Welcome!

News Feed Item

Brigadier Gold Limited Signs a Letter With a Shareholder of Mexican Copper Mines (Guernsey) Ltd. to Acquire Additional Cuatro Ciénegas District Properties in Mexico

TORONTO, ONTARIO -- (Marketwired) -- 02/19/14 -- Mr. Grant Hall reports:

Brigadier Gold Ltd. ("Brigadier") (TSX VENTURE: BRG) has signed a letter with a shareholder of Mexican Copper Mines (Guernsey) Ltd. ("Mexican") that sets out the terms and conditions with which Brigadier will acquire 70% of the outstanding shares of Mexican which owns through its subsidiary Molycomex S. A. de C. V. an undivided right, title and interest (the "Acquisition") in 5 additional Cuatro Cienegas District mineral properties in Mexico (the "Assets") through the subsidiary Molycomex S.A. de C.V.

Brigadier will issue 20,000,000 consolidated treasury shares (following a consolidation of its outstanding shares on a 10 for one basis, to be presented to a special shareholder meeting), subject to the approval of the TSX Venture Exchange. In addition, Brigadier will issue warrants with the following terms:

(a) If Brigadier obtains, within three (3) years from completing the Acquisition, a report prepared in conformity with the requirements of National Instrument 43-101 ("NI 43-101") disclosing that the Assets contain 200,000 tonnes of ore, with a grade of not less than 1.5% copper equivalent, then the warrant holder may exercise the warrant and acquire that number of shares which, when multiplied by the twenty (20) day prior weighted average market price of Brigadier's consolidated shares, equals a value of US$1,000,000;

(b) If Brigadier obtains, within four (4) years from completing the Acquisition, a report prepared in conformity with the requirements of NI 43-101 disclosing that the Assets contain 500,000 tonnes of ore, with a grade of not less than 1.5% copper equivalent, then the warrant holder may exercise the warrant and acquire that number of shares which, when multiplied by the twenty (20) day prior weighted average market price of Brigadier's consolidated shares, equals a value of US$1,500,000;

In connection with the Acquisition, Mexican Copper Mines (Guernsey) Ltd. has agreed to amend the terms of a 5 year 12% US$2,250,000 debenture issued by Molycomex S.A. de C.V. to it, such that the debenture shall become convertible at a price of $0.25 CAD per share, at the option of Mexican Copper Mines (Guernsey) Ltd.

Subject to Exchange approval, Brigadier Gold will pay a finders fee to an unrelated third party in connection with this transaction by the issuance of 2 million post consolidated shares in the Company subject to TSX Venture Exchange approval.

Concurrent with the completion of the Transaction, Brigadier will complete a private placement of its Consolidated Shares to raise a minimum of US$2,000,000 and a maximum of US3,000,000 at a price of $0.25 CAD per Consolidated Share, subject to the consent of the TSX Venture Exchange.

About the Assets

The properties are situated in the State of Coahuila, Mexico, almost adjacent to Brigadier's Granizo and Don Indio Properties, some 50 km southeast of the town of Cuatro Cienegas. The Properties lie along the foot of the Sierra San Marcos y Pinos range and are composed of 5 concessions, totalling 14,859 ha, namely: the Apache 4, Apache 14, San Antonio, Jabali and Jabali 2 concessions. The Apache 14, San Antonio, Jabali and Jabali 2 concessions all fall within the Apache 4 concession. Mexican Copper Mines has a 100% interest in the Apache 4 concession and a 70% interest in the Apache 14, San Antonio, Jabali and Jabali 2 concessions. There are 3 additional concessions, which lie within the Apache 4 concession that are not owned by Mexican Copper Mines, namely the Martha (210 ha) and the two El Ojito claims (43 ha and 83 ha respectively).

On the Mexican Copper Mines' Properties, stratabound copper-silver mineralization occurs within arenites and arkoses at the top of the Lower Cretaceous San Marcos Formation, just below a zone of carbonaceous beds grading into limestones of the Lower Cretaceous Cupido Formation. The stratabound Cu-Ag mineralization can be traced in outcrop for some 40 km northwest to southeast and has an, as yet, undefined down-dip extension to the northeast. The mineralization occurs in 1.7 m- to 5.69 m-thick, concordant layers referred to as "mantos". The mantos carry Cu and Ag minerals, (predominantly supergene chrysocolla, malachite, azurite and tenorite). Small amounts of primary copper sulphide minerals, such as chalcocite and argentite, occur within the quartz cement of the arenites, Exploration during 2012 revealed mantos carrying grades of 0.2 to 18.0 % copper and 2 to 592 g/t silver.

There are presently five main showings on the Mexican Copper Mines' Properties, namely: the Buena Suerte, San Antonio, Ojitos, Emes and Las Juanitas showings. The Buena Suerte and San Antonio showings are currently the primary exploration targets.

The San Antonio and Buena Suerte showings are part of one continuous manto, which has a thickness of 1.4 to 4.25 m and has been traced continuously along strike for 1.2 km. Calculated weighted sample averages from the San Antonio-Buena Suerte manto indicate grades of between 0.02 to 4.91% Cu and 1 to 51 g/t Ag. Localized sample intervals show enrichment in Cu and Ag: a 0.48 m zone of 4.26% Cu, a 0.75 m zone of 5.77% Cu, a 0.70 m zone of 14.9% Cu and 91 g/t Ag, a 0.79 m zone of 5.87% Cu, and a 0.85 m zone of 159 g/t Ag. The down-dip extent of this manto remains open for the San Antonio and Buena Suerte showings.

The Ojitos showing, discovered in 2011, has a mineralized thickness of 0.5 to 5.69 m, with calculated weighted trench-sample averages ranging from 0.03 to 3.66% Cu and 1 to 583 g/t Ag. Locally, mineralized zones show enrichment in Cu and Ag: a 0.80 m zone of 18.05% Cu, a 1.30 m zone of 9.79% Cu, a 2.49 m zone of 6.93% Cu, a 0.64 m zone of 16.75% Cu and 592 g/t Ag, a 0.66 m zone of 5.81% Cu and 197 g/t Ag, and a 0.70 m zone of 583 g/t Ag.

Some 1.5 km northwest of Ojitos is the Emes showing, also discovered in 2011. A grab sample from this manto carried 2.65% Cu and 48 g/t Ag.

The northernmost showing on the Mexican Copper Mines' Property is Las Juanitas. This showing is situated stratigraphically deeper than the above-mentioned showings (within the L. Cretaceous San Marcos Formation). The manto has a thickness of 0.4 to 2.0 m and grades 0.01 to 2.83 % Cu and 1 to 63 g/t Ag. Locally, mineralized zones show enrichment in Cu and Ag, including a 0.5 m zone of 2.83% Cu and 63 g/t Ag. The down-dip extension, as with the other showings, is yet to be defined by drilling.

It is postulated that these Cu-Ag bearing mantos were generated when deep, hot, oilfield basinal brines leached Cu and Ag (plus a spectrum of other elements including Zn, Pb) from sedimentary and igneous rocks. During an orogenic phase, these hot, metalliferous brines migrated towards the surface through the Cretaceous strata. The fluids then encountered an oxidation/reduction boundary in the Lower Cretaceous strata and thus Cu and Ag sulphides were precipitated. Subsequent interaction with oxidizing ground waters partially broke down the metal sulphides and deposited the secondary copper and silver minerals.

Sediment-hosted copper deposits are traditionally classified into two types: the Kupferschiefer type and the redbed type. The Cu-Ag deposits of the Cuatro Cienegas area belong to the latter redbed type. Elsewhere in North America redbed copper deposits, similar to those around Cuatro Cienegas, occur at Las Vigas (Chihuahua, Mexico), Spar Lake (Montana, USA), Rock Creek and Montanore (Montana, USA), and Creta (Oklahoma, USA). Evidence from recent exploration reveals characteristics of the Cu-Ag deposits on the Mexican Copper Mines' Properties which bear many striking similarities to the deposits of the Copper Belt of Zambia and the Democratic Republic of the Congo, which have to date produced in excess of 1 billion tonnes of copper metal from ores with an average grade of approximately 2.7% Cu, together with significant quantities of Ag.

These results were obtained by qualified personnel during the preparation of an NI 43-101 report and can be considered accurate. This report on the Madero property was written by Dahrouge Geological Consulting Ltd. and dated December 11, 2013. It is being filed on www.sedar.com, on Feb 19th, 2014, with this press release. William R. Gilmour, BSc, PGeo, of Discovery Consultants of Vernon, BC, and a qualified person as defined by NI 43-101, has supervised the preparation of the scientific and technical information that forms the basis for this news release.

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.

FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements." All statements, other than statements of historic fact, that address activities, events or developments that Brigadier believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", and "intend" and statements that an event or result "may", "will", "can", "should", "could", or "might" occur or be achieved and other similar expressions. These forward-looking statements reflect the current expectations or beliefs of Brigadier based on information currently available to Brigadier. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of Brigadier to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Brigadier. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to successfully complete financings, capital and other costs varying significantly from estimates, production rates varying from estimates, changes in world copper and/or gold or other mineral 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, success of future development initiatives, competition, operating performance of facilities, environmental and safety risks, delays in obtaining or failure to obtain tenure to properties and/or necessary permits and approvals, and other development and operating risks. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Brigadier disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Brigadier believes that the 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
"Avere Systems is a hybrid cloud solution provider. We have customers that want to use cloud storage and we have customers that want to take advantage of cloud compute," explained Rebecca Thompson, VP of Marketing at Avere Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"We formed Formation several years ago to really address the need for bring complete modernization and software-defined storage to the more classic private cloud marketplace," stated Mark Lewis, Chairman and CEO of Formation Data Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
Most organizations prioritize data security only after their data has already been compromised. Proactive prevention is important, but how can you accomplish that on a small budget? Learn how the cloud, combined with a defense and in-depth approach, creates efficiencies by transferring and assigning risk. Security requires a multi-defense approach, and an in-house team may only be able to cherry pick from the essential components. In his session at 19th Cloud Expo, Vlad Friedman, CEO/Founder o...
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
CenturyLink has announced that application server solutions from GENBAND are now available as part of CenturyLink’s Networx contracts. The General Services Administration (GSA)’s Networx program includes the largest telecommunications contract vehicles ever awarded by the federal government. CenturyLink recently secured an extension through spring 2020 of its offerings available to federal government agencies via GSA’s Networx Universal and Enterprise contracts. GENBAND’s EXPERiUS™ Application...
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
"We view the cloud not really as a specific technology but as a way of doing business and that way of doing business is transforming the way software, infrastructure and services are being delivered to business," explained Matthew Rosen, CEO and Director at Fusion, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
SYS-CON Events announced today that MangoApps will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.