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Aurania Completes Renewal of Select Concessions in Peru
Toronto, Ontario--(Newsfile Corp. - June 27, 2022) - Aurania Resources Ltd. (TSXV: ARU) ...
About this update from Aurania Resources Ltd.
[{"type":"text","content":"Aurania Completes Renewal of Select Concessions in PeruToronto, Ontario--(Newsfile Corp. - June 27, 2022) - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (\"Aurania\" or the \"Company\") announces that it has completed the process of renewing certain annual mineral concession applications in Peru. The concessions selected are part of the blocks with higher geological potential, where the application process has been completed and most of the concessions granted. Minor field work is contemplated for these concessions in the coming months as a precursor to generating the initial technical report to support further work and/or a possible corporate transaction.In total, 130 concessions were renewed covering an area of 128,700 hectares. Thirty of these concessions did not require payment in 2022 and the total cost for the other 100 concessions was US$296,000. The Company did not renew a total of 145 concessions, most of which still remain in the Peruvian application process, thereby focusing its resources on those concessions that can be advanced and/or transacted upon with clear ownership confirmation. Although the Company believes that many of these concessions remain prospective, management determined that the additional annual costs and the continuing uncertainty of when the remaining concessions would be granted, were not appropriate for a non-core asset.The renewed concessions noted above, represent the majority of those that had been previously granted to the Company over the last two years (see press release dated May 22, 2020). In January 2020, the Company had applied for 419 mineral concessions covering 413,200 Hectares (\"Ha\") in northern Peru based on a potential opportunity for additional copper and gold exploration as a result of the possible extension of a mineral belt from Aurania's project in Ecuador (see press release dated Jan 17, 2020). In connection with the renewal of the Peruvian concessions, Dr. Keith Barron (the \"Lender\") completed a loan of C$1,000,000 to the Company. The loan is unsecured, bears interest at 2% per annum and matures upon notice of twelve months and one day from the Lender. Up to US$300,000 of the loan was allocated to making annual concession payments in Peru, the balance funding working capital and ongoing exploration activities. Dr. Keith Barron is a related party of...