RIMOUSKI, QUEBEC--(Marketwired - Aug 14, 2017) - Puma Exploration Inc. (TSX VENTURE:PUM)(SSE:PUMA) (the "Company" or "PUMA") has received from BWR Exploration Inc. (TSX VENTURE:BWR) ("BWR") a $100,000 cash payment related to the transaction for the Little Stull Lake Gold Project located in Manitoba.
The two Puma MEL's (Mining Exploration Licenses) have now been officially transferred to BWR pursuant to the Purchase Agreement of October 5, 2016. Upon notification of the transfer of the MEL's to BWR by the Manitoba Ministry of Growth, Enterprise and Trade ("Manitoba MGET"), the Agreement specified that BWR was to make a $50,000 payment to Puma for each MEL acquired within 30 days. PUMA is pleased to announce that it has now received these two payments totalling $100,000 as contemplated in the Agreement.
As part of the transaction, Puma received 5,000,000 BWR's shares representing 8.97% holding of BWR Exploration Inc. and will receive an additional 5,000,000 BWR's shares following the completion of the different milestones stipulated in the Purchase Agreement.
"The issuance and the transfer of the two Mineral Exploration Licenses that cover 388 square kilometers of favourable exploration land to BWR is a key milestone for the exploration and development of the Little Stull Lake Gold Project. Puma now being a major shareholder of BWR, I am very excited to see the exploration activities back in the region and wish the best of luck to the BWR team" notes Marcel Robillard, President of Puma Exploration and Director of BWR Exploration.
About Puma Exploration Inc.
Puma Exploration is a Canadian mineral exploration company with advanced precious and base metal projects in Canada. The Company's major assets include the option to acquire 100 per-cent beneficial interest in the Murray Brook Property, the Turgeon Zinc-Copper Project, the Nicholas-Denys Project, all located in New Brunswick and an equity interest in Black Widow Resources related to the Little Stull Lake Gold Project in Manitoba. In 2017, Puma will concentrate its efforts on the Company's three (3) main base metal projects in New Brunswick (Murray Brook, Turgeon and Nicholas-Denys) with emphasis given to the Murray Brook Property.
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The contents of this press release were prepared by Marcel Robillard, P.Geo., a Qualified Person as defined in NI 43-101. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements: This press release may contain forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Puma Exploration Inc. to be materially different from actual future results and achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date the statements were made, except as required by law. Puma Exploration undertakes no obligation to publicly update or revise any forward-looking statements. These risks and uncertainties are described in the quarterly and annual reports and in the documents submitted to the securities administration.