LAS VEGAS, May 22, 2013 /PRNewswire/ -- Amarium Technologies
Inc. (PINKSHEETS: AMMG), through its wholly owned subsidiary
Amarium Minerals Inc., released today that the Company has signed a
Definitive Agreement ("Agreement") with Minerales Consolidados S.A.
de C.V. (MCSA) to purchase the Jovita Mine and a 40 ton per day
(tpd) copper mill. The Jovita Mine is a producing copper
concentrate mine operating in Michoacan, a well-known base metals mining
region in Mexico.
"We are very pleased to have completed an agreement on Jovita
and the copper mill, as this will expose Amarium shareholders to an
immediately producing asset with significant upside potential,"
said Adam Carter, the President
& CEO of Amarium Minerals. "Our next step will be to work
diligently to increase the value of the existing assets through a
well executed production plan and an aggressive exploration
program. Fortunately for us, the infrastructure in the surrounding
region and the state of Michoacan
is exceptional, and will allow Amarium to focus on selling our
copper to Asian clients, where an insatiable demand for the metal
continues."
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. Additional payments of 1 million shares will also be
issued to MCSA, in 12 months and 24 months. Amarium will also
be required to spend USD $3 million
in exploration activities on the property over the next 36 months.
MCSA is transitioning the management and operation of the Jovita
Mine to Amarium over the next 60 days.
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.
Amarium has been focusing its efforts on the acquisition and
development of base metals projects in Mexico that are currently in or near
production and advanced exploration properties that will add
substantially to the Company's asset foundation. Management is
continuing to actively pursue mineral interests that represent
significant growth, value and cashflow opportunities.
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