since that link didnt work here
96012 hectares x 2.471 = 237,245 acres- 1 of the largest individual concessions of the Navial -outstanding taxes of $1,302,000
of course the ff co didnt go thru w the transaction as i just posted
Para Resources Inc
Symbol C : PBR
Shares Issued 25,923,825
Close 2015-06-08 C$ 0.06
Recent Sedar Documents
View Original Document
Para Resources to acquire interest in Ojos Negros
2015-06-30 09:15 ET - News Release
Mr. C. Geoffrey Hampson reports
PARA RESOURCES INC. ANNOUNCES AGREEMENT IN RESPECT OF THE ACQUISITION OF THE OJOS NEGROS GOLD PROPERTY
Para Resources Inc. has executed a binding letter of intent dated April 25, 2015, and effective immediately, with Navial Mineria SA de CV and Ivonne Alicia Boileve Romero, under which it has agreed, subject to certain conditions including TSX Venture Exchange approval, completing final due diligence and entering into a definitive agreement to acquire the option to earn an up to a 75-per-cent interest in and to the Ensenada IV mineral concession (No. 233475) known as the Ojos Negros gold property in Baja California, Mexico.
The historic Ojos Negros and the nearby El Alamos gold mining districts of Baja California were first mined in the 1870s. Both areas contain gold-quartz veins in metamorphic bedrock classified as orogenic lode gold type of deposits. The property comprises a total of 96,012 hectares straddling the trend between the two districts.
To facilitate the exercise of the option, Romero and Navial, being the current owners of the property, will transfer 100-per-cent legal and beneficial ownership of the property to a private Mexican subsidiary of Para, which has yet to be incorporated (NewCo), as more particularly described below.
The option will be exercised in the following stages. All dollar amounts herein are in United States dollars unless otherwise indicated:
Para shall finance a total of $225,000 in preliminary exploration expenditures on the property.
Within 60 days of completion of the initial expenditures, Para shall give Romero and Navial notice of its intention to either proceed with or abandon the option:
In the event Para abandons the option in the first notice, and within five years Romero or Navial advance the project to production, Para shall be reimbursed for the initial expenditures by promissory note in the full amount of the initial expenditures, to accrue interest at a rate of 7 per cent per annum. Interest payable under the note shall accrue from the date of the first notice, and the note will have a term of three years from the date of issuance.
In the event Para elects to proceed with the option in the first notice:
Para shall pay all outstanding taxes owing in respect of the property to the Mexican Department of Mines (which are expected to be approximately $1,302,000), which will allow for the transfer of 100-per-cent legal and beneficial ownership of the property from Navial and Romero to NewCo.
Contemporaneously with the transfer, Para shall issue 50 per cent of the then issued and outstanding shares of NewCo to Navial, such that NewCo is the 100-per-cent legal and beneficial owner of the property, and each of Para and Navial are 50-per-cent owners of NewCo.
Following the transfer, Para will have the option to acquire an additional 25-per-cent interest in the property by acquiring an additional 25 per cent of NewCo, for a total 75-per-cent interest, by financing additional exploration expenditures on the property in accordance with the following formula: $3-million minus $225,000 minus the total amount of outstanding taxes paid by Para.
Following full exercise of the option, Para and Navial shall finance further exploration on the property in accordance with their pro rata ownership of NewCo. In the event either Para or Navial determines not to contribute to its pro rata share of any proposed expenditures, then the other may elect to do so, and the party electing not to contribute shall have its percentage ownership of NewCo diluted on a straight-line basis. The definitive agreement in respect of the option will contain an anti-dilution provision granting each of Para and Navial the right to participate pro rata in any equity financing of NewCo in accordance with its then current percentage ownership of NewCo, such that each shall have the right to maintain its percentage ownership of NewCo.
Upon receipt of final exchange approval of the definitive agreement, Para will issue to Navial 1,296,591 non-transferable share purchase warrants, each of which will entitle Navial to purchase one common share of Para at an exercise price of $2.00 (Canadian) per share for a period of three years from the date of issuance. The warrants shall only be exercisable by Navial in the event that a technical report, which complies with National Instrument 43-101 Standards of Disclosure for Mineral Projects and has been accepted by the exchange, certifies a total measured and indicated resource on the property of a minimum of two million ounces of gold, including any gold recovered from the property on or after the date of the LOI.
The property is and will be subject to a 3-per-cent royalty in favour of Romero on the net value of the sale of minerals produced from the property and a 3-per-cent royalty in favour of Cambria Geosciences SA de CV on the value of the mining product at the mine gate of the property. The Cambria royalty can be reduced from 3 per cent to 2 per cent in consideration of a one-time payment to Cambria of $250,000 within six months of commercial production on the property.
About the discovery
In November, 2014, Navial discovered a strong and aerially extensive gold geochemical anomaly in surficial materials that spans about 1,200 hectares within the property. The company has agreed under the option with Navial to conduct a prompt follow-up of this exceptional discovery with a two-phase evaluation program on the surficial materials and, concurrently, exploration of the underlying metamorphic bedrock.
The Ojos Negros discovery is composed of numerous showings of visible native gold in pan and gravity concentrates over a six-kilometre-long-by-two-kilometre-wide zone. Native gold is found as residual accumulations over deeply weathered bedrock and as presumed downslope dispersions of eluvial material.
About 50 per cent of the sample gravity concentrates on the property contains some visible gold, with counts that range from one to over 70 grains concentrated from three- to 10-kilogram field samples. Normalized for a constant one tonne of minus-eight-mesh-screened sample, the gold grain counts represent up to almost 16,000 grains per tonne. The observed gold grains range in size from 0.2 to seven millimetres across. No actual gold grade is implied by these exceptional counts. Accordingly, a quantitative verification of the results is recommended as part of the next program of sampling.
The recovered gold grains are delicate and irregularly shaped. Some contain adhering minerals such as garnet and quartz, similar to those in the nearby metamorphic bedrock. Therefore the bedrock source of the gold is interpreted as very local, perhaps directly beneath the current anomalous sample sites, within muscovite-garnet-quartz schist. A similarity of gold grains to their associated heavy minerals across the six-kilometre length of the target area implies that the gold anomalies are sourced in a common mineralization trend.
The geological interpretation is preliminary at this stage of discovery, but the underlying metamorphic rock and tectonic setting indicate similarities to orogenic gold deposits elsewhere along the Jurassic/Cretaceous accreted terrain of California and Baja California, including the prolific Mother Lode district of California.
Planned work program
The company plans to execute the evaluation of this exceptional gold discovery in stages, each success contingent. The Ojos Negros discovery is clearly suitable for an initial focus on defining a gold deposit within the surficial materials. Concurrently, the company is planning to seek the likely bedrock source of the eluvial gold.
Surficial gold evaluation
The company plans to firstly evaluate the economic potential of small- to moderate-scale surficial gold mining with a short two-phase verification and mineral resource estimation program:
Phase 1, verification testing, will confirm the Navial sampling at selected sites and estimate the gold grade that is recoverable, using water and gravity only. Estimated cost: $225,000;
Phase 2, mineral resource estimation, will be success contingent on phase 1, and will systematically test mine the surficial materials and decomposed bedrock at close spacing, to prepare a mineral resource estimate that complies with National Instrument 43-101 Standards of Disclosure for Mineral Projects. Estimated cost: $1.8-million (U.S.).
Bedrock gold exploration
Simultaneous with the two-phase evaluation of the surficial gold deposits, the company is planning to evaluate the bedrock gold potential of the Ojos Negros area by firstly by sampling and mapping all new rock exposures created during scraping and removal of the surficial materials, and later conducting conventional trenching, sampling and diamond drilling to follow up on any bedrock gold discoveries made.
Background
Bedrock in the Ojos Negros discovery area is characterized by the metamorphic equivalents of the Cretaceous Alisitos formation that are now muscovite-quartz-garnet schist, graphitic schist, quartzite, greenstone and some gneiss. The bedrock is covered by a blanket of eluvium and colluvium. Desert climate has permitted only a widely spaced network of small streams and sparse alluvium.
Gold on the property was detected by a heavy mineral survey conducted by Navial. Colluvium, and less commonly soils and alluvium, were sampled in the field to prepare sieved fraction that passes an eight-mesh screen (less than 2.4-millimetre-size fraction). A gravity concentrate of each sample was prepared and inspected under a 30-times binocular microscope. All visible gold grains were picked, counted and separately bagged. Using the original sample weight, the gold grain counts were normalized to a standard one tonne of sample and results interpreted.
Paul J. McGuigan, PGeo, qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.
C. Geoffrey Hampson, chief executive officer of the company, states:
"The Ojos Negros property offers Para an opportunity to twin a staged, success-contingent policy for exploration and short-term, gravity-process production from surface material with a longer timeline and significantly larger opportunity of discovery of a bedrock-hosted deposit. With exploration and development success, the cash flow from initial gravity operations might fund the company's work on the bedrock gold targets. This is consistent with our strategy in Brazil and other potential future locations."
We seek Safe Harbor.
© 2017 Canjex Publishing Ltd. All rights reserved.
96012 hectares x 2.471 = 237,245 acres- 1 of the largest individual concessions of the Navial -outstanding taxes of $1,302,000
of course the ff co didnt go thru w the transaction as i just posted
Para Resources Inc
Symbol C : PBR
Shares Issued 25,923,825
Close 2015-06-08 C$ 0.06
Recent Sedar Documents
View Original Document
Para Resources to acquire interest in Ojos Negros
2015-06-30 09:15 ET - News Release
Mr. C. Geoffrey Hampson reports
PARA RESOURCES INC. ANNOUNCES AGREEMENT IN RESPECT OF THE ACQUISITION OF THE OJOS NEGROS GOLD PROPERTY
Para Resources Inc. has executed a binding letter of intent dated April 25, 2015, and effective immediately, with Navial Mineria SA de CV and Ivonne Alicia Boileve Romero, under which it has agreed, subject to certain conditions including TSX Venture Exchange approval, completing final due diligence and entering into a definitive agreement to acquire the option to earn an up to a 75-per-cent interest in and to the Ensenada IV mineral concession (No. 233475) known as the Ojos Negros gold property in Baja California, Mexico.
The historic Ojos Negros and the nearby El Alamos gold mining districts of Baja California were first mined in the 1870s. Both areas contain gold-quartz veins in metamorphic bedrock classified as orogenic lode gold type of deposits. The property comprises a total of 96,012 hectares straddling the trend between the two districts.
To facilitate the exercise of the option, Romero and Navial, being the current owners of the property, will transfer 100-per-cent legal and beneficial ownership of the property to a private Mexican subsidiary of Para, which has yet to be incorporated (NewCo), as more particularly described below.
The option will be exercised in the following stages. All dollar amounts herein are in United States dollars unless otherwise indicated:
Para shall finance a total of $225,000 in preliminary exploration expenditures on the property.
Within 60 days of completion of the initial expenditures, Para shall give Romero and Navial notice of its intention to either proceed with or abandon the option:
In the event Para abandons the option in the first notice, and within five years Romero or Navial advance the project to production, Para shall be reimbursed for the initial expenditures by promissory note in the full amount of the initial expenditures, to accrue interest at a rate of 7 per cent per annum. Interest payable under the note shall accrue from the date of the first notice, and the note will have a term of three years from the date of issuance.
In the event Para elects to proceed with the option in the first notice:
Para shall pay all outstanding taxes owing in respect of the property to the Mexican Department of Mines (which are expected to be approximately $1,302,000), which will allow for the transfer of 100-per-cent legal and beneficial ownership of the property from Navial and Romero to NewCo.
Contemporaneously with the transfer, Para shall issue 50 per cent of the then issued and outstanding shares of NewCo to Navial, such that NewCo is the 100-per-cent legal and beneficial owner of the property, and each of Para and Navial are 50-per-cent owners of NewCo.
Following the transfer, Para will have the option to acquire an additional 25-per-cent interest in the property by acquiring an additional 25 per cent of NewCo, for a total 75-per-cent interest, by financing additional exploration expenditures on the property in accordance with the following formula: $3-million minus $225,000 minus the total amount of outstanding taxes paid by Para.
Following full exercise of the option, Para and Navial shall finance further exploration on the property in accordance with their pro rata ownership of NewCo. In the event either Para or Navial determines not to contribute to its pro rata share of any proposed expenditures, then the other may elect to do so, and the party electing not to contribute shall have its percentage ownership of NewCo diluted on a straight-line basis. The definitive agreement in respect of the option will contain an anti-dilution provision granting each of Para and Navial the right to participate pro rata in any equity financing of NewCo in accordance with its then current percentage ownership of NewCo, such that each shall have the right to maintain its percentage ownership of NewCo.
Upon receipt of final exchange approval of the definitive agreement, Para will issue to Navial 1,296,591 non-transferable share purchase warrants, each of which will entitle Navial to purchase one common share of Para at an exercise price of $2.00 (Canadian) per share for a period of three years from the date of issuance. The warrants shall only be exercisable by Navial in the event that a technical report, which complies with National Instrument 43-101 Standards of Disclosure for Mineral Projects and has been accepted by the exchange, certifies a total measured and indicated resource on the property of a minimum of two million ounces of gold, including any gold recovered from the property on or after the date of the LOI.
The property is and will be subject to a 3-per-cent royalty in favour of Romero on the net value of the sale of minerals produced from the property and a 3-per-cent royalty in favour of Cambria Geosciences SA de CV on the value of the mining product at the mine gate of the property. The Cambria royalty can be reduced from 3 per cent to 2 per cent in consideration of a one-time payment to Cambria of $250,000 within six months of commercial production on the property.
About the discovery
In November, 2014, Navial discovered a strong and aerially extensive gold geochemical anomaly in surficial materials that spans about 1,200 hectares within the property. The company has agreed under the option with Navial to conduct a prompt follow-up of this exceptional discovery with a two-phase evaluation program on the surficial materials and, concurrently, exploration of the underlying metamorphic bedrock.
The Ojos Negros discovery is composed of numerous showings of visible native gold in pan and gravity concentrates over a six-kilometre-long-by-two-kilometre-wide zone. Native gold is found as residual accumulations over deeply weathered bedrock and as presumed downslope dispersions of eluvial material.
About 50 per cent of the sample gravity concentrates on the property contains some visible gold, with counts that range from one to over 70 grains concentrated from three- to 10-kilogram field samples. Normalized for a constant one tonne of minus-eight-mesh-screened sample, the gold grain counts represent up to almost 16,000 grains per tonne. The observed gold grains range in size from 0.2 to seven millimetres across. No actual gold grade is implied by these exceptional counts. Accordingly, a quantitative verification of the results is recommended as part of the next program of sampling.
The recovered gold grains are delicate and irregularly shaped. Some contain adhering minerals such as garnet and quartz, similar to those in the nearby metamorphic bedrock. Therefore the bedrock source of the gold is interpreted as very local, perhaps directly beneath the current anomalous sample sites, within muscovite-garnet-quartz schist. A similarity of gold grains to their associated heavy minerals across the six-kilometre length of the target area implies that the gold anomalies are sourced in a common mineralization trend.
The geological interpretation is preliminary at this stage of discovery, but the underlying metamorphic rock and tectonic setting indicate similarities to orogenic gold deposits elsewhere along the Jurassic/Cretaceous accreted terrain of California and Baja California, including the prolific Mother Lode district of California.
Planned work program
The company plans to execute the evaluation of this exceptional gold discovery in stages, each success contingent. The Ojos Negros discovery is clearly suitable for an initial focus on defining a gold deposit within the surficial materials. Concurrently, the company is planning to seek the likely bedrock source of the eluvial gold.
Surficial gold evaluation
The company plans to firstly evaluate the economic potential of small- to moderate-scale surficial gold mining with a short two-phase verification and mineral resource estimation program:
Phase 1, verification testing, will confirm the Navial sampling at selected sites and estimate the gold grade that is recoverable, using water and gravity only. Estimated cost: $225,000;
Phase 2, mineral resource estimation, will be success contingent on phase 1, and will systematically test mine the surficial materials and decomposed bedrock at close spacing, to prepare a mineral resource estimate that complies with National Instrument 43-101 Standards of Disclosure for Mineral Projects. Estimated cost: $1.8-million (U.S.).
Bedrock gold exploration
Simultaneous with the two-phase evaluation of the surficial gold deposits, the company is planning to evaluate the bedrock gold potential of the Ojos Negros area by firstly by sampling and mapping all new rock exposures created during scraping and removal of the surficial materials, and later conducting conventional trenching, sampling and diamond drilling to follow up on any bedrock gold discoveries made.
Background
Bedrock in the Ojos Negros discovery area is characterized by the metamorphic equivalents of the Cretaceous Alisitos formation that are now muscovite-quartz-garnet schist, graphitic schist, quartzite, greenstone and some gneiss. The bedrock is covered by a blanket of eluvium and colluvium. Desert climate has permitted only a widely spaced network of small streams and sparse alluvium.
Gold on the property was detected by a heavy mineral survey conducted by Navial. Colluvium, and less commonly soils and alluvium, were sampled in the field to prepare sieved fraction that passes an eight-mesh screen (less than 2.4-millimetre-size fraction). A gravity concentrate of each sample was prepared and inspected under a 30-times binocular microscope. All visible gold grains were picked, counted and separately bagged. Using the original sample weight, the gold grain counts were normalized to a standard one tonne of sample and results interpreted.
Paul J. McGuigan, PGeo, qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.
C. Geoffrey Hampson, chief executive officer of the company, states:
"The Ojos Negros property offers Para an opportunity to twin a staged, success-contingent policy for exploration and short-term, gravity-process production from surface material with a longer timeline and significantly larger opportunity of discovery of a bedrock-hosted deposit. With exploration and development success, the cash flow from initial gravity operations might fund the company's work on the bedrock gold targets. This is consistent with our strategy in Brazil and other potential future locations."
We seek Safe Harbor.
© 2017 Canjex Publishing Ltd. All rights reserved.
