Oceanus Closes $2,300,000 Private Placement and Acquires the La Lajita Gold Property in Mexico

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

Trading Symbol: TSX-V: OCN

HALIFAX, March 12, 2013 /CNW/ - Oceanus Resources Corporation (TSXV: OCN) ("Oceanus" or the "Company") is pleased to announce that the TSX Venture Exchange (the "Exchange") has granted final approval of the Fundamental Acquisition, and that the Company has closed the Fundamental Acquisition originally announced on October 24, 2012 and closed a concurrent Non-Brokered Private Placement of $2,300,000.

Transaction Summary

Oceanus has acquired all of the issued and outstanding securities of Lunar Gold Holdings Incorporated ("LGH"), a Canadian company, by way of security exchange. LGH and LGH's wholly owned Canadian subsidiary, LGHI Holdings Incorporated ("LGHI"), together own 100% of Minera Pueblo de ORO SA DE CV, a Mexican company, ("MPO"). MPO is a party to agreements to earn a 100-per-cent interest in twelve (12) Mexican mining concession titles, collectively known as the La Lajita property (the "Claims") covering approximately 3,218 hectares in Durango, Mexico (the "MPO Agreements").

Oceanus has issued 11,000,000 shares of the Company to the shareholders of LGH.  The 11,000,000 common shares issued will be subject to a 4 month hold period.

The terms of the MPO Agreements provide MPO with an option to acquire a 100% interest in the Claims in exchange for the following:

  • rental payment of US$1,200 per month
  • on the 6th month anniversary payments of US $94,000;
  • on the 12th month anniversary payments of US $150,000;
  • on the 24th month anniversary  payments of US $200,000;
  • on the 36th month anniversary payments of US $300,000;
  • on the 48th month anniversary payments of US $300,000;
  • on the 60th month anniversary payments of US $500,000; and
  • on the 72nd month anniversary payments of US $500,000.

Also, certain of the Claims that are put into production, have a 2% NSR if gold is valued at less than $1,000 per ounce, or 2.5% if gold is valued at greater than $1,000 per ounce at the time of production. A geological report for the Claims compliant with National Instrument 43-101 ("NI43-101") has been completed and filed on SEDAR and can be viewed at www.sedar.com.

Prior to being acquired by Oceanus MPO did not carry on any business, other than being a party to the MPO Agreements, which entitled  it to earn 100 % interest in the Claims. The MPO Agreements were MPO's only asset at closing. MPO had no liabilities and was not a party to any other agreements at closing. The acquisition of the MPO agreement and the right to earn a 100% interest in Claims is not the acquisition of a business pursuant to applicable securities laws.

Property

The La Lajita property is located in the Pueblo Nuevo mining district, and some mineralized zones have been hand mined by small scale mining interests (Gambusinos).  The claims are host to an epithermal gold/silver system that extends for a distance of more than 1.5 km. Widespread quartz veins, breccias and stockworks occur over the length of the system and host gold and silver mineralization. The district has been mined by small scale mining by pick and shovel and gold is hand panned after pulverization of the mined material. This limited historical work on the property is the oldest known work and dates back approximately 50 years.

The La Lajita property is located in the central portion of the Sierra Madre Occidental (SMO) province. The Sierra Madre is one of the largest volcanic belts in the world, and extends for over 2,000 km from the U.S. - Mexico border to southern Nayarit State where it is overlain by the Trans-Mexican Volcanic Belt. The SMO is recognized as an extremely prospective mineral belt for gold, silver and poly metallic mineral deposits.  La Lajita is a low-sulfidation epithermal type deposit and known gold and silver mineralization at the La Lajita property occurs within seven distinct alteration zones. Mineralization generally occurs in veins, stockwork and breccia zones along and adjacent to fault zones. Minor sulphide minerals are associated with hematite and local specularite and the presence of these minerals suggest a low-sulfidation type system.

The most significant historical exploration work completed on the property included geological mapping, soil and stream sediment sampling, rock sampling, underground sampling trenching and reverse circulation drilling by International Northair Mines Ltd. (Northair) between January and June 2004. Known gold and silver mineralization at the La Lajita property occurs within seven distinct alteration zones which are identified as the A to G Zones. Mineralization generally occurs as veins, stockwork and breccia zones along and adjacent to fault zones. Presence of relatively minor amounts of sulphide minerals along with hematite (locally as specularite) within these alteration zones indicates association with a low-sulfidation type epithermal system. Visible gold mineralization within siliceous quartz and hematite breccia hosted by maroon colored andesitic pyroclastic host rocks at both the A and C zones. Significant underground samples reported by Northair at the A and B Zones included 4.5m grading 19.35g/t Au and 100g/t Ag, 5.49m grading 7.22g/t Au and 31g/t Ag, and 3m grading 10.55g/t Au and 36.6g/t Ag. Significant intercepts from continuous surface trench sampling include 10m grading 9.0g/t Au and 67.9g/t Ag, 20m grading 2.8g/t Au and 23.1g/t Ag and 12m grading 18.86g/t Au and 13.2g/t Ag.

Drilling by Northair indicates that gold and silver mineralized zones can exceed 100 meters in strike depth and have true widths ranging from 1.5m to greater than 15m.  Wider zones of high grade gold and silver mineralization may also occur in areas influenced by structural intersections. Significant drill results include A Zone hole TRC-04-06 that returned 8.19g/t Au and 46.2g/t Ag over 10.7m and B Zone hole TRC-04-13 that returned 3.16g/t Au and 16.5g/t Ag over 10.7m.

Private Placement

Oceanus completed a non-brokered Private Placement of common shares at a price of $0.26 per common share for total gross proceeds of $2,300,000 by issuing 8,846,141 common shares.

The securities issued pursuant to the Offering will be subject to a hold period expiring four months and one day after the closing of the Offering in accordance with applicable securities laws and, if required, the policies of the Exchange.

Macquarie Private Wealth Inc. of Vancouver, British Columbia will be paid a 6% finder's fee of $4,242.00 and will be issued a 6% finder's warrant entitling it to purchase 16,315 shares of Oceanus and Global Maxfin Capital Inc. of Toronto, Ontario will be paid a 6% finder's fee of $41,481.80 and will be issued a 6% finders warrant entitling it to purchase 159,930 shares of Oceanus.  The finder's warrants are exercisable for 12 months from the closing date of the Fundamental Acquisition at a price of $0.30 per share.

Board of Directors

The Board of Directors of Oceanus will remain unchanged and continue to be Richard Gordon, Glenn Holmes, David Duncan, Keith Abriel and James Whitman.  The officers of Oceanus will remain unchanged, Richard Gordon will continue to act as President and CEO, Glenn Holmes will continue to act as CFO and Glenn Jessome will continue to act as Corporate Secretary.

Resumption of Trading

Trading of the common shares of Oceanus was halted at Oceanus request when it announced the Fundamental Transaction on October 24, 2012.  Subject to filing required documentation with the Exchange, Oceanus will resume trading on the Exchange on a date to be determined by the Exchange.

This press release was prepared under the supervision of Peter Webster, P.Geo. President of Mercator Geological Services Limited who is the Independent Qualified Person as defined under National Instrument 43-101.  Mr. Webster has reviewed the scientific and technical information in this press release.

CAUTIONARY STATEMENT:

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.

This News Release includes certain "forward-looking statements".  All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Oceanus, are forward-looking statements that involve various risks and uncertainties.  There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.  Important factors that could cause actual results to differ materially from Oceanus's expectations are exploration risks detailed herein and from time to time in the filings made by Oceanus with securities regulators.

SOURCE: OCEANUS RESOURCES CORPORATION

For further information:

Richard Gordon, President, Oceanus Resources Inc., T: 902 441-6700 F: 902 446-2001

Organization Profile

OCEANUS RESOURCES CORPORATION

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