Avrupa Minerals Provides Exploration Update and AGM Results
- Active exploration by partners underway.
- Properties being advanced to "option ready" status.
- Potential JV Partners visit properties in Kosovo and Portugal.
- AGM results positive.
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/06/13 -- Avrupa
Minerals Ltd. (TSX VENTURE:AVU)(FRANKFURT:8AM) is pleased to provide
an update on exploration activities in Portugal, Kosovo and Germany,
and provide the results of its Annual General Meeting.
Avrupa's main source of exploration funding comes from its partners
on two projects in Portugal. Avrupa has recently conducted tours of
various projects in Kosovo and Portugal with four potential joint
venture partners and it is expected that at least one project will be
optioned out during the summer of 2013. The Company is focused on
finding new mineral exploration properties, advancing them with early
stage exploration to determine if they are attractive targets, and
then optioning them out to third parties who can earn a share of the
project by conducting advanced exploration and development programs.
Exploration Properties currently under option
Alvalade Project (894.8 km2) - Antofagasta Minerals S.A.
(Antofagasta) -- Iberian Pyrite Belt, Southern Portugal
Antofagasta completed a US$300,000 initial study of the project in
2011 and then signed an option agreement to earn a 51% interest in
Alvalade licenses by spending US$4 million on exploration over four
years. As of March 31, 2013, Antofagasta had spent approximately $2.9
million since the start-up of the initial study on exploration on the
Alvalade Project. We expect Antofagasta to spend a further $1.4
million on the project in 2013, mainly on drilling. The main target
at Alvalade is economic copper mineralization.
Antofagasta can also earn an additional 24% interest in the project
by completing a feasibility study on the project within five years.
Antofagasta is a wholly owned subsidiary of Antofagasta plc whose
main operations are in Chile where it owns and operates four copper
mines, which in 2012 produced 709,600 tonnes of copper, 299,900
ounces of gold and 12,200 tonnes of molybdenum.
Covas Project (19.5 km2) - Blackheath Resources Inc. -- Tungsten/Gold
Belt, Northern Po
Blackheath fulfilled its commitment to earn a 51% interest in the
Covas Property by spending EUR300,000 prior to March 20, 2013.
Blackheath can also earn an additional 19% of Covas by spending
EUR700,000 on exploration at Covas by March 20, 2014, and a further
15% by completing a pre-feasibility study by March 20, 2016. We
expect Blackheath to continue funding the exploration program at
Covas in 2013, mainly for drill targeting and core drilling.
Blackheath is led by an experienced management team that has
successfully advanced and sold tungsten projects in Portugal in the
Exploration Properties ready to be optioned to partners
Portugal - Alvito, Arga
Avrupa has completed early stage work on the Arga tungsten/gold
project (27.9 km2) in Northern Portugal and is working to option out
We have just completed a site visit to the Alvito license (988.9 km2)
and expect to have at least one more visit from a potential partner
around the end of June. In addition, the government of Portugal will
issue a new Marateca license to Avrupa in the near future. The
license is also ready for site visits by potential partners. Avrupa
hopes to option out one of these copper-focused projects soon enough
to commence new work during the present field season.
Kosovo - Slivovo, Glavej, Kamenica, Selac, and Koritnik
Avrupa has completed sufficient early stage exploration work at its
projects in Kosovo to option them out to a partner as a group or as
individual projects. Over the past year, four potential partners have
visited the sites, and it is possible that these projects will be
optioned out soon. These projects are prospective for gold, silver
and base metals.
Exploration Properties in the pipeline
Portugal - Arcas, Candedo, Sabroso and Sines.
Avrupa recently acquired the Candedo (52.4 km2), Sabroso (11.4 km2),
and Arcas (75.8 km2) properties in Northern Portugal and has
completed some early stage sampling and prospecting on these
projects. Further work is underway to assess and prepare these
projects to be advanced to joint venture ready status. These projects
have the potential for gold, silver and tungsten mineralization.
The Sines project (160 km2) is located at the northwestern extent of
the Iberian Pyrite Belt in Portugal. Avrupa acquired the license in
late 2012 in an area of the Belt that has seen little previous
Germany - Erzgebirge Property
Avrupa has spent approximately $180,000 on exploration on the 307 km2
Erzgebirge Property in eastern Germany, including 550 soil samples
and 255 rock samples, and has earned an 85% interest in the project.
The Project is an attractive intrusion-related gold target with
significant anomalies in an area that has not been explored for gold
but has been previously mined for tin, silver, base metals, and
uranium among other commodities.
Annual General Meeting Results
Avrupa completed its Annual General Meeting whereby its Directors
were re-elected, Paul Kuhn was re-appointed as the President and
Chief Executive Officer, and Winnie Wong was re-appointed as the
Chief Financial Officer and Corporate Secretary. All agenda items
passed with 99% or better in favour.
Avrupa Minerals Ltd. is a growth-oriented junior exploration and
development company focused on discovery, using a prospect generator
model, of valuable mineral deposits in politically stable and
prospective regions of Europe, including Portugal, Kosovo, and
The Company currently holds 16 exploration licenses in three European
countries, including 10 in Portugal covering 2,276 km2, five in
Kosovo covering 153 km2, and one in Germany covering 307 km2. Avrupa
operates two joint ventures in Portugal, covering four of the
-- The Alvalade JV, with Antofagasta, covering three licenses in the
Iberian Pyrite Belt of southern Portugal, for copper rich massive
sulfide deposits; and
-- The Covas JV, with Blackheath Resources, covering one license in
northern Portugal, for intrusion-related gold-tungsten deposits.
Avrupa is currently upgrading precious and base metal targets to
JV-ready status in a variety of districts on their other licenses,
with the idea of attracting potential partners to project-specific
and/or regional exploration programs.
On behalf of the Board,
Paul W. Kuhn, President & Director
This news release was prepared by Company management, who take full
responsibility for its content. Paul W. Kuhn, President and CEO of
Avrupa Minerals, a Licensed Professional Geologist and a Registered
Member of the Society of Mining Engineers, is a Qualified Person as
defined by National Instrument 43-101 of the Canadian Securities
Administrators. He has reviewed the technical disclosure in this
Neither 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.
Avrupa Minerals Ltd.
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