/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
TORONTO, Feb. 13, 2012 /CNW/ - Further to its news releases dated
November 22, 2011, December 21, 2011 and January 20, 2012
(collectively, the "Press Releases"), Karmin Exploration Inc. ("Karmin") (TSXV: KAR) is pleased to announce that it has received the final
approval from the TSX Venture Exchange (the "Exchange") of the previously announced acquisition of certain mining concessions
in the Huamachuco Gold District of Peru. The closing of the
acquisition is expected to occur on or before February 15, 2012.
Karmin intends to issue a news release when the acquisition closes.
For more information of the acquisition, please see the Press Releases,
which are available on SEDAR (www.sedar.com).
In accordance with the policies of the Exchange, trading in the common
shares of Karmin was halted on November 22, 2011 pending receipt and
review by the Exchange of documentation relating to the acquisition.
The halt on the trading in the common shares of Karmin has now been
lifted and trading will resume on February 13, 2012.
The common shares of Karmin are listed on the Exchange and trade under
the symbol "KAR". The principal business of Karmin is to acquire and
explore resource properties.
Assuming the closing of the acquisition, Karmin's main project will
become the Zona Cushuro project, located in the Huamachuco Gold
District in the sierras of north-western Peru. The Cushuro Mining
Concessions cover a 25 square kilometre area, span an elevation range
of 3,900 to 4,200 meters, and can be reached in four to five hours via
well-maintained roads from the coastal city of Trujillo.
Karmin owns 100% of the Aripuanã Gold-Silver Project which encompasses
the gold and silver mineralization associated with the near surface
oxidized portions of the numerous massive sulphide deposits in the 820
square kilometre Aripuanã Zinc Project located in north-western Brazil.
Karmin owns 30% of the Aripuanã Zinc Project, one of the largest
undeveloped zinc projects in Brazil. The Aripuanã Zinc Project covers a
complete mineralized massive sulphide district, with five areas of
mineralization (Ambrex, Arex, Babacu, Massaranduba and Mocoto) over a
25 kilometre strike length. A technical report completed by AMEC
International (Chile) S.A. (AMEC), a division of AMEC Americas Limited,
in 2007 (available on SEDAR (www.sedar.com)) in accordance with National Instrument 43 - 101 - Standards of Disclosure for Mineral Projects states that the Ambrex deposit has indicated resources of 18.3 million
tonnes grading 4.0% zinc, 1.5% lead, 0.18 grams per tonne gold and 35.6
grams per tonne silver. The Arex deposit has indicated resources of
9.4 million tonnes grading 2.5% zinc, 1.0% lead, 0.45 grams per tonne
gold and 34.7 grams per tonne silver. Votorantim Metais Zinco S/A owns
70% of the Aripuanã Zinc Project but assumes 100% of the project costs
until the completion of a bankable feasibility study.
Disclaimer Relating to Forward-Looking Information
This news release contains forward-looking statements, including those
relating to the Cushuro Acquisition and information that are based on
the belief of management and reflect Karmin's current expectations.
Forward-looking statements include, but are not limited to, possible
events and statements. The words "plans," "expects," "is expected,"
"scheduled," "estimates," "forecasts," "projects," "intends,"
anticipates," or "believes," or variations of such words and phrases or
statements that certain actions, events or results "may," "could,"
"would," "might," or "will be taken," "occur," and similar expressions
identify forward-looking statements. The forward-looking statements and
information in this press release include, but are not limited to,
information relating to the business plans of Karmin and the closing of
the acquisition. Such statements and information reflect the current
view of Karmin with respect to risks and uncertainties that may cause
actual results to differ materially from those contemplated in those
forward-looking statements and information.
Such statements are not historical facts. Readers are cautioned not to
place undue reliance on forward-looking statements, as there can be no
assurance that the plans, intentions or expectations upon which they
are based will occur. By their nature, forward-looking statements
involve numerous assumptions, known and unknown risks and
uncertainties, both general and specific, that contribute to the
possibility that the predictions, forecasts, projections in the
forward-looking statements will not occur, and that actual performance
and results in future periods may differ materially from any estimates
or projections of future performance or results expressed or implied by
such forward-looking statements.
The Cushuro Mining Concessions and the land they relate to are
exploration properties only. Accordingly, there are a number of
important factors that could cause Karmin's actual results to differ
materially from those indicated or implied by forward-looking
statements and information. Such factors relating to the Cushuro Mining
Concessions include, among others, the timing and content of work
programs, results of the development of mineral properties, including
the Cushuro Mining Concessions, the interpretation of drilling results
and other geological data, the uncertainties of resource and reserve
estimates, receipt and security of mineral property titles, receipt of
licenses to conduct mining activities, project cost overruns or
unanticipated costs and expenses, fluctuations in metal prices and
general market and industry conditions, changes in national and local
government legislation, taxation, controls, policies and regulations,
the security of personnel and assets, and political or economic
developments in Canada and Peru, operating or technical difficulties in
connection with mining or development activities, employee relations,
the speculative nature of mineral exploration and development and the
risks and hazards associated with the business of mineral exploration,
development and mining, including environmental hazards, industrial
accidents, unusual or unexpected formations, pressures, cave-ins and
Karmin cautions that the foregoing list of material factors is not
exhaustive. When relying on Karmin's forward-looking statements and
information to make decisions, investors and others should carefully
consider the foregoing factors and other uncertainties and potential
events. Karmin has assumed a certain progression of events which may
not be realized. It has also assumed that the material factors referred
to in the previous paragraph will not cause such forward-looking
statements and information to differ materially from actual results or
events. However, the list of these factors is not exhaustive and is
subject to change and there can be no assurance that such assumptions
will reflect the actual outcome of such items or factors.
The forward-looking statements contained in this news release are made
as of the date of this news release. Readers should not place undue
importance on forward-looking information and should not rely upon this
information as of any other date. Except as required by law, Karmin
disclaims any intention and assumes no obligation to update or revise
any forward-looking statements, whether as a result of new information,
future events or otherwise. Additionally, Karmin undertakes no
obligation to comment on the expectations of, or statements made by,
third parties in respect of the matters discussed above.
Neither the Exchange nor its Regulation Services Provider (as that term
is defined in policies of the Exchange) accepts responsibility for the
adequacy or accuracy of this release.
SOURCE Karmin Exploration Inc.
For further information:
Chief Executive Officer
Tel: (416) 367-0369
Chief Financial Officer
Tel: (519) 337-5302