum") are pleased to announce that further to their previously announced binding letter agreement which, among other things, granted an option (the "Option") on Minaurum's Santa Marta VMS project in Oaxaca Mexico (the "Project"), the parties have executed a definitive option agreement (the "Option Agreement").
Pursuant to the Option Agreement, Lowell Copper can acquire up to a 70% interest in the Project in exchange for funding work expenditures and delivering a prefeasibility study. Minaurum holds an option to acquire a 100% interest in the Project pursuant to an option agreement with the property owner.
Under the Option Agreement Minaurum will act as the operator on the Project, at Lowell Copper's direction, through the first $2,000,000 of expenditures to be funded by Lowell Copper.
Chairman and CEO of Lowell Copper, David Lowell commented, "We are pleased to have signed this agreement with Minaurum and can now commence testing the potential of the Santa Marta project. Santa Marta has a number of early geological indicators leading us to believe it could be a significant VMS deposit."
Santa Marta Project
The 7,310 hectare Santa Marta VMS project is located in Oaxaca State, Mexico. Infrastructure is good with a paved highway, power lines and water nearby. Minaurum has carried out airborne geophysics (VTEM), reconnaissance stream-sediment sampling and geological mapping.
About Lowell Copper
Lowell Copper is a copper exploration and development focused company led by J. David Lowell and is listed on the TSX-V. The Company was founded to leverage the current market conditions and build a portfolio of economic copper projects through a combination of exploration, mergers and acquisitions by utilizing the considerable experience and success of management and directors of the Company.
About Minaurum
Minaurum Gold is a gold-copper explorer focused on its Vuelcos del Destino project in the Guerrero Gold Belt, Mexico. For more information, please visit Minaurum's website at www.minaurum.com and our YouTube Minaurum Video Channel (http://www.youtube.com/user/minaurumgold).
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 ADEQUACEY OR ACCURACY OF THIS RELEASE.
Forward-Looking Statements
This release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements and information include, but are not limited to, statements with respect to the transactions contemplated under the Option and any proposed exploration activities and their timing and potential mineralization. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Lowell Copper to control or predict, that may cause Lowell Copper's actual results, performance or achievements may be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out here in, including but not limited to: risks and uncertainties related to the Option not being completed in the event that the conditions precedent thereto are not satisfied; the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the either company's expectations; accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; unanticipated costs and expenses; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; currency fluctuations; regulatory restrictions, including environmental regulatory restrictions; liability, competition, loss of key employees and other related risks and uncertainties. Lowell Copper does not undertake an obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.