Puma Exploration sells Target shares for $400,000

Jan 2, 2011

2020-03-24 14:14 ET – News Release

Mr. Marcel Robillard reports

PUMA EXPLORATION SELLS ITS INTEREST IN TARGET MINERALS

Puma Exploration Inc. has sold all of the shares it held in Target Minerals Inc. for $400,000. The sale of the Target shares represents a continuation of Puma’s DEAR strategy to monetize non-core assets. The Target shares were acquired as part of the transaction related to the Ann’s Creek and Beresford copper properties, also known as the Nicholas-Denys project, completed with Target in August, 2019. Puma will focus its 2020 exploration actively on its Chester project, a drill-ready property, and the newly acquired 100-per-cent-held Jonpol gold and Portage projects, while proceeding with due diligence on additional gold projects in the Bathurst mining camp (BMC).

Terms of the transaction

Puma sold all the shares it held in Target to a private company for a cash consideration of $400,000. Puma will keep the 1-per-cent net smelter return royalty (NSR) on the Ann’s Creek and Beresford copper properties as stipulated in the purchase agreement with Target. Puma has obtained from Target a final and complete release regarding any obligation that occurred during the period of time during which Puma held the shares of Target. Puma also agreed to cancel the $10,000 debenture it held in Target and also waived the obligation for Target to get listed within an 18-month period as stipulated in the purchase agreement of August, 2019. Puma wishes to thank Target’s management and president for finding the purchaser, as well as for arranging and facilitating the transaction diligently.

Qualified persons

Marcel Robillard, professional geoscientist, qualified person as defined by Canadian National Instrument 43-101 standards, has reviewed and approved the geological information reported in this news release. Mr. Robillard is a director and chief executive officer of the company.

About Puma Exploration Inc.

Puma Exploration is a Canadian-based mineral exploration company with precious and base metals projects in early to advanced stages located in the famous Bathurst mining camp (BMC) in New Brunswick, Canada.

We seek Safe Harbor.

http://explorationpuma.com/en/