Miramont Announces that Kuya has Received Approval for New Processing Plant at Bethania Project
Vancouver, British Columbia--(Newsfile Corp. - August 25, 2020) - Miramont Resources Corp. (CSE: MONT) (OTCQB: MRRMF) (FSE: 6MR) ("Miramont" or the "Company") is pleased to announce that on Friday, August 21, 2020, through Kuya Silver Corp.'s ("Kuya") local joint venture entity, S&L Andes Export SAC ("S&L Andes"), Kuya received approval from the Regional Government of Huancavelica for the Estudio de Impacto Ambiental Semi Detallado (in English, the Semi Detailed Environment Impact Study (the "EIA")) for the Concesion de Beneficio Planta Bethania (in English, the Bethania processing plant project (the "Bethania Project")). The Bethania Project is a silver mine that has been in operation as a stand-alone mine with no processing capabilities, until being placed on care and maintenance in 2016. The EIA approval covers a plant design for 350 tonne per day crushing, grinding and flotation circuits, as well as a tailings storage facility and ancillary infrastructure.
Kuya entered into a share purchase agreement in 2017 to acquire an 80% interest in S&L Andes, the Peruvian company that owns the Bethania Project, under Kuya's direction and as a priority since 2018, S&L Andes has been undertaking permitting efforts for a first-ever on site processing plant.
Subject to completion of Miramont's proposed acquisition of all of the issued and outstanding shares of Kuya in exchange for shares of the Company (the "Resulting Entity") as set forth in a press release dated June 11, 2020 (the "Transaction"), it is expected that the Resulting Entity will be in a position to purchase the remaining 80% interest in S&L Andes shortly thereafter.
Mr. David Stein, Founder and President of Kuya commented, "The approval of the EIA for the Bethania Project is a major accomplishment by our Peruvian team and partners, and for Kuya. In addition, I would like to acknowledge the support of the Poroche community, which has been important to achieving this milestone. Not only is the permit a critical step in restarting production from the Bethania Project, but our team and stakeholders can take pride in our design for a modern, environmentally conscientious operation, particularly in terms of water usage, surface disturbance and overall efficiency."
The Transaction is subject to a number of conditions precedent including, without limitation, receipt of all required corporate and regulatory approvals (including shareholder approval and the approval of the Canadian Securities Exchange ("CSE")). Trading in the common shares of the Company will remain halted pending the satisfaction of all applicable requirements of the CSE. Miramont will issue a news release as soon as further details are available regarding the resumption of trading. There can be no assurance that trading in the common shares will resume prior to the completion of the Transaction.
On behalf of the Board of Directors,
MIRAMONT RESOURCES CORP.
Quinton Hennigh, Executive Chairman
This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward‐looking statements or information. More particularly and without limitation, this news release contains forward‐looking statements and information relating to the closing of the Transaction, the conditions to completing the Transaction, timing and receipt of regulatory and exchange approvals, and other matters. The forward‐looking statements and information are based on certain key expectations and assumptions made by management of the Company. As a result, there can be no assurance that the proposed Transaction will be completed as proposed or at all. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. The forward-looking statements in this press release include the Company's intentions regarding the completion of the Transaction. Since forward‐looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the Company's ability to continue operations if the Transaction is not completed, the Company's ability to raise further capital, the Company's ability to obtain regulatory and exchange approvals, and the Company's ability to complete the Transaction. Accordingly, readers should not place undue reliance on the forward‐looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
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