Waymar Announces 2nd Milestone Option Payments And Advances Exploration on Anza Property
27 Junio 2011 - 7:30AM
Marketwired
Waymar Resources Ltd. ("Waymar" or the "Company") (TSX VENTURE:
WYM) is pleased to announce that the Company has made the required
option cash payments aggregating US$500,000 and issued 500,000
common shares to the optionors to continue to work towards fully
exercising its option in respect of the Anza Property, Colombia.
Pursuant to the Anza Property Option Agreement made effective
June 29, 2010, Waymar entered into a property option agreement to
acquire a 100% legal and beneficial interest in the Anza property
comprised of approximately 6,738 hectares of mineral rights located
on the eastern-most margin of Colombia's Western Cordillera, 50km
west of Medellin. In order to exercise its option, the Company is
required to make cash payments to the optionors aggregating US$3.8
million over a three year period (of which US$800,000 has now been
paid), issue 3,800,000 common shares to the optionors over a three
year period (of which 800,000 common shares have now been issued)
and make expenditures on the property aggregating US$4 million over
a three year period. As part of the agreement US$500,000 which is
to be expended on exploration in the first year has been satisfied.
The optionors will retain a 2% net smelter return royalty on the
property, 50% of which may be purchased by the Company for
US$1,000,000.
In addition, the initial phase of the drilling program on the
Company's Anza property is ongoing. To date, approximately 2,900
metres of core have been drilled and assays have been received for
approximately 20% of the metres sampled. The sampling and
laboratory analyses continue, including ongoing mineralogy and
petrography work to better define the geologic settings and types
of mineralization encountered in the core.
The timing for completion of the current initial phase of the
drilling program is dependent on drill rig availability, as the
Company is currently working to secure a new drill rig to add 2,000
metres to the 3,000 metres originally budgeted. The Company expects
to be able to release the results of the initial 10 drill holes
(covering approximately 3,300 metres) before the end of Q3 2011,
after these drill core assays become available.
The Company's Colombian branch, Minera Anza SA, has also entered
into a contract with local consulting company GEMI S.A. on May 23,
2011, to undertake a second phase of district-wide surface
geological mapping and geochemistry. The main purpose of this work
is to expand the area of systematic exploration to more than 15,000
hectares of the Anza property controlled by the Company,
surrounding the 1,300 ha targeted in the current phase of
drilling.
Waymar is well funded, with a current cash balance of
approximately $12 million.
"We are encouraged by the work to date and happy to show our
continued commitment to the project by making this payment to the
Anza optionors. We are working around the current bottlenecks in
the industry to accelerate and expand the exploration work on the
property," said Pablo Marcet, President.
For further details on the Anza property, please refer to the
technical report entitled "Waymar Resources Ltd. - Anza VMS
Project, Project No L00176, Geological and Exploration Review"
dated May, 2010 and prepared by Mr. C.J. Bargmann and Dr. I.M.
Platten on behalf of Snowden, available on SEDAR at www.sedar.com
or on the Company's website at www.waymarresources.com.
Waymar Resources Ltd. is a Canadian mineral exploration company
with an option to acquire 100% interest in the Anza project located
in the west of the Antioquia Department in the Republic of
Colombia. Colombia is a significant producer of gold, nickel,
emeralds, petroleum and natural gas as well as a leading producer
of coal in Latin America. Waymar also has 100% ownership of certain
properties surrounding Anza to cover district potential and is
continually seeking opportunities to acquire exploration
properties. Waymar trades on the TSX Venture Exchange under the
symbol "WYM".
WAYMAR RESOURCES LTD.
Pablo Marcet, President & CEO
There has been insufficient exploration to define a mineral
resource at the Anza property to date, and it is uncertain if
further exploration will result in such targets being delineated as
a mineral resource.
This press release may contain "forward looking statements" and
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Generally, forward-looking
information can be identified by the use of forward-looking
terminology such as "plans", "expects", "estimates", "intends",
"anticipates" or "believes" or variations of such words and phrases
or state that certain actions, events or results "may", "could",
"would", "might", or "will be taken", "occur", or "be achieved".
Forward-looking information is based on the reasonable assumptions,
estimates, intentions, analysis and opinions of Waymar made at the
date that such statements are made. Forward-looking information is
subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance
or achievements of Waymar to be materially different from those
expressed or implied by such forward-looking information, including
the risk factors disclosed elsewhere in Waymar's public disclosure.
Accordingly, readers should not place undue reliance on
forward-looking information. The forward-looking information
contained herein is presented for the purposes of assisting
investors in understanding Waymar's plans and objectives and may
not be appropriate for other purposes. Waymar does not undertake to
update any forward-looking information, except in accordance with
applicable securities laws.
Shares Outstanding: 45,945,170
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Waymar Resources Ltd. Investor Relations
1-778-373-0100 1-604-639-4670 (FAX) info@waymarresources.com
www.waymarresources.com
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