Amarium Signs Letter of Intent to Purchase Jovita Mine
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.
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