Carube Resources Completes Purchase of the Bellas Gate Copper-Gold Project in Jamaica
Toronto, Ontario--(Newsfile Corp. - January 17, 2014) - Miocene Metals Limited (“Miocene”) (TSXV: MII) and Carube Resources Inc. (“Carube”), a private Ontario based exploration company are pleased to jointly announce that Carube has concluded the purchase of the Bellas Gate Copper-Gold Project (BGP) in Jamaica. The purchase was facilitated by a US$900,000 private placement into Carube by OZ Exploration Pty Ltd. (“OZE”). The completion of the purchase will allow OZE, a wholly owned subsidiary of OZ Minerals Ltd. (“OZ”) to immediately begin exploration and drilling at the BGP. OZE's joint venture (“JV”) expenditures on the project will total up to C$6.5 million. Carube and Miocene continue working towards the business combination of the two companies as previously announced in the Miocene press release dated November 26, 2013.
The total purchase price of the BGP was $US1,660,300 including payments made by Carube over a period of three years. Carube also previously issued a total of 1,571,373 shares to the vendor who retains a 2% NSR royalty, 1% of which can be bought back under certain terms and conditions.
Dr. Vern Rampton P.Eng, President and CEO of Carube stated, “We are extremely pleased to have completed the 100% purchase of the Bellas Gate Project. This transaction is the catalyst for a number of initiatives; most importantly it allows OZE, a company with a proven track record of discovery success, to proceed with the joint venture." Dr. Rampton added, "Once the business combination of Miocene and Carube is complete, we can expect an immediate and steady stream of news coming from the Bellas Gate Project.”
The Bellas Gate Copper-Gold Project
The Bellas Gate Copper-Gold Project (“BGP”) consists of two Special Exclusive Prospecting Licences (“SEPLs”) covering 84 square kilometres of highly prospective Cretaceous geology in central Jamaica. The BGP contains two historic copper mines that operated on a limited basis in the early to mid-1800s and two historic porphyry copper-gold resources from drilling campaigns completed in the 1960s, 1980s and 1990s. Work to date, including compilation of historic data, geochemical surveying, mapping, sampling, trenching and drilling by Carube along with due diligence by OZE, have identified 14 quality prospects. The primary four drill ready copper-gold porphyry targets each have the potential to host an economic sized deposit.
Historic drill intersections on the property have yielded up to 0.56% copper and 0.23 grams gold per tonne over 166 metres at the Camel Hill porphyry target and 0.62% copper and 0.46 grams gold per tonne over 89 metres at the Connors porphyry target. Drilling by Carube in 2012 returned 0.37% Cu and 0.13 grams gold per tonne over 135 metres from drill hole CH12-01: at the Camel Hill porphyry (See Carube Press Release dated August 20, 2012).
The OZE Joint Venture
Under the terms of the BGP JV an initial phase of work by OZE will complete a minimum of C$500,000 of exploration expenditures. Work crews and equipment are already being mobilized and drilling is expected to start shortly. To earn a 70% interest in the BGP JV, OZE will be required to spend C$6.5 million on exploration and make payments to Carube of C$475,000 over 3.5 years. OZEs can then earn a further 10% interest by funding all work to the completion of a feasibility study.
The Business Combination
Miocene and Carube continue to work toward the business combination of the two companies (the “Combination”) as described in the Miocene press release dated November 26, 2013. The completion of the Combination will require fulfilment of certain conditions precedent, including but not limited to, execution of a definitive agreement and receipt of all necessary regulatory, third party and shareholder approvals. The final structure of the Combination will be determined after each of Miocene and Carube have had an opportunity to consider all tax and legal elements of the proposed Combination.
The Qualified Person responsible for the technical content of this press release is Dr. Vern Rampton, P.Eng, President and CEO of Carube Resources Inc.
Carube and Miocene invite you to come and join us at the Vancouver Resource Investment Conference Booth # 1711-January 19-20, 2014 and to attend our Corporate Presentation-Monday, January 20, 2014 11:40 am in Workshop 4.
About Miocene Metals Limited
Miocene is focused on the exploration of three 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.
About Carube Resources Inc.
Carube is a private company focussed on the rapid exploration and development of precious metal and copper projects in Jamaica. Its wholly owned subsidiary, Carube Resources Jamaica Ltd., owns a 100% interest in the Bellas Gate Project consisting of two highly prospective copper/gold/silver licences covering 84 square kilometres of the Central Inlier in Jamaica. The interest is subject to a 2% NSR. Carube also owns, subject to 2% NSRs, a 100% interest in Rodinia Jamaica Limited, which controls 4 additional licences covering a total of 176 square kilometres located mainly on three of Jamaica’s highly prospective Cretaceous Inliers. In addition, it has an option to earn a 100% interest in the Fiedmont platinum and palladium project north of Val d’Or, Quebec.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For Further Information
Miocene Metals Limited
Carube Resources Inc.
President and CEO
DISCLAIMERS AND FORWARD-LOOKING STATEMENTS
This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Miocene and Carube (collectively the “Corporations”), including, without limitation, those listed under "Risk Factors" and "Forward-Looking Statements" in Miocene’s Management Discussion and Analysis dated November 6, 2013 and other public filings (collectively, "forward-looking information"). Forward-looking information in this news release includes, but is not limited to, information concerning the Corporations’ expectations regarding the transaction and contemplated financings. The Corporations caution 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 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 Corporations do not assume any obligation to update or revise them to reflect new events or circumstances. The Corporations disclaim 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.
Completion of the Combination transaction between Carube and Miocene is subject to a number of conditions, including TSXV acceptance and disinterested shareholder approval. The transaction cannot close until the required shareholder approvals are obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the information circulars and/or filing statements to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Miocene should be considered highly speculative.
The TSXV has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.