Miocene Metals Announces Buy-back of 11.63% Wallbridge Interest in BC Properties
TORONTO, Aug. 26, 2011 /CNW/ - Miocene Metals Limited (TSX-V: MII) (the "Company" or "Miocene Metals") today announces that its Board of Directors has recommended and authorized the exercise of the Company's option to buy-back the 11.63% carried interest in the Company's seven British Columbia properties (the "BC Properties") held by Wallbridge Mining Company Limited ("Wallbridge"). Under the terms of an Option and Joint Venture Agreement dated as of May 1, 2010 (the "Option and Joint Venture Agreement"), Wallbridge conveyed all of its interest in the BC Properties to Miocene Metals and retained the irrevocable and exclusive option to become the owner of a carried interest in the BC Properties by incurring expenditures in an aggregate amount of $500,000 on or before December 31, 2010. Wallbridge incurred these expenditures and thereby earned an 11.63% carried interest in the BC Properties. The buy-back provision pursuant to the terms of the Option and Joint Venture Agreement allows the Company to reacquire the 11.63% carried interest in the BC Properties for $600,000 during the first 6 months after the completion of the Company's IPO Offering.
Bruce Jago, President and CEO of Miocene Metals stated "The exercise of the buy-back is an important step in the growth of the Company as it gives Miocene 100% control of its seven properties, which will facilitate any future transactions relating to them."
About Miocene Metals Limited
Miocene Metals is focused on the exploration and development of seven porphyry copper-gold-molybdenum properties in south-western British Columbia that occur within the Tertiary-aged Cascade Magmatic Arc. The Cascade Arc shares many geological characteristics with Tertiary-age porphyry belts that stretch the length of Chile and Peru in South America and hosts some of the world's largest porphyry copper-gold-molybdenum deposits. The Cascade Magmatic Arc hosts a number of significant porphyry Cu-Au and Mo deposits in Washington State, and Alaska (Glacier Peak and Margaret, and Quartz Hill respectively) but remains largely unexplored in British Columbia.
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This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of the Corporation, including, without limitation, those listed under "Risk Factors" and " Forward-Looking Statements" in the Corporation's Final Prospectus (collectively, "forward-looking information"). Forward-looking information in this news release includes, but is not limited to, information concerning the Corporation's expectations and estimates regarding the Corporation's exploration and drilling program. The Corporation cautions investors about important factors that could cause actual results to differ materially from those projected in any forward-looking statements included in this news release. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that the expectations set out in the Corporation's Final Prospectus or herein will prove to be correct and accordingly, prospective investors should not place undue reliance on these forward-looking statements. These statements speak only as of the date of this press release and the Corporation does not assume any obligation to update or revise them to reflect new events or circumstances. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
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