BEDFORD, NS, Jan. 26, 2016 /CNW/ - As previously announced in a press release dated November 19, 2015, Zonte with a Colombian Partner (the "Partners") made application for open ground sitting over the Gramalote Deposit which is a gold deposit joint ventured between AngloGold Ashanti (NYSE:AU) and B2Gold (TSX:BTO, NYSE:BTG) in Colombia. The application is subject to review by the Secretaria de Minas ("Secretary of Mines"), Department of Antioquia, Colombia. The Secretary of Mines has previously acknowledged that the area under application as open ground, but denied issuing the title. Legal counsel for the Partners is of the strong opinion that the application has not been processed in accordance with the Colombian Mining Code. A map of the open ground, which is under application, sitting on top of the Gramalote Deposit is illustrated below.
The Partners have on a number of occasions requested that the Secretary of Mines process the application in accordance with the Mining Code. The latest request occurred on November 4, 2015 which was supposed to have been answered by January 4th, 2016. Despite missing the due date for the response, the Secretary of Mines has now answered the request and continues to deny the application. The Partners' legal counsel is again of the opinion that the Mining Code was not followed in the latest response. The Partners' legal counsel includes a team of lawyers from a legal firm and an independent legal advisor; the latter being the former head of the Secretaria de Minas, Department of Antioquia, whom is well versed in all matters related to mineral applications and titling.
Legal counsel will attempt to next meet with the Secretary of Mines to discern if a solution to this issue can be reached, and assuming the answer is consistent with past communications, the Partners will 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 request other aspects around this irregular situation. Zonte will 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.
For further information: Terry Christopher, CEO and President, 902-405-3520, [email protected], www.zontemetals.com