VANCOUVER, July 19, 2017 /CNW/ - Tinka Resources Limited ("Tinka" or the "Company") (TSXV: TK) (OTCPK: TKRFF) announces that Dr. Graham Carman, President, CEO and director of Tinka, has exercised his Tinka stock options (the "Stock Options") to purchase 1,700,000 common shares of Tinka (the "Tinka Shares") which were due to expire on August 5, 2017, with an exercise price of $0.37 per share, generating total proceeds to Tinka of C$629,000. In order to fund the exercise of the Stock Options, Dr. Carman has agreed to sell approximately 860,000 common shares of Tinka in a series of private transactions designed to minimize the impact on the stock price. As a result of the exercise of the Stock Options and sale of the Tinka Shares, Dr. Carman has increased his overall investment and share ownership in the Company.
Dr. Carman plans to maintain his remaining holdings in Tinka for investment purposes and may, in the future, take such actions in respect to his holdings as he deems appropriate in light of circumstances then existing. Any additional acquisitions or dispositions by Dr. Carman will be reported in accordance with National Instrument 55 – 104.
About Tinka Resources Limited
Tinka is an exploration and development company with its flagship property being the 100%-owned Ayawilca Property in the zinc-lead-silver belt of central Peru, 200 kilometres northeast of Lima. The Ayawilca Zinc Zone has an Inferred Mineral Resource of 18.8 Mt at 8.2% Zinc Eq, and a Tin Zone Inferred Mineral Resource of 5.4 Mt at 0.89% Tin Eq, both open for expansion (May 25, 2016). The Silver Zone at Colquipucro, 2 km north of the Zinc Zone, has Indicated Mineral Resources of 2.9 Mt at 112g/t Ag for 10.4 Moz Ag and Inferred Mineral Resources of 2.2 Mt at 105g/t Ag for 7.5 Moz Ag hosted by oxidized silver-rich lenses less than 80 metres from surface (Feb. 26, 2015). The qualified person, Dr. Graham Carman, Tinka's President and CEO, and a Fellow of the Australasian Institute of Mining and Metallurgy, has reviewed and verified the technical contents of this release.
On behalf of the Board,
Dr. Graham Carman, President & CEO
Forward Looking Statements: Certain information in this news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws (collectively "forward-looking statements"). All statements, other than statements of historical fact are forward-looking statements. Forward-looking statements are based on the beliefs and expectations of Tinka as well as assumptions made by and information currently available to Tinka's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, the Company's expectations regarding mineral resource calculations, capital and other costs varying significantly from estimates, production rates varying from estimates, changes in world metal markets, changes in equity markets, uncertainties relating to the availability and costs of financing needed in the future, equipment failure, unexpected geological conditions, imprecision in resource estimates or metal recoveries, success of future development initiatives, competition, operating performance, environmental and safety risks, community relations, and other development and operating risks. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein. Although Tinka believes that assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Except as may be required by applicable securities laws, Tinka disclaims any intent or obligation to update any forward-looking statement.
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 or accuracy of this news release.
SOURCE Tinka Resources Limited