LAS VEGAS, May 1, 2013 /PRNewswire/ -- Amarium Technologies
Inc. (OTC MARKETS: AMMG) released today that it has signed a Letter
of Intent (LOI) with Minerales Consolidados S.A. De C.V. (MCSA), to
acquire 100% of the Jovita Mine (Jovita). Jovita is a
producing copper concentrate mine operating in Michoacan, Mexico.
Under the terms of the Agreement, Amarium will acquire 100%
ownership of the Jovita Mine for aggregate expenditures of USD
$6.1 Million over the next 3 years.
Expenditures include a payment of USD $2.5
Million and 1 million shares of Amarium to MCSA, within 30
days of signing the acquisition agreement. Additional
payments of 1 million shares will also be issued to MCSA, 12 months
and 24 months after the acquisition agreement signing.
Amarium will also be required to spend USD $3 million in exploration activities on the
property over the proceeding 36 months. Also under the terms
of the agreement, MCSA will transition the management and operation
of the Jovita Mine to Amarium within 60 days after the signing of
the acquisition agreement.
"We are excited to have signed the LOI to purchase the Jovita
Mine, this is a major step forward in the expansion and development
of Amarium Minerals. Our team has been very focused on closing this
transaction for several months now," said Adam Carter, the President & CEO of Amarium,
"and Jovita is truly a rare opportunity that will expose our
shareholders to a growing copper concentrate producer in a well
established mining region of Mexico. Our goal with this acquisition is to
increase concentrate production at Jovita via strategic capital
investments in the current operation, as well as increase the
existing mineral assets by defining a resource estimate through
exploration."
The Jovita Mine encompasses a 250 hectare mineral concession and
production facility located in the Mexican state of Michoacan. The current mill operation
allows for ore to be processed onsite into copper concentrate for
shipment to foreign buyers. Michoacan is a historic mining region in
Western Mexico with a large deep
sea port located along the Pacific coastline that is well situated
for transport and the supply of Western US, Asian and other
Pacific Rim markets.
For additional information, please visit:
www.amariumminerals.com
This press release contains statements that are forward-looking
and which involve a number of risks and uncertainties. Such
forward-looking statements are within the meaning of that term in
Section 27A of the Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended. The
forward-looking statements in question are based on Amarium
Technologies, Inc.'s current expectations and projections about
future events, based on information currently available. The
forward-looking statements found in this press release may also
include statements relating to Amarium Technologies, Inc.'s
anticipated financial performance, business prospects, new
developments, strategies, and similar matters. Amarium
Technologies, Inc. provides no assurance regarding the actual
outcome of the events contemplated by any forward-looking
statements included in this release. Amarium Technologies, Inc.
disclaims any obligation to update any of its forward-looking
statements, except as may be required by law.
CONTACT:
Investor Relations
Tel: 800-983-0814
Fax: 800-291-6802
E-mail: info@amariumminerals.com
SOURCE Amarium Technologies Inc.