Release Date Title
February 16, 2012Print PDF
Vancouver, British Columbia – Caerus Resource Corporation (the “Company”) (TSX-V:CA) is pleased to announce that further to the Company’s news release of November 24, 2011, the TSX Venture Exchange has approved an application to amend existing share purchase warrants representing the right to purchase up to 4,235,000 common shares. These warrants will now expire on February 24, 2013 with an exercise price of $0.23.
To better reflect the Colombian exploration focus of the Company, management proposes a name change to Medellin Minerals Corp. The proposed name change is subject to the acceptance of the TSX Venture Exchange and the Registrar of Companies. Shareholders will be apprised of the completion of the name change and change of trading symbol upon regulatory acceptance.
On Behalf of the Board of Directors of Caerus Resource Corporation.
Adrian F.C. Hobkirk,President and Chief Executive Officer – adrianh@resourceexploration.com
For further information, contact Adrian Hobkirk at 714-316-3272, toll free 855-894-4524 or email: adrianh@resourceexploration.com or Allan Feldman at AJF Consultants Ltd. at 604-948-9663 or email: AJFConsultants@aol.com.
The TSX Venture Exchange has not reviewed the content of this News Release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this News Release. This news release contains certain “ forward- looking statements ” within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward- looking statements. Forward-looking statements are based upon opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors which could cause actual results to differ materially from those projected in the forward looking statements. The reader is cautioned not to place undue reliance on forward-looking statements. The transaction described in this News Release is subject to a variety of conditions and risks which include but are not limited to: regulatory approval, shareholder approval, market conditions, legal due diligence for claim validity, financing, political risk, security risks at the property locations and other risks. As such, the reader is cautioned that there can be no guarantee that this transaction will complete as described in this News Release. We seek safe harbour.
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February 1, 2012Print PDF
Vancouver, British Columbia – Caerus Resource Corporation (the “Company”) (TSX-V: CA) is pleased to announce the completion of title applications in Colombia. Over the past year, staff geologists have been evaluating various areas of mineral interest deemed open by the National Geological Service of Colombia (formerly Ingeomanis). A total of eight claim areas have been solicited in five different departments. The claim areas selected were located nearby known gold deposits. Total hectares solicited are 15,522.
Three areas are located in Antioquia and include the Yolombo Project (2,063 hectares), the Heliconia Project (4,291 hectares) and the La Ceja Project (3,962 hectares). Work to date has been completed on the following two areas:
Yolombo Project: 2,063 hectares located north of the Gramalote Gold Deposit (2.39 million troy ounce NI 43-101 compliant resource) of Anglo Gold / B2Gold, for which a 2012 $ 36.9 million prefeasibility budget was recently announced. The claim area is underlain completely by rocks of the Antioquia Batholith, and is crossed by east-west, northeast and southeast trending faults. Faulting is believed to be the control of mineralization at the Gramalote Gold Deposit. Geological reconnaissance comprising stream sediment sampling has been completed by Company staff. Results have identified gold and silver anomalies located in three distinct, non-adjacent areas. Follow up work is planned for the near future.
Heliconia Gold Project : 4,291 hectares located within the Cauca-Romeral Fault Zone, approximately 12 kilometers north along strike from the Titiribi District. The claim area is underlain on the west by the Arquia Complex of amphibolites and basic schists, and to the east by faults slivers of diorite, gabbro and sediments. Stream sediment sampling has identified three large zones anomalous for silver and gold. A follow up program is scheduled for the near future.
Other areas solicited include: the Filadelfia Project ( 495 hectares located in Caldas Department) and Anserma Project ( 105 hectares located in Risaralda Department), both located near the Batero / Seafield exploration areas. The Charala-Oiba Project ( 3,613 hectares located in Santander Department ). The Salento West Project ( 495 hectares) and the San Pacho South Project ( 498 hectares ) both located in Quindio Department and in the vicinity of the La Colosa disseminated gold deposit of AngloGold Ashanti. Additional field work is being planned.
Exploration Manager
The Company is pleased to announce the appointment of Christopher Baldys as Exploration Manager. Mr. Baldys has extensive experience in precious and base metals exploration, drill target definition and familiarity with the Colombian mining industry. He recently completed a National Instrument 43-101 Technical Report for Batero Gold Corporation on the Quinchia Concession in Colombia. Mr. Baldys has significant project experience, having managed several large drill programs which include:
IMA Exploration Inc.: The Hushamu copper-moly-gold-rhenium porphyry deposit, British Columbia
Hard Creek Nickel Corporation: nickel sulphide deposit and PGE-Cu deposit, British Columbia
Argosy Mining Corporation: epithermal gold deposit, Kremnica, Slovakia
Central Asia Goldfields Corporation: mesothermal and epithermal gold deposits in Kazakhstan
Kerr Addison Mines: generation of epithermal gold-silver targets in the Yukon Territory
Mr. Baldys has a M. Eng. degree from AGH University of Mining and Metallurgy, Cracow, Poland and is a member of the Association of Professional Engineers and Geoscientists of British Columbia, Canada. Mr. Baldys is a Qualified Person as defined under National Instrument 43-101.
Mr. Paul Pelke, consulting geologist and a Qualified Person under NI 43-101, has reviewed the content of this press release.
On Behalf of the Board of Directors of Caerus Resource Corporation.
Adrian F.C. Hobkirk, President and Chief Executive Officer – adrianh@resourceexploration.com
For further information, contact Adrian Hobkirk at 714-316-3272, toll free 855-894-4524 or email: adrianh@resourceexploration.com or Allan Feldman at AJF Consultants Ltd. at 604-948-9663 or email: AJFConsultants@aol.com.
The TSX Venture Exchange has not reviewed the content of this News Release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this News Release. This news release contains certain “ forward- looking statements ” within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward- looking statements. Forward-looking statements are based upon opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors which could cause actual results to differ materially from those projected in the forward looking statements. The reader is cautioned not to place undue reliance on forward-looking statements. The transaction described in this News Release is subject to a variety of conditions and risks which include but are not limited to: regulatory approval, shareholder approval, market conditions, legal due diligence for claim validity, financing, political risk, security risks at the property locations and other risks. As such, the reader is cautioned that there can be no guarantee that this transaction will complete as described in this News Release. We seek safe harbour.
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January 24, 2012Print PDF
Vancouver, British Columbia – Caerus Resource Corporation (the “Company”) (TSX-V:CA) announces that it will be sending in an application to the TSX Venture Exchange to extend the warrant expiry date by one year to purchase up to 4,235,000 common shares at a repriced exercise price of $0.23 per share. These warrants were issued in connection with a private placement announced on January 19, 2010 and amended on February 8, 2010 and are scheduled to expire on February 24, 2012.
On Behalf of the Board of Directors of Caerus Resource Corporation.
Adrian F.C. Hobkirk, President and Chief Executive Officer – adrianh@resourceexploration.com
For further information, contact Adrian Hobkirk at 714-316-3272, toll free 855-894-4524 or email: adrianh@resourceexploration.com or Allan Feldman at AJF Consultants Ltd. at 604-948-9663 or email: AJFConsultants@aol.com.
The TSX Venture Exchange has not reviewed the content of this News Release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this News Release. This news release contains certain “ forward- looking statements ” within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward- looking statements. Forward-looking statements are based upon opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors which could cause actual results to differ materially from those projected in the forward looking statements. The reader is cautioned not to place undue reliance on forward-looking statements. The transaction described in this News Release is subject to a variety of conditions and risks which include but are not limited to: regulatory approval, shareholder approval, market conditions, legal due diligence for claim validity, financing, political risk, security risks at the property locations and other risks. As such, the reader is cautioned that there can be no guarantee that this transaction will complete as described in this News Release. We seek safe harbour.
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Vancouver, British Columbia – Caerus Resource Corporation (the “Company”) (TSX-V:CA) is pleased to announce the closing of the Buritica West Gold Project in Antioquia, Colombia. The 326 hectare project is strategically located immediately adjacent to the Buritica Project of Continental Gold. Work completed by Continental Gold has identified a significant gold/silver/zinc discovery contained within the Yaragua and Veta Sur vein systems. These west-trending vein systems are located immediately east of the Buritica West Gold Project. The title was registered in at the Ingeomanis Office in Bogota.
The Buritica West Project covers the “Cataclastic Tonalite” phase of the Sabanalarga Batholith, which is the intrusive border phase and is sheared, diked, veined and altered. Work completed to date by Caerus includes a Mobile Metallic Ion soil sample program – an SGS Laboratories proprietary technique. Results have identified zones of gold-silver mineralization immediately west of the Yaragua and Veta Sur vein system locations, within the boundary of the Buritica West Gold Project. These anomalies are located along strike of the respective vein systems under development by Continental Gold. A strong northwest trending anomaly of up to 180 meters wide is located at the San Agustin area in the northern portion of the project, and will likely be the first drill target. A second zone located farther south at the La Mina area is a follow up target. A geological team is currently in the field completing a deep auger program to further define the areas of interest. Only one third of the project has been evaluated and further reconnaissance is planned for the remaining areas. A MAG/IP program is also being scheduled. The Environmental Guide for the project has been completed and drill permits are expected within the month of December.
Mr. Paul Pelke, a Qualified Person under NI 43-101, and a consulting geologist to the Company has reviewed the content of this press release.
On Behalf of the Board of Directors of Caerus Resource Corporation.
Adrian F.C. Hobkirk, President and Chief Executive Officer – adrianh@resourceexploration.com
For further information, contact Adrian Hobkirk at 714-316-3272, toll free 855-894-4524 or email: adrianh@resourceexploration.com or Allan Feldman at AJF Consultants Ltd. at 604-948-9663 or email: AJFConsultants@aol.com.
The TSX Venture Exchange has not reviewed the content of this News Release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this News Release. This news release contains certain “ forward- looking statements ” within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward- looking statements. Forward-looking statements are based upon opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors which could cause actual results to differ materially from those projected in the forward looking statements. The reader is cautioned not to place undue reliance on forward-looking statements. The transaction described in this News Release is subject to a variety of conditions and risks which include but are not limited to: regulatory approval, shareholder approval, market conditions, legal due diligence for claim validity, financing, political risk, security risks at the property locations and other risks. As such, the reader is cautioned that there can be no guarantee that this transaction will complete as described in this News Release. We seek safe harbour.
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October 20, 2011Print PDF
“Not for distribution to U.S. newswire services or for dissemination in the United States.”
Vancouver, British Columbia – Caerus Resource Corporation (the “Company”) (TSX-V:CA) is pleased to announce a non-brokered private placement of up to ten million units at a price of $0.25 per unit, for total gross proceeds of up to $2,500,000.00. Each unit is comprised of one common share of the Company and one non-transferable common share purchase warrant. Each non-transferable common share purchase warrant allows the holder to purchase an additional common share of the Company at a price of $ 0.35 per share for a period of two years from the date of closing of the non-brokered private placement.
The units issued with respect to the offering will be subject to a four month hold period in accordance with applicable Canadian Securities Laws. A portion of the private placement may be subject to a finder’s fee that may be payable in cash and warrants with respect to certain private placement subscribers and in accordance with the policies of the TSX Venture Exchange. The non-brokered private placement is subject to the approval of the TSX Venture Exchange and required regulatory approvals. The finder’s fee warrants are subject to the same terms.
Caerus Resource Corporation is a mineral exploration Company focused exclusively on developing precious metals assets in Colombia, South America. The Company has a full time office in Medellin, Colombia.
Proceeds from the private placement will be used to fund the acquisition and exploration of the Buritica West Gold Project, the El Cafetal Gold Mine, and for the evaluation of other acquisitions.
The Buritica West Gold Project is strategically located in Antioquia, Colombia, and adjacent to the Buritica Project, owned by Continental Gold. Continental Gold is currently drilling a 100,000 meter program on the adjacent property. Caerus is now conducting follow up work to compliment a Mobil Metallic Ion sample program (SGS Laboratories proprietary technique) completed earlier this year, and in advance of an anticipated drill program.
The El Cafetal Gold Mine is located in Valparaiso District, Colombia. The project has been extensively evaluated by the Company, with work including MMI sampling, adit and tunnel sampling, and a recently completed MAG/IP program. Pending results of the MAG/IP program, a drill program will be conducted at the project.
On Behalf of the Board of Directors of Caerus Resource Corporation.
Adrian F.C. Hobkirk, President and Chief Executive Officer – Ahobkirk@resourceexploration.com
For further information, contact Adrian Hobkirk at 714-316-3272, toll free 855-894-4524 or email: Ahobkirk@resourceexploration.com or Allan Feldman at AJF Consultants Ltd. at 604-948-9663 or email: AJFConsultants@aol.com .
The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
The TSX Venture Exchange has not reviewed the content of this News Release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this News Release. This news release contains certain ” forward- looking statements ” within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward- looking statements. Forward-looking statements are based upon opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors which could cause actual results to differ materially from those projected in the forward looking statements. The reader is cautioned not to place undue reliance on forward-looking statements. The transaction described in this News Release is subject to a variety of conditions and risks which include but are not limited to: regulatory approval, shareholder approval, market conditions, legal due diligence for claim validity, financing, political risk, security risks at the property locations and other risks. As such, the reader is cautioned that there can be no guarantee that this transaction will complete as described in this News Release. We seek safe harbour.
“Not for distribution to U.S. newswire services or for dissemination in the United States.”
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October 18, 2011Print PDF
Vancouver, British Columbia – Caerus Resource Corporation (TSX-V:CA) (the “Company”) is pleased to announce that the concession contract for the Buritica West Gold Project, Antioquia, Colombia, has been signed by the Governor of Antioquia. The Buritica West Gold Project is located immediately adjacent to the Buritica Project of Continental Gold. Work completed by Continental Gold has identified a significant gold/silver/zinc discovery contained within the Yaragua and Veta Sur vein systems. These west-trending vein systems are located immediately east of the Buritica West Gold Project. A Mobile Metallic Ion soil sample program (SGS Laboratories proprietary technique) was recently completed by the Company and has identified zones of gold-silver mineralization immediately west of the Yaragua and Veta Sur vein system locations, within the boundary of the Buritica West Gold Project under option to the Company. Although most of the area is soil covered, reconnaissance exploration has discovered exposed mineralization in the creeks including veins and breccias. The Buritica West Project covers the “Cataclastic Tonalite” phase of the Sabanalarga Batholith, which is the intrusive border phase and is sheared, diked, veined and altered.
The title opinion, provided by Jimenez and Ulloa, Abagados of Bogota, Colombia, clearly states the concession contract for the Buritica West Gold Project was signed by the Governor of Antioquia on January 31, 2011, and is a valid concession contract. All concession contracts are registered in the National Mineral Registry immediately after signing. The delay in title registration has been due to a 12 centimeter overlap of the concession contract, which represents 0.00087% of the total land area. The correction will be made by an addendum to the concession contract and the addendum will be
submitted with the concession contract for registration. As the title is valid, the Company will be filing all documents with the TSX Venture Exchange to close this acquisition.
Closing is subject to the approval of the TSX Venture Exchange.
The Company is initiating the next phase of exploration at Buritica West, which will include Mobile Metallic Ion surface soil sampling over the southern part of the concession, an area that is unexplored, and a MAG/IP program over the entire concession to delineate drill targets. The Company will also concurrently apply for drill permits. Work is also underway at the Buritica North Gold Project, located immediately north of and adjacent to the Buritica West Gold Project. Mobile Metallic Ion soil sample profiles are presently being completed at this location.
Dr. A. D. Drummond, Professional Engineer, and a Qualified Person under NI 43-101,
has reviewed the content of this press release.
On Behalf of the Board of Directors of Caerus Resource
Corporation.
Adrian F.C. Hobkirk,President and Chief Executive Officer – adrianh@resourceexploration.com
For further information, contact Adrian Hobkirk at 714-316-3272,
toll free 855-894-4524 or email: adrianh@resourceexploration.com or
Allan Feldman at AJF Consultants Ltd. at 604-948-9663 or email: AJFConsultants@aol.com.
The TSX Venture Exchange has not reviewed the content of this News Release and
therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this News Release. This news release contains certain “ forward- looking statements ” within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward- looking statements. Forward-looking statements are based upon opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors which could cause actual results to differ materially from those projected in the forward looking statements. The reader is cautioned not to place undue
reliance on forward-looking statements. The transaction described in this News Release is subject to a variety of conditions and risks which include but are not limited to: regulatory approval, shareholder approval, market conditions, legal due diligence for claim validity, financing, political risk, security risks at the property locations and other risks. As such, the reader is cautioned that there can be no guarantee that this transaction will complete as described in this News Release. We seek safe harbour.
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September 28, 2011Print PDF
Vancouver, British Columbia – Caerus Resource Corporation (TSX-V: CA) (the “Company”) announces the granting of options to a Director entitling the Director to purchase up to 150,000 shares at a price of $0.29 per share for a period of five years, in accordance with the Company’s stock option plan.
On Behalf of the Board of Directors of Caerus Resource Corporation.
Adrian F.C. Hobkirk, President and Chief Executive Officer –
adrianh@resourceexploration.com
For further information, contact Adrian Hobkirk at 714-316-3272, toll free 855-894-4524 or email: adrianh@resourceexploration.com or Allan Feldman at AJF Consultants Ltd. at 604-948-9663 or email: AJFConsultants@aol.com.
The TSX Venture Exchange has not reviewed the content of this News Release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this News Release. This news release contains certain “ forward- looking statements ” within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward- looking statements. Forward-looking statements are based upon opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors which could cause actual results to differ materially from those projected in the forward looking statements. The reader is cautioned not to place undue reliance on forward-looking statements. The transaction described in this News Release is subject to a variety of conditions and risks which include but are not limited to: regulatory approval, shareholder approval, market conditions, legal due diligence for claim validity, financing, political risk, security risks at the property locations and other risks. As such, the reader is cautioned that there can be no guarantee that this transaction will complete as described in this News Release. We seek safe harbour.
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September 27, 2011Print PDF
Vancouver, British Columbia – Caerus Resource Corporation (TSXV.CA) (the “Company”) is pleased to announce the appointment to the Board of Directors of Ms. Blanca Stella Frias, a citizen of Colombia, to the position of Vice-President and Director. Ms Frias will act as country manager and legal representative for the Company in Colombia.
Ms. Frias is native to Colombia, and has worked on the ground in the Latin American mining scene for more than 20 years. With extensive knowledge of South American communities, she began her career by creating her own private company to consult in a number of small mining districts throughout Venezuela and Guyana. Ms. Frias has worked for companies such as Gold Reserve de Venezuela (a subsidiary of Gold Reserve Inc.), the NOA Foundation in Catamarca, Argentina, Greystar Resources, Terramundo Drilling, Minera Providencia (a Colombian subsidiary of Minera Andes), and Revemin II CA (Venezuelan subsidiary of Crystallex International). During this time period, Ms. Frias gained recognition as a community leader and CSR specialist.
Ms. Frias recently held the position of Administration and Community Relations Manager for Ventana Gold Corporation ( VEN.T ). She was a key member of the management team which developed Ventana from an exploration company to a company having successfully defined a world class gold deposit at La Bodega, Colombia. The result was a $ 1.4 billion dollar market buyout by AUX Canada Acquisition Inc., for Ventana’s gold assets in Colombia.
Ms. Frias will be based out of the Company offices in Medellin, Colombia, which is in close proximity to the El Cafetal and Buritica West Gold Projects currently under evaluation by the Company.
Mr. Adrian F.C. Hobkirk, President and Chief Executive Officer of Caerus, is quoted as saying “We are very pleased to be able to retain the key participation at the board level of Ms. Frias. Her extensive experience and success-oriented drive will be a great asset to Caerus“.
On Behalf of the Board of Directors of Caerus Resource Corporation.
Adrian F.C. Hobkirk, President and Chief Executive Officer – adrianh@resourceexploration.com
For further information, contact Adrian Hobkirk toll free at 855-894-4524, 714-316-3272 or email: adrianh@resourceexploration.com or Allan Feldman at AJF Consultants Ltd. at 604-948-9663 or email: AJFConsultants@aol.com.
The TSX Venture Exchange has not reviewed the content of this News Release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this News Release. This news release contains certain “ forward- looking statements ” within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward- looking statements. Forward-looking statements are based upon opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors which could cause actual results to differ materially from those projected in the forward looking statements. The reader is cautioned not to place undue reliance on forward-looking statements. The transaction described in this News Release is subject to a variety of conditions and risks which include but are not limited to: regulatory approval, shareholder approval, market conditions, legal due diligence for claim validity, financing, political risk, security risks at the property locations and other risks. As such, the reader is cautioned that there can be no guarantee that this transaction will complete as described in this News Release. We seek safe harbour.
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September 8, 2011Print PDF
Vancouver, British Columbia – Caerus Resource Corporation (TSX-V:CA) (“The Company”) is pleased to report completing a formal agreement with the owner of the El Cafetal Gold Mine in Colombia, and also on further exploration results from the project area.
New Adits Sampled
Work to date, which includes surface and underground sampling, has identified a mineralized zone measuring up to 300 by 600 meters in extent, with indications of possible extensions east and west of the zone. Minera Ophir geologists sampled four recently discovered prospecting adits within the identified mineralized zone. The adits follow the structural/mineralization trend. The eight samples were comprised of a one meter channel sample across the vein and a sample of the visible vein only.
To view table, see attached PDF.
Samples were submitted to Inspectorate Labs in Reno, Nevada, for analytical process “GENX-10”, which consists of gold by one assay-ton fire assay with an Atomic Absorption finish, Ag-Cu-Mo-Pb-Zn-As-Sb-Bi by aqua regia digestion atomic absorption analysis, and Hg by cold vapor Atomic Absorption. Over-limit gold was re-assayed using gravimetric finish.
Minera Ophir is completing a geophysical program over the area and applying for environmental permits for a first stage drilling program of approximately 3000 meters in the main mineralized area. The geophysical program will consist of ground magnetometry and radiometrics complementary to an induced polarity (IP) survey intended to outline the extent of the sheeted vein/veinlet system. The first stage drilling program will be designed to provide more assay information about the potential for bulk-mineable gold mineralization.
Formal Agreement Completed
The Company is pleased to announce that its wholly-owned subsidiary, Minera Ophir SAS, has signed a definitive option contract with Inversiones Midas Ltda. for the El Cafetal concession which is located in Antioquia, Colombia.
The agreement with Inversiones Midas calls for seven semi-annual payments of USD $100,000 upon and after approval of the agreement by the TSX Venture Exchange. At the end of the option period, Minera Ophir can obtain 90% of the mineral rights by making a final payment of USD $800,000. The option may be exercised at any time if accompanied by the remaining semi-annual installments. In addition, Inversiones Midas will receive 450,000 shares of Caerus Resources subject to TSX limitations on the distribution, and Minera Ophir has agreed to be responsible for the settlement of an outstanding labor dispute between Midas and a former employee who is currently employed by Minera Ophir. The remaining 10% of the mineral rights may be purchased from Inversiones Midas for a price equal to $10 per ounce of gold in NI 43-101 compliant Proven Reserves before initiation of mine construction.
Negotiation of this Formal Agreement was delayed due to title issues. Obstructions to the title included a pre-existing production contract which was in default, a title embargo due to a labor dispute, a second lawsuit for non-payment of an easement agreement, and the filing with the authorities of an unacceptable Work and Investment Plan by the owner (“PTO”). Minera Ophir has worked closely with the owner to resolve all of the above, including filing a Work and Investment Plan with the Antioquia Division of Mines which has been accepted for review. The Company is completing a title review of the project, and will be filing the required documents with the TSX Venture Exchange for approval of the transaction.
Dr. A.D. Drummond, Ph.D., P.Eng., a qualified person under NI 43 101, has reviewed the contents of this press release.
On Behalf of the Board of Directors of Caerus Resource Corporation.
Adrian F.C. Hobkirk, President and Chief Executive Officer – adrianh@resourceexploration.com
For further information, contact Adrian Hobkirk toll free at 855-894-4524, 714-316-3272 or email: adrianh@resourceexploration.com.
The TSX Venture Exchange has not reviewed the content of this News Release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this News Release. This news release contains certain “ forward- looking statements ” within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward- looking statements. Forward-looking statements are based upon opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors which could cause actual results to differ materially from those projected in the forward looking statements. The reader is cautioned not to place undue reliance on forward-looking statements. The transaction described in this News Release is subject to a variety of conditions and risks which include but are not limited to: regulatory approval, shareholder approval, market conditions, legal due diligence for claim validity, financing, political risk, security risks at the property locations and other risks. As such, the reader is cautioned that there can be no guarantee that this transaction will complete as described in this News Release. We seek safe harbour.
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August 16, 2011Print PDF
Vancouver, British Columbia – Caerus Resource Corporation (TSX-V:CA) (the “Company”) is pleased to announce the closing of the Second Tranche of 885,714 units and the Third Tranche of 72,510 units of the non-brokered Private Placement announced May 10, 2011 and June 23, 2011 raising gross proceeds of $335,378.50 .
Each unit was priced at $0.35 per unit and was comprised of one common share and a two year share purchase warrant entitling the holder to acquire an additional common share at a price of $0.45 per share for a period of two years from the date of closing. The First Tranche was closed on June 24, 2011. The Second Tranche was closed on August 12, 2011. The Third Tranche was closed on August 12, 2011. The Second Tranche units are subject to a hold period expiring December 13, 2011. The Third Tranche units are subject to a hold period expiring December 13, 2011. No commissions were payable.
On Behalf of the Board of Directors of Caerus Resource Corporation,
Adrian F.C. Hobkirk, President and Chief Executive Officer – adrianh@resourceexploration.com
For further information, contact Adrian Hobkirk at 714-316-3272, toll free 855-894-4524 or email: adrianh@resourceexploration.com.
The TSX Venture Exchange has not reviewed the content of this News Release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this News Release. This news release contains certain “ forward- looking statements ” within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward- looking statements. Forward-looking statements are based upon opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors which could cause actual results to differ materially from those projected in the forward looking statements. The reader is cautioned not to place undue reliance on forward-looking statements. The transaction described in this News Release is subject to a variety of conditions and risks which include but are not limited to: regulatory approval, shareholder approval, market conditions, legal due diligence for claim validity, financing, political risk, security risks at the property locations and other risks. As such, the reader is cautioned that there can be no guarantee that this transaction will complete as described in this News Release. We seek safe harbour
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