Dia Bras and Plexmar to Amend Concession Option
TSX Venture Exchange – DIB
Bolsa de Valores de Lima – DIB
TORONTO, May 29, 2012 /PRNewswire/ – Dia Bras Exploration Inc. (TSX-V:DIB) (BVLAC:DIB) (“Dia Bras” or the “Company“) and Plexmar Resources Inc. (TSX-V:PLE) (“Plexmar“) announce today that the Hans XX concession is no longer subject to
the option granted by Plexmar to Dia Bras (the “Concession Option“) in connection with Dia Bras and Plexmar’s previously announced letter
of intent (the “LOI“) and plan of arrangement. As described in a press release issued on April
23, 2012, Plexmar granted Dia Bras the Concession Option providing Dia
Bras with the right to acquire the Bolsa del Diablo and Hans XX
properties for US$800,000 if certain option events take place, as an
inducement for Dia Bras to enter into the LOI.
Plexmar had acquired rights to the Hans XX concession through an option
agreement (the “Option Agreement“) entered into in December 2009. In order to acquire all of the mining
rights in the Hans XX concession, Plexmar was required to spend a total
of US$1 million in exploration work over a five-year period, and make
payments totaling $1.6 million over the same period. Between January
and May 2012, Plexmar was unable to negotiate an extension of the cash
payment deadlines under the Option Agreement to reflect the
difficulties encountered in securing the surface access rights with the
San Sebastian community. Specifically, Plexmar tried to extend payment
on the outstanding sum due for 2011 and future payments, and to agree
on a new timeframe under which to spend the US$1 million in
exploration. Since an agreement on the extended payment deadlines could
not be reached the Option Agreement was consequently cancelled.
Both Plexmar and Dia Bras intend on amending the Concession Option and
the option exercise price to reflect the cancellation of the Option
Agreement. Dia Bras continues its due diligence efforts with respect to
About Dia Bras
Dia Bras Exploration is a Canadian exploration & mining company focused
on precious and base metals in Chihuahua State, other areas of northern
Mexico, and most recently at its Yauricocha
silver-lead-zinc-copper-gold mine in Peru. The Company is accelerating
exploration at the Yauricocha property as well as pursuing the
development and exploration of its most advanced Mexican assets – the
Bolivar Property (copper-zinc-silver) and the Cusi Property
(silver-lead) and is exploring in Mexico several precious metal targets
such as La Sidra gold project at the Bolivar Property, Las Coloradas
silver project at Melchor Ocampo (Zacatecas State), the Bacerac silver
project (Sonora State), and the La Verde gold project at the Batopilas
Property (Chihuahua State). Dia Bras is also exploring base metal
projects in Mexico such as the Corralitos intrusion-hosted molybdenum
deposit (Chihuahua State).
Plexmar is a Canadian exploration company focused on acquiring,
exploring and developing gold mineral properties. Its main asset is
Bolsa del Diablo, a gold project in northern Peru, which covers an area
of nearly 9,700 ha and is located near the border with Ecuador. In
total, Plexmar owns 100% of 38 concessions and has the right to acquire
100% of the Angolos concession through an option agreement.
Additionally, Plexmar owns the Malin Plant located 125 km northeast of
Trujillo in northern Peru. The current capacity of the Malin Plant is
125 tpd with plans to expand the total treatment capacity
(polymetallic-flotation and gold) to 200 tpd in 2012.
For further information on Plexmar Resources Inc. visit www.plexmar.com or contact:
Plexmar Resources Inc.
1 (418) 658-6776
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accepts responsibility for the adequacy or accuracy of this news
Except for statements of historical fact, all statements in this news
release without limitation regarding new projects, acquisitions, future
plans and objectives are forward-looking statements that involve risks
and uncertainties. There can be no assurance that such statements will
prove to be accurate; actual results and future events could differ
materially from those anticipated in such statements.
SOURCE Dia Bras Exploration Inc.