VVC Exploration Provides Mexican Projects Update
31 12월 2013 - 10:00PM
Marketwired
VVC Exploration Provides Mexican Projects Update
TORONTO, ONTARIO--(Marketwired - Dec 31, 2013) - VVC Exploration
Corporation (TSX-VENTURE:VVC) ("VVC" or the "Company") is pleased
to announce that the December 6, 2013 edition of the Juarez Journal
in Juarez, Chihuahua State, MX., reported that the head of the
National Commission of Natural Protected Areas ("CONAP"), Luis
Fueyo MacDonald, "promised to make adjustments to the Program
Management Protected Area to allow Samalayuca Copper Mining Company
("Samalayuca") to start exploration and exploitation of their Kaity
claim." The property is located in northern Chihuahua State, MX.,
approximately 60 km to the south of Juarez. This is one of the last
hurdles in our process of obtaining all the necessary permits for
the start of production at the Samalayuca copper project.
VVC owns 33.75% of
Samalayuca and is focusing its efforts on starting production in
2014. VVC President, Jim Culver, pointed out that "this
announcement from CONAP increases our confidence that all necessary
governmental permits and land use change will be in place by the
end of the first quarter of 2104 allowing the start of copper
production during 2014." Culver noted that "Samalayuca continues to
be strongly supported by the local community in this process."
Firex SA, a Mexican
company, specializing in construction and operation of open pit
mining projects, who own 25% of Samalayuca, has signed a contract
with Samalayuca to manage the mining and copper production process
and will provide up to $7 million in start-up loans to the company.
MacDonald's announcement will allow Firex to finalize their
planning so that work could commence on the first heap leach pad
and pit in the second quarter of 2014.
Given the near term
nature of the project, VVC is negotiating with potential lenders
who will lend against copper production from Samalayuca. VVC is
committed to provide up to $2 million to pay for the permits,
exploration and management at Samalayuca and has already advanced
approximately $261,000.
The Company also
announces that it has received notice of termination from
Exploración Río Placer S. A. de C. V. ("Rio Placer") regarding the
option for the mining rights of the La Tuna property, located in
northern Sinaloa State, Mexico. Rio Placer had agreed to pay
US$3,220,000 plus applicable taxes over a 12 year period, subject
to a 1% NSR royalty to VVC, to acquire 100% of the property. VVC
will evaluate the property in early 2014, to decide on further
exploration or marketing as a JV opportunity.
The Company's
Financial Statements for the Third Quarter ended October 31st, 2013
and the Management's Discussion and Analysis for the same period
have been filed on SEDAR and can be accessed at www.sedar.com.
About VVC Exploration
Corporation
VVC is a Canadian
exploration and mining company with projects in Mexico and Canada,
which includes a near production copper prospect in Chihuahua
State, and gold and silver prospects in Sonora and Sinaloa States,
Mexico. The Company also has a grassroots gold/VMS prospect in the
Timmins area of northern Ontario. VVC is aggressively seeking to
convert its near production copper project, Samalayuca, to pilot
scale production, then full production.
On behalf of the Board of Directors
Michel J. Lafrance, Secretary-Treasurer
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
This news
release contains "forward-looking information" (within the meaning
of applicable Canadian securities laws) and "forward-looking
statements" (within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995). Such statements or information are
identified with words such as "anticipate", "believe", "expect",
"plan", "intend", "potential", "estimate", "propose", "project",
"outlook", "foresee" or similar words suggesting future outcomes or
statements regarding an outlook. Such statements include, among
others, those concerning the Company's anticipated plans for the
Samalayuca Copper Project.
Such
forward-looking information or statements are based on a number of
risks, uncertainties and assumptions which may cause actual results
or other expectations to differ materially from those anticipated
and which may prove to be incorrect. Assumptions have been made
regarding, among other things, management's expectations regarding
future growth, plans for and completion of projects by Company's
third party relationships, availability of capital, and the
necessity to incur capital and other expenditures. Actual results
could differ materially due to a number of factors, including,
without limitation, operational risks in the completion of
Company's anticipated projects, delays or changes in plans with
respect to the development of Company's anticipated projects by
Company's third party relationships, risks affecting the ability to
develop projects, risks inherent in operating in foreign
jurisdictions, the ability to attract key personnel, and the
inability to raise additional capital. No assurances can be given
that the efforts by Company will be successful. Additional
assumptions and risks are set out in detail in the Company's
MD&A, available on SEDAR at www.sedar.com.
Although the
Company believes that the expectations reflected in the
forward-looking information or statements are reasonable,
prospective investors in the Company's securities should not place
undue reliance on forward-looking statements because the Company
can provide no assurance that such expectations will prove to be
correct. Forward-looking information and statements contained in
this news release are as of the date of this news release and the
Company assumes no obligation to update or revise this
forward-looking information and statements except as required by
law.
VVC Exploration CorporationPatrick FernetVice-President(514)
631-2727pfernet@vvcexploration.com
VVC Exploration (TSXV:VVC)
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