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Kaizen Discovery Receives $4 Million Financing from ITOCHU to Fully Fund Two-Year Exploration Program at Aspen Grove Project
|By Marketwired .
|August 22, 2014 07:30 AM EDT
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/22/14 -- Kaizen Discovery Inc. (TSX VENTURE:KZD) today announced the receipt of C$4 million in project financing following the execution of a definitive investment agreement earlier this week with strategic partner ITOCHU Corporation of Japan. In September 2014, Kaizen and ITOCHU will begin a two-year campaign to aggressively explore key targets at Kaizen's newly acquired Aspen Grove copper-gold porphyry project in southern British Columbia.
"It is a pleasure to welcome ITOCHU and its accomplished management team as our partner on the Aspen Grove Project," said B. Matthew Hornor, President and Chief Executive Officer of Kaizen.
"Their participation provides a strong endorsement of the project and complements the quality of our team. This is a highly attractive funding package that is well aligned with our development plans."
Kaizen's 2014-2015 exploration plans for the Aspen Grove Project include more than 10,000 metres of diamond drilling, including 2,000 metres at the advanced Par prospect, to be initiated in September 2014 in conjunction with an induced-polarization survey.
Aspen Grove is located between the Highland Valley and Copper Mountain mines at the southern end of British Columbia's copper-rich Quesnel Trough. The project's proximity to Vancouver, year-round road access, and on-site grid power will help enable Kaizen to efficiently test widespread copper mineralization that has been found in several targets.
About Kaizen Discovery
Kaizen is a Canadian technology-focused, mineral exploration company that was formed in late 2013 through a combination of Concordia Resource Corp. and assets acquired from HPX TechCo Inc., a 100%-owned subsidiary of High Power Exploration Inc. With its collaboration agreement with ITOCHU of Japan and access to HPX TechCo's proprietary geophysical technology, Kaizen's long-term growth strategy is to work with Japanese partners to identify, explore and develop high-quality mineral projects that have the potential to produce and deliver minerals to Japan's industrial sector.
More information on Kaizen is available at www.kaizendiscovery.com.
ITOCHU is one of the leading Japanese trading corporations, with approximately 130 bases in 66 countries. ITOCHU engages in domestic trading, import/export, and overseas trading of various products such as textile, machinery, metals, minerals, energy, chemicals, food, information and communications technology, realty, general products, insurance, logistics services, construction, and finance, as well as business investment in Japan and overseas.
More information on ITOCHU is available at www.itochu.co.jp/en.
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 release.
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in Kaizen's periodic filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, should," and similar expressions, are forward-looking statements. Information provided in this document is necessarily summarized and may not contain all available material information.
Although Kaizen has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the proposed transaction could be modified, restricted or not completed, and the results or events predicted in these forward-looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. Kaizen disclaims any intention or obligation to update or revise such information, except as required by applicable law, and Kaizen does not assume any liability for disclosure relating to the other company mentioned herein.
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