TORONTO, Aug. 15 /CNW/ - Antamena Capital Corp. (TSXV: "ANT.P"), is
pleased to announce that the TSX Venture Exchange (TSXV) has given conditional
approval to the previously announced transaction with Orca Minerals Limited
(Orca Minerals) whereby Antemena will acquire all of the issued and
outstanding share capital of Orca as a Qualifying Transaction.
Antamena has filed a detailed final filing statement on SEDAR together
with technical reports. As part of the transaction, Antamena will change its
name to Xtierra Resources Ltd. (Xtierra) which will have Tier 1 status and
will trade under the symbol "XAG".
Completion of the transaction is scheduled for August 26 at which time
the Orca Minerals management team will be installed. On closing, 17,612,000
Special Warrants of Orca Minerals will be converted to 17,612,000 common
shares and 8,806,000 share purchase warrants (Warrants) of Xtierra. To the
extent that each whole Warrant is exercised during the first 12 month period
from the closing date, it will entitle the holder to acquire one common share
in the capital of Xtierra at $0.75 per common share, and to the extent such
full Warrant is exercised after the end of the first 12 month period from the
closing date and on or before the end of the second 12 month period from such
date, one common share at $1.00 per share. Xtierra will have an initial share
capitalization of 49,862,003 common shares of which Minco Plc will own
approximately 60%. Minco's holdings and those of other principals are subject
to TSXV escrow regulations.
Xtierra is well funded to advance its projects located in the Central
Mexican Silver Belt in the States of Zacatecas and San Luis Potosi, through
Orca Minerals' successful Special Warrants placements grossing $8.8 million.
Xtierra will focus on advancing its precious and base metals projects,
particularly the Bilbao Project, to the point of an early production decision.
An independent resource estimate is currently being completed at Bilbao in
accordance with the requirements of NI-43-101. Xtierra plans to commence
step-out drilling at Bilbao to establish the southwestern and northwestern
limits of the mineralisation which also remains open to depth. In addition,
metallurgical test work is continuing at both Bilbao and at the Laguna
silver-gold tailings reprocessing project to optimize process methodologies.
Initial exploration drilling of the San Francisco epithermal gold-silver
prospect, located near Villa de Ramos, 30km northeast of Bilbao will commence
For further information:
For further information: Antamena Capital Corp., Tim Gallagher,
President, (416) 925-0090; Orca Minerals Limited, Terence McKillen, President,