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Trading Symbol: TSX-V: OCN
Shares Issued: 15,825,000
HALIFAX, Dec. 24, 2012 /CNW/ - As previously announced Oceanus Resources
Corporation (TSXV: OCN) ("Oceanus" or the "Company") has signed a
binding letter of intent ("LOI") to acquire 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").
The transaction is subject to TSX Venture Exchange (the "Exchange") and
other regulatory approvals. As well, closing is subject to a geological
report compliant with National Instrument 43-101 being approved by the
Exchange, execution of a definitive share exchange agreement and other
customary approvals for transactions of this type.
Mercator Geological Services Limited has prepared a geological report
compliant with National Instrument 43-101 on the Claims (the "Technical
Report"). Oceanus has submitted the Technical Report to the Exchange
The Claims are located in the south west corner of Durango State,
Mexico, along the western flanks of the Sierra Madre Occidental, in one
of the largest volcanic belts in the world. This area is recognized as
an extremely prospective mineral belt for gold and silver deposits.
This area is a virgin district having never been discovered or worked
by the Spanish and there are no historic mining records. There are
numerous pits, adits and small shafts that have been developed by local
gambusinos during the 1900's, and the locals continue to mine the area
to this day.
In 2004, certain of the Claims were the focus of an exploration program
by International Northair Mines Ltd. Geologic mapping, rock sampling
and other field investigations by Northair led to the discovery of
seven significant gold and silver mineralized zones, and there remains
potential for additional discoveries both parallel to and along strike.
The known gold and silver mineralization on the Claims 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. The 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 is present within
siliceous quartz and hematite breccia hosted by maroon colored
andesitic pyroclastic host rocks. Drilling by Northair indicates that
gold and silver mineralized zones extend at least 100 meters from
surface with true widths up to 12 meters. Wider zones of high grade
gold and silver mineralization may also occur in areas influenced by
Following conditional acceptance of the proposed transaction by the
Exchange, Oceanus intends to complete a concurrent private placement
offering (the "Offering") of a minimum of $2,000,000 at a price of
$0.26 per common share. The Company may pay a Finder's Fee of 6% cash
and 6% Finder's Warrants in accordance with Exchange Policy 5.1.
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. The current officers and
directors of Oceanus may subscribe under the Offering.
Trading of Oceanus's stock has been halted and will remain halted,
pursuant to Exchange Policy 5.3. The acquisition and concurrent
Offering are expected to close on or before January 31, 2013.
David R. Duncan, P. Geo., who is a Qualified Person as defined under
National Instrument 43-101, has reviewed and approved the information
contained in this press release.
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