Azul Accelerates Earn-in on Portion of La Higuera Property
TORONTO, ONTARIO -- (Marketwire) -- 11/09/12 -- Azul Ventures Inc.
("Azul", or the "Company") (TSX VENTURE:AZL) is pleased to announce
that it has entered into an agreement to amend the purchase option
agreement with Inversiones y Mineria Andale Limitada ("Andale"), one
of the six option agreements the Company has on the La Higuera
Property. The amended agreement eliminates the remaining cash
payments totaling US$575,000 in exchange for the issuance of an
additional 200,000 common shares and the accelerated issuance of the
remaining 500,000 common shares provided in the original option
Under the original agreement, the Company was required to make 3
remaining payments totaling US$575,000 between December 15, 2012 and
July 4, 2014 and issue a total of 500,000 common shares of Azul, in
two equal tranches, on or before July 1, 2013 and July 1 2014. The
amended agreement instead calls for the immediate issuance of 700,000
Azul common shares, following TSX Venture Exchange (the "Exchange")
approval. Upon the issuance of the 700,000 common shares to Andale,
all conditions for Azul to have earned a 100% interest in all of the
mining concessions that are subject to the Andale option agreement
shall have been fulfilled. The Andale option agreement concessions
cover approximately 1,000 of the 1,230 hectare La Higuera Property.
The amendment remains subject to all regulatory approval, including
the approval of the Exchange.
The amended agreement, which was signed before a notary on Tuesday,
November 6, 2012, has accelerated the purchase of the mineral titles
by Azul that were subject to the Andale option agreement. The amended
option agreement between the Company and Andale is with respect to
the exploration concessions referred to as "Withney", "Gloria" and
"Avril", with respect to the exploitation concessions referred to as
"Caballo Cinco 21 al 31", "Caballo Cinco 41 al 49", "Blanco Seis 21"
and "Blanco Seis 41 al 55" and with respect to mining exploitation
concession applications referred to as "Black 1 al 100", "Blanco 1 al
10", "Blanco 21", "Caballo Cinco, 1 al 17" and "Blanco Seis, 1 al 5".
A map of the La Higuera property, with the Andale concessions
highlighted, is provided below under Figu
David O'Connor, President and CEO, said, "The Company is pleased to
have been able to work with Andale to amend the terms of the option
agreement. We believe the revised terms demonstrate that Andale
shares some of the Company's enthusiasm surrounding the potential of
its La Higuera and Caballo Blanco properties, despite the difficult
financing environment currently being faced by the sector."
About Azul Ventures Inc.
Azul Ventures Inc. is a mineral exploration company with the rights,
through its wholly owned subsidiary Minera Azul Ventures Limitada, to
acquire a 100% interest in two prospective copper-iron properties in
La Higuera, Chile: the La Higuera Property and the Caballo Blanco
Property. The properties are located approximately 600 km north of
Santiago in a prolific I.O.C.G. belt surrounded by excellent
infrastructure in a mining friendly jurisdiction.
The La Higuera Property was assembled as a result of the first-time
consolidation of mining rights and covers a historic copper mining
district with mining activity dating back to at least the late 18th
century; however, there has been no known modern exploration
conducted on the property. Since the consolidation of the mining
rights in June of 2011, Azul has initiated a rock sampling program,
completed geophysical work which has generated intense magnetic and
chargeability anomalies coincident with existing copper workings,
finalized a 4,088 m drill program and an underground mapping and
The Caballo Blanco Property, which begins approximately 1 km
southwest of the La Higuera Property, has historical copper workings
and a total of 15 broad spaced reconnaissance holes were completed at
Caballo Blanco by previous option holders. The Company has received
and logged the core from these historical drill holes.
The Company has not independently verified the historical drilling
results on Caballo Blanco, and thus the drilling results should not
be relied upon by shareholders, potential investors or any other
individual or company. The Company is only using this historical
information to assist with the planning and prioritization of
Information set forth in this news release may involve
forward-looking statements under applicable securities laws.
Forward-looking statements are statements that relate to future, not
past, events. In this context, forward-looking statements often
address expected future business and financial performance, and often
contain words such as "anticipate", "believe", "plan", "estimate",
"expect", and "intend", statements that an action or event "may",
"might", "could", "should", or "will" be taken or occur, or other
similar expressions. All statements, other than statements of
historical fact, are forward-looking statements. By their nature,
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause our actual results,
performance or achievements, or other future events, to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such factors
include, among others, the following risks: the need for additional
financing; operational risks associated with mineral exploration;
market conditions; fluctuations in commodity prices; title matters;
environmental liability claims and insurance; reliance on key
personnel; the potential for conflicts of interest among certain
officers, directors or promoters with certain other projects; the
absence of dividends; competition; dilution; the volatility of our
common share price and volume and the additional risks identified in
the "Risk Factors" section of the Company's Filing Statement or other
reports and filings with the TSX Venture Exchange and applicable
Canadian securities regulations.
Forward-looking statements are made based on management's beliefs,
estimates and opinions on the date that statements are made and Azul
undertakes no obligation to update forward- looking statements if
these beliefs, estimates and opinions or other circumstances should
change, except as required by applicable securities laws. Investors
are cautioned against attributing undue certainty to forward-looking
To view the figure associated with this press release, please visit
the following link:
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 adequacy or accuracy of this release.
Azul Ventures Inc.
President and Chief Executive Officer
Press spacebar to pause and continue. Press esc to stop.