Welcome!

News Feed Item

Amana Copper Ltd. Signs Preliminary Agreement for the Baya Cobalt-Copper Project

MONTREAL, QUEBEC -- (Marketwired) -- 05/09/14 -- Amana Copper Ltd. (CSE:AMA) ("Amana" or the "Company") is pleased to advise shareholders that further to the Company's press release dated April 2, 2014, the Company has signed an agreement ("Preliminary Agreement") for the acquisition of a 70% interest in the Baya mining project ("Baya Project"), a producing cobalt-copper project located in Katanga Province, DRC.

The Baya Project

The Baya Project is owned and operated by Mahaveer Mining Sprl ("Mahaveer Mining"), a cooperative based in Katanga. Mahaveer Mining and its members are presently extracting and selling cobalt ore from the artisanal workings at the Baya Project.

The concession hosting the Baya Project covers an area of 11km2 and is located approximately 25km south of Lubumbashi (accessible via 20km of paved road and 5km of side road). There are three pits within the Baya Project, the largest being 200m by 50m. The pits are aligned NW to SE and are all hosted in weathered Mine Series rocks.

The secondary cobalt oxide layer lies 5m below the surface and is exposed by artisanal and mechanized pre-stripping. The layer is currently mined manually and is 10-15m thick. In-situ grades of 4 to 5% Co are upgraded to 8 to 10% Co by hand sorting and washing, after which the ore is sold on the open market in Lubumbashi for processing into cobalt intermediate products including hydroxide, carbonate and alloys.

During an April 2014 site visit, Amana's geologists confirmed that current mining has locally exposed an underlying secondary copper oxide layer. Given the geological setting, as further material is exposed in the pits, there is good possibility for primary sulphide mineralization to exist below the oxide layer.

To date there has been no drill testing nor trenching of the oxide and/or sulphide copper mineralization. Amana intends to conduct structural, geochemical and geophysical work and to conduct a drilling program on the Baya Project while concurrently assisting and improving the artisanal operations so as to increase the volume and value of materials mined and to increase revenues in the short term.

The Baya Project is located approximately 25km southeast of the Kipushi Mine which is majority owned by Ivanhoe Mines. The Kipushi Mine had past production of 60 million tonnes of ore grading 11% Zn and 7% Cu and by-product Pb, Cd and Ge. Historical resource estimates at the Kipushi Mine (above the 1500m level) total approximately 17 million tonnes averaging 16.7% Zn and 2.3% Cu.

Transaction Terms

The Preliminary Agreement signed by Amana and Mahaveer Mining describes the terms and conditions whereby Amana can earn a 70% interest in the Baya Project once the following milestones have been met (all US Dollars):


--  $500,000 to be paid by Amana to Mahaveer Mining upon Mahaveer Mining
    receiving an exploitation license covering the entirety of the Baya
    Project ("First Tranche"); and 
--  $500,000 to be paid by Amana to Mahaveer Mining 45 days after payment of
    the First Tranche.

Subject to Amana's ongoing due diligence, the Company seeks to enter into a definitive agreement ("Definitive Agreement") with Mahaveer Mining as soon as practicable, however there is no assurance that a transaction will be completed. Upon completion of a Definitive Agreement and after securing the necessary funding, Amana would seek to expedite a drilling campaign to define a minable cobalt-copper production resource at the Baya Project.

About Amana Copper Ltd.

Amana's mandate is to acquire and develop copper projects with near-term visibility to production and cash flows. The Company leverages its technical and financial expertise to systematically de-risk and develop its projects.

ON BEHALF OF THE BOARD

Yaron Conforti, Chief Executive Officer and Director

The CSE does not accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Amana Copper Ltd. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

Contacts:
Amana Copper Ltd.
Yaron Conforti
CEO
(416) 716-8181

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
Digital transformation is too big and important for our future success to not understand the rules that apply to it. The first three rules for winning in this age of hyper-digital transformation are: Advantages in speed, analytics and operational tempos must be captured by implementing an optimized information logistics system (OILS) Real-time operational tempos (IT, people and business processes) must be achieved Businesses that can "analyze data and act and with speed" will dominate those t...
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, will compare the Jevons Paradox to modern-day enterprise IT, e...
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor 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. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
While DevOps promises a better and tighter integration among an organization’s development and operation teams and transforms an application life cycle into a continual deployment, Chef and Azure together provides a speedy, cost-effective and highly scalable vehicle for realizing the business values of this transformation. In his session at @DevOpsSummit at 19th Cloud Expo, Yung Chou, a Technology Evangelist at Microsoft, will present a unique opportunity to witness how Chef and Azure work tog...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...