Click here to close now.




















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
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, analyzed a range of cloud offerings (IaaS, PaaS, SaaS) and discussed the benefits/challenges of migrating to each offe...
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
"We've just seen a huge influx of new partners coming into our ecosystem, and partners building unique offerings on top of our API set," explained Seth Bostock, Chief Executive Officer at IndependenceIT, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Digital Transformation is the ultimate goal of cloud computing and related initiatives. The phrase is certainly not a precise one, and as subject to hand-waving and distortion as any high-falutin' terminology in the world of information technology. Yet it is an excellent choice of words to describe what enterprise IT—and by extension, organizations in general—should be working to achieve. Digital Transformation means: handling all the data types being found and created in the organizat...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Chuck Piluso presented a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Prior to Secure Infrastructure and Services, Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Te...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
With SaaS use rampant across organizations, how can IT departments track company data and maintain security? More and more departments are commissioning their own solutions and bypassing IT. A cloud environment is amorphous and powerful, allowing you to set up solutions for all of your user needs: document sharing and collaboration, mobile access, e-mail, even industry-specific applications. In his session at 16th Cloud Expo, Shawn Mills, President and a founder of Green House Data, discussed h...
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducte...
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.