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COGITORE RESOURCES INC ENTERS INTO NORMETAL WEST PROPERTY AGREEMENT WITH VISMAND EXPLORATION INC.
COGITORE Resources Inc. (the "Company")Cogitore Resources Inc. (the “Company” or “Cogitore”) (WOO: TSX-V) is pleased to announce that it has entered into an option agreement (the “Agreement”) with Vismand Exploration Inc. (“Vismand”), a privately-owned Canadian corporation focused on base metal exploration, whereby Vismand has the option to acquire a 50% interest in the Normetal West Property (the “Property”, or “Normetal West”) located in Perron township in the Province of Quebec and in the townships of Adair and Abbotsford in the Province of Ontario.
Under the terms of the Agreement, Vismand has an option to acquire a 50% interest in the Property by incurring an aggregate amount of $1,275,000 in exploration and development expenditures on the Property and by making an aggregate of $150,000 in earn-in payments. In order to maintain and exercise its option, Vismand must (i) incur expenditures as follows: (a) $58,000 on or before November 30, 2010; (b) $942,000 on or before the first anniversary of the effective date of the Agreement; and (c) $275,000 on or before the second anniversary of the Effective Date; and (ii) make earn-in payments totalling $150,000 to the Company as follows: (a) $25,000 on the effective date of the Agreement; (b) $25,000 on or before the first anniversary of the effective date of the Agreement; (c) $25,000 on or before the second anniversary of the effective date of the Agreement; and (d) $75,000 on or before 180 days following the second anniversary of the effective date of the Agreement.
If Vismand exercises its 50% option in the Property, the Company and Vismand will form a joint venture for the further exploration and development of the Property, with each party bearing its proportionate share of costs. If the interest of either party in the Property falls to 15% or less, it will revert to a 1% net smelter return royalty, but only if such party has contributed at least $2,000,000 in expenditures or joint venture funding at the time of the reduction of such participating interest in the Property.
Gérald Riverin, President & CEO of the Company, commented: “We are very pleased to announce this joint venture with Vismand. The Vismand board and exploration team has a strong technical background, and will be able to move this project forward while the Company concentrates its efforts and resources on the Scott Lake Property.”
The Normetal West Property covers a 20 km portion of the felsic unit that hosts the former producing Normetal mine. The Normetal mine, located relatively close to the provincial boundary but in Quebec, produced 10 million tonnes grading 2.2% Cu, 5.4% Zn, 0.53 g/t Au and 44.5 g/t Ag over a 37 year mine life from 1938 to 1975. The deposit was found by surface prospecting and mined from surface to a depth of 2.4 kilometres.
Detailed mapping work carried out at Normetal West by the Company confirmed the presence of the same volcanic units as those hosting the former Normetal mine. In addition, a recent (2008) deep penetrating geophysical survey (InfiniTEM) has detected several good conductors located within and at the top of the felsic units and which may reflect sulphide mineralization. The project has reached the drilling stage and several drill targets have already been identified.
Completion of the transaction contemplated in this release is subject to certain conditions, including, without limitation, completion of satisfactory due diligence by Vismand with respect to the Property and receipt of all necessary regulatory approvals.
Cogitore has developed a strategic focus on base metal exploration in prospective areas that also feature infrastructure favourable for mining development. Accordingly, it will continue to focus its work in the Abitibi Belt of Quebec and Ontario, and in the Central Belt of Newfoundland.
For more information please contact:
Gérald Riverin
President & CEO
Telephone: 819-764-6666 or
Mark Goodman
Telephone: 416-924-9893, ext. 2210
http://www.cogitore.com/ |
Forward Looking Statements
Certain statements contained in this news release may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to our future outlook and anticipated events or results. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potential”, “continue”, “does not expect”, “budget”, “scheduled”, “forecast” or other similar expressions concerning matters that are not historical facts. These statements are based on certain factors and assumptions regarding expected developments. While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect.
Forward looking-information involves known and unknown risks, uncertainties and other important factors that could cause actual results, performance or achievements of the Company to differ materially from the future results, performance or achievements expressed or implied by such forward looking information. Such risks, uncertainties and other important factors include, without limitation: general economic conditions; access to skilled consultants; the possibility that future exploration results will not be consistent with the Company’s expectations; uncertainties involved in interpreting drilling results; unanticipated costs and expenses; timing and availability of external financing on acceptable terms; dependence on key personnel; future prices of precious and base metals; failure of equipment or processes to operate as anticipated; and risks inherent in mining exploration and development including, but not limited to, unusual or unexpected geological formations. Such factors are also described or referred to under the headings “Property and Financial Risk Factors Affecting Financial Instruments” and “Other Risk and Uncertainties” of the Company’s Management’s Discussion and Analysis for the quarter ending March 31, 2010, all of which are incorporated by reference herein and are available at SEDAR at www.sedar.com. We caution that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Company’s forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail.
You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events except where required by applicable laws.
Neither the 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. |
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