PRUDENT MINERALS ANNOUNCES DEFINITIVE AGREEMENT WITH SHAREHOLDERS OF BERLIN PRECIOUS METALS CORP.
Vancouver B.C., December 30, 2022 – PRUDENT MINERALS CORP. (“Prudent” or the “Company”) (CSE: PRUD) is pleased to report, that further to its news release dated August 10, 2022, it has entered into definitive share exchange agreement with the shareholders (the “Share Exchange Agreement”) of Berlin Precious Metals Corp. (“Berlin”). Pursuant to the terms of the Share Exchange Agreement, Prudent will exchange 8,000,000 common shares (“Prudent Shares”) and 8,000,000 common share purchase warrants (the “Prudent Warrants”) in exchange for all of the issued and outstanding common shares of Berlin.
Each Prudent Warrant allows its holder to acquire a Prudent Share for $0.50 for a period of five years. The transactions contemplated by the Share Exchange Agreement are subject to customary conditions precedent for transactions of this nature.
ABE Gold Overview
The ABE Gold properties (“ABE Gold”) consist of exclusive rights to earn 100% of 110ha ARE-283 special reserve area (refer to NR dated August 10, 2022) and six adjacent mining concession applications covering 3,140ha. The properties lie along a well-endowed mineral belt in the Antioquia Department, 70-km south of Medellin and 7.6-km south of the town of Abejorral (refer to Figure 1).
ABE Gold covers the long active Purimac gold mine, and six historic mines named El Chorro, Fonda, Cafetal, Tono, Rojas and La Quiebra (refer to Figure 2). As a result of soil geochemistry, Induced Polarization and Magnetic surveys conducted in 2022 by Berlin Precious Metals Corp., the Purimac target zone has widen to a 680m structural corridor, striking NE and trending over 4,000m (refer to Figure 3).
“We are optimistic of ABE Gold’s large-scale potential and look forward to a successful 2023 season,” commented Prudent President, Brett Matich.
“Prudent’s fully funded 2023 exploration program commences in late January, focusing on validating the continuity of the newly discovered Purimac structural corridor,” he concluded.
Figure 1. ABE Gold in NW Colombia
Figure 2. Active Purimac and six historic gold mines
Figure 3. Purimac target zone, 680m wide structural corridor
Qualified Person
The Company’s disclosure of a technical or scientific nature in this news release has been reviewed and approved by Tim Henneberry, P Geo (British Columbia), who serves as a qualified person under the definition of National Instrument 43:101.
About Prudent Minerals Corp.
Prudent Minerals Corp. is a Canadian publicly listed company conducting exploration on its SAT Property in British Colombia, Canada. On April 18, 2022, Prudent commenced trading on the Canadian Securities Exchange (CSE: PRUD) as a mineral exploration company engaged in primarily acquisition, exploration and, if warranted, development of mineral properties.
For more information visit: https://www.prudentminerals.com/
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The Canadian Securities Exchange has not reviewed or approved the content of this news release and accepts no responsibility for the adequacy or accuracy of this release.
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the Canadian Securities Exchange. There are uncertainties inherent in forward-looking information, including factors beyond the Company’s control. There are no assurances that the commercialization plans for Prudent Minerals Corp. described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, which filings are available at www.sedar.com.
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