Vancouver, British Columbia – Centenera Mining Corporation (“Centenera” or the “Company”) - (TSXV: CT, OTCQB: CTMIF) announces that it has issued the final tranche of 1,430,000 common shares in its capital (the "Shares") under the terms of the El Quemado lithium property (the “Property”) to the vendor (the “Vendor”) of the Property. Centenera has now fully exercised its option and owns 100% of the Property, subject to a 2% net smelter returns (“NSR”) royalty granted in favour of the Vendor, which it intends to hold through its Argentine subsidiary, Cardero Argentine S.A.
To acquire the 7,950-hectare Property, Centenera has issued a total of 2,500,000 Shares to the Vendor over a 24-month period (at an average deemed share price of C$0.14 per share) and nil cash, for total consideration of C$350,000. Centenera has the right to purchase 1% of the NSR royalty at any time for a cash payment of US$750,000.
“Completion of this acquisition is another important milestone for the Company,” stated Keith Henderson, the Company’s President & CEO. “Given the positive results from channel sampling of various prospects within the Property and the additional upside still not fully explored, the Company considers the C$350,000 acquisition cost to be excellent value for this large and prospective Property.”
Keith J. Henderson, P.Geo., is the Company’s qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects and has reviewed the scientific and technical information that forms the basis for portions of this news release. He has approved the disclosure herein. Mr. Henderson is not independent of the Company, as he is an employee of the Company and holds securities of the Company.
About Centenera Mining Corporation
Centenera is a mineral resource company trading on the TSX Venture Exchange under the symbol “CT” and on the OTCQB exchange under the symbol “CTMIF”. The Company is focused 100% on mineral resource assets in Argentina, which include gold, silver, copper-gold and lithium assets. Centenera’s assets are located in Salta, San Juan and Santa Cruz Provinces, which are widely recognized as being favourable jurisdictions for mining and exploration.
On Behalf of the Board of Directors of
CENTENERA MINING CORPORATION
President & CEO
For further information, please contact:
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 news release.
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the Company's ability to purchase 1% of the NSR royalty and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as "pro forma", "plans", "expects", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of the Company’s Argentine projects in a timely manner, the availability of financing on suitable terms for the development, construction and continued operation of the Company projects, and the Company’s ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development and mine development activities at the Property, estimation or realization of mineral reserves and mineral resources, the timing and amount of estimated future production, costs of production, capital expenditures, the costs and timing of the development of new deposits, the availability of a sufficient supply of water and other materials, requirements for additional capital, future prices of precious metals and copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, possible variations in ore grade or recovery rates, possible failures of plants, equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, delays or the inability of the Company to obtain any necessary permits, consents or authorizations required, including TSX Venture Exchange acceptance, any current or future property acquisitions, financing or other planned activities, changes in laws, regulations and policies affecting mining operations, hedging practices, currency fluctuations, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation, environmental issues and liabilities, risks related to joint venture operations, and risks related to the integration of acquisitions, as well as those factors discussed under the heading "Risk Factors" in the Company's latest Management Discussion and Analysis and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company's profile on the SEDAR website at www.sedar.com.
Readers are cautioned not to place undue reliance on forward looking statements. Except as otherwise required by law, the Company undertakes no obligation to update any of the forward-looking information in this news release or incorporated by reference herein.