BEDFORD, NS, April 12, 2016 /CNW/ - As announced in a press release dated November 19, 2015, Zonte, with a Colombian Partner (together the "Partners"), made application for open ground within the Gramalote Deposit which is a gold deposit in Colombia subject to a joint venture between AngloGold Ashanti (NYSE: AU) and B2Gold (TSX: BTO), (NYSE: BTG). The application is subject to review by the Secretaria de Minas, Department of Antioquia, Colombia ("Secretary of Mines") who has previously acknowledged that the area under application includes open ground, but, as of this date, has denied issuing the title. The Partners' Legal counsel remains convinced that the application has not been processed in accordance with the Colombian Mining Code and continues to seek a resolution on behalf of the Partners. A map of the open ground covered by the application and the location of the open ground relative to the Gramalote Deposit is illustrated with this release or at http://www.zontemetals.com/projects/colombia/
The Partners have made several requests that the application be processed in accordance with the Mining Code, however, according to the Partners' legal counsel, the Secretary of Mines, has either not responded to such requests or provided reasons inconsistent with the Mining Code that could be considered to favour certain third parties at the expense of the Partners. The Partners' legal counsel is comprised of a team of lawyers from a legal firm and an independent legal advisor; the latter being the former head of the Secretary of Mines, Department of Antioquia, whom is well versed in all matters related to mineral applications and titling.
The Partners have worked through various steps required to proceed to "Special Court". What is understood to be the last step in the process, referred to as a "conciliatory meeting", has now been scheduled with the Secretary of Mines for April 28, 2016. At the this meeting, the Partners' legal counsel will repeat its' request that the application be processed in accordance with the Mining Code, however, should the Secretary of Mines maintain its irregular stance, the Partners will then proceed to "Special Court". At the "Special Court" level the Partners will finally have the legal right to request that the application be processed according to the Mining Code as well as identifying other aspects around this irregular situation. Zonte plans to provide updates of the progress as developments materialize
Zonte Metals Inc. is a junior explorer focused on gold and copper. The Corporation is actively reviewing and completing field due diligence on projects in Colombia. The Company also has the Wings Point Gold Project which is a drill ready project.
This news release contains forward-looking statements which include statements regarding the Corporation's future plans, as well as statements regarding financial and business prospects and the Corporation's future plans, objectives or economic performance and financial outlooks. The Corporation believes that the expectations reflected in this news release are reasonable but actual results may be affected by a variety of variables and may be materially different from the results or events predicted in the forward-looking statements. Readers are therefore cautioned not to place undue reliance on these forward-looking statements.
In evaluating forward-looking statements readers should consider the risk factors which could cause actual results or events to differ materially from those indicated by such forward-looking statements. These forward-looking statements are made as of the date hereof, and unless otherwise required by applicable securities laws, the Corporation does not intend nor does it undertake any obligation to update or revise any forward-looking statements.
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 of accuracy of this release.
SOURCE Zonte Metals Inc.
Image with caption: "Map illustrating the area under application (in white) within the Gramalote Deposit. (CNW Group/Zonte Metals Inc.)". Image available at: http://photos.newswire.ca/images/download/20160411_C7869_PHOTO_EN_662940.jpg
For further information: Terry Christopher, CEO and President, 902-405-3520, firstname.lastname@example.org, www.zontemetals.com