Business
Trevali Enters LOI for Option on Murray Brook Deposit in Bathurst Mining Camp of New Brunswick
Trevali Enters LOI for Option on Murray Brook Deposit in Bathurst Mining Camp of New Brunswick.
About this update from Trevali Mining Corp.
[{"type":"text","content":"\n\n VANCOUVER, British Columbia, March 02, 2018 (GLOBE NEWSWIRE) -- Trevali Mining Corporation (“Trevali” or the “Company”) (TSX:TV) (BVL:TV) (OTCQX:TREVF) (Frankfurt:4TI) announces it has entered into a Letter of Intent (“LOI”) with Puma Exploration Inc. (“Puma”) for the acquisition of an option to acquire an interest in the Murray Brook Deposit and to form a proposed Strategic Exploration Alliance (the “Alliance”) in the northern portion of the Bathurst Mining Camp in New Brunswick. The option is subject to certain standard terms and conditions which include receipt of all requisite regulatory approvals, including the acceptance of the TSX Venture Exchange.\n “Trevali is pleased to be partnering with Puma Exploration on the advanced-stage Murray Brook Deposit,” stated Dr. Mark Cruise, Trevali’s President and CEO. “The agreement comports well with Trevali’s Bathurst Mining Camp strategy whereby the Company will leverage our infrastructure and operational expertise to further expand our footprint within the region. The addition of Murray Brook builds on Trevali’s significant resource inventory of potential mill feed in the Camp that also includes our Halfmile Mine, Stratmat and Restigouche projects.” Under the terms of the LOI, Trevali, at its option, will provide all or part of the remaining CDN$7.5 million in funding to Puma in order for them to finalize the 100-percent acquisition of the Murray Brook Deposit within the time frames outlined in the underlying agreements ultimately leading to a 75:25 percent ownership interest between Trevali and Puma, respectively, and a 51:49 percent ownership in the Murray Brook East Property, respectively. Further exploration and development of the Murray Brook Deposit are to be funded proportionally and are subject to industry standard dilution clauses. Contingent on consultation, permitting, mine planning and operational studies, the aim would be to advance the Murray Brook Deposit to a production decision to provide optionality to Trevali either alongside or post Caribou mine operations. Trevali will manage these programs including advanced engineering studies and any final production decisions. Additionally, Trevali will subscribe for CDN$500,000 worth of units (the “Units”)...