Found it -as of date of NAVIAL Mineria website of late 2009? Navial had 1.15 million acres
2.47 acres/hectare so added another 1.14probably 1.15 (-I rounded off the conversion ratio) million acres -a coincidence or do I have timeline of info on Navial website wrong? website definitely has sections written 2009
Mayen Minerals Announces Fundamental Acquisition
VANCOUVER, BRITISH COLUMBIA, Jul 13 (MARKET WIRE) --
MAYEN MINERALS LTD. (TSX VENTURE: MYM) (the "Company" or "Mayen").
Further to the Company's news release dated May 26, 2010, Mayen is
pleased to announce that the Company has entered into a definitive
agreement dated July 9, 2010 (the "Option Agreement") among Ivonne
Boileve Romero ("Romero"), Navial Holdings S.A. de C.V. ("Navial
Holdings"), Navial Mineria S.A. de C.V. ("Navial Mineria" and together
with Romero and Navial Holdings, the "Optionors") and Minmay S.A. de C.V.
("Minmay"), a wholly-owned indirect subsidiary of the Company, for the
acquisition (the "Acquisition") of up to an undivided 56% interest in 6
claim blocks comprising approximately 462,000 hectares located in the
north-western section of Baja California, Mexico (the "Property"). The
Optionors are an arm's length party to the Company, and therefore,
shareholder approval of the Acquisition will not be required by the TSX
Venture Exchange ("TSX-V").
Pursuant to the terms of the Option Agreement, the Company, through
Minmay may incorporate a subsidiary pursuant to the laws of Mexico for
the purpose of holding Minmay's respective interest in the Property. The
Acquisition may occur in up to three phases. In phase one, the Company,
through Minmay, will acquire a 25% interest in the Property by paying
US$1,000,000 and issuing 500,000 common shares in the capital of the
Company (the "Shares"). In phase two, Minmay may acquire an additional
25% interest in the Property (for an aggregate 50% interest) by spending
not less than US$2,500,000 in expenditures on or before the 18 month
anniversary of the date TSX-V approves the Acquisition (the "Effective
Date"). In the final phase, Minmay may acquire a further 6% interest (for
an aggregate 56% interest) in the Property by spending an additional
US$1,500,000 in expenditures on or before the 30 month anniversary of the
Effective Date. At any time after completion of phase one, the Company
may elect not to acquire any further interest in the Property and
immediately form a joint venture with the Optionors to further explore
and develop the Property.
The Company has also entered into a Finder's Fee agreement dated July 9,
2010 with Mining Advisory Services Inc. The Company will pay a Finders'
fees for the Acquisition in Shares within the maximum amount permitted by
the policies of the TSX-V.
Closing of the Acquisition is subject, amongst other things, to the
completion of satisfactory due diligence on the Property by the Company,
including review of a title opinion, the preparation of a National
Instrument 43-101 compliant technical report for the Property, financing
and the approval of the TSX-V.
About Mayen Minerals Ltd.
Mayen is a Canadian junior exploration company focused on the
acquisition, exploration, and development of precious and base metal
deposits in Mexico. The Company is listed on the TSX Venture Exchange
under the symbol MYM.
ON BEHALF OF THE BOARD
Dennis A. van Dyke, President, Chief Executive Officer and Director
FORWARD LOOKING STATEMENTS: This press release contains forward-looking
statements. Forward-looking statements are statements that are not
historical facts and are generally, but not always, identified by the
words "expects", "plans", "anticipates", "believes", "intends",
"estimates", "projects", "potential" and similar expressions, or that
events or conditions "will", "would", "may", "could" or "should" occur.
Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions, such
statements are not guarantees of future performance and actual results
may differ materially from those in forward looking statements.
Forward-looking statements are based on the beliefs, estimates and
opinions of the Company's management on the date such statements were
made. The Company expressly disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result of
new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulations Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Contacts:
Mayen Minerals Ltd.
Dennis A. van Dyke
President and Chief Executive Officer
(604) 689-4733
www.mayenminerals.com
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