July 16, 2020
TSX-V: MSR
July 16, 2020
Minsud Announces Management Changes and Grants Stock Options.
TORONTO, ONTARIO – Minsud Resources Corp.
(TSX-V: MSR) (“Minsud” or the “Company”) announces that Alberto Orcoyen has resigned as President and Chief Executive Officer of the Company. Ramiro Massa has been appointed as President and Chief Executive Officer to replace Alberto Orcoyen, subject to the approval of the TSX Venture Exchange.
Ramiro Massa has resigned as Corporate Secretary of the Company and has been replaced by Michael Johnston, the current Chief Financial Officer.
The Company thanks Mr. Orcoyen for his service as President and Chief Executive Officer, who will continue to serve as a director of the Company.
Ramiro Massa began his professional career at PricewaterhouseCoopers, after graduating as an accountant from the Universidad Catolica Argentina (UCA).
Mr. Massa has worked as Controller at Minera Sud Argentina S.A., the Company’s operating subsidiary, and Minsud Resources Corp.
for more than 10 years.
Mr. Massa has been an instrumental part of each stage of Minsud’s development, including the going public transaction in 2011 and the subsequent development of the Company’s Chita Valley project.
Massa also holds a degree in Business Administration from the UCA and a diploma in International Financial Reporting (IFRS) from the Association of Chartered Certified Accountants of England (ACCA).
Mr. Massa is also director of Minera Sud Argentina S.A.
Minsud also announces that it has granted options to purchase an aggregate of 1,400,000 common shares of the Company (the “Stock Options”) to certain consultants of the Company.
June 23, 2020
TSX-V: MSR
June 23, 2020
Chita Valley Project, San Juan, Argentina Minsud announces results of the scout-drilling program at the Chinchillones Porphyry in the Chita Valley Project, San Juan, Argentina
TORONTO, ONTARIO – Minsud Resources Corp. (TSX-V: MSR) (“Minsud” or the “Company”) is pleased to announce the results of the 6 hole, 3,559 meters scout drilling program completed at the Chinchillones Porphyry and Epithermal Complex, part of the Chita Valley Project. The exploration survey was based on the results of the geophysics carried out during December 2019, where a porphyry and epithermal anomalies were identified.
The objective was to determine the possible presence, as the geophysical and conceptual models indicated, of a porphyry-type system below the Chita Valley and of an epithermal target hosted in the lithocap cover.
The results of this exploration scout program and the revision of historical drill results performed in the Chinchillones area, have provided some intercepts that support the presence at shallow and at down depth level of a Zn-Pb-Cu-(Ag-Au) polymetallic epithermal system.
Figure 1: Chinchillones Porphyry & Epithermal target view to the south
Table 1 below highlights the main mineralized intersections near the surface and in depth with highly anomalous Au-Ag-Cu-Mo-Pb-Zn. Two intrusive phases have been recognized, a quartz-diorite, cut by an inter mineral dacite porphyry, both affected by an intensely, widespread, quartz sericite alteration. B and D porphyry style quartz veins forming strong stockwork, are present in both lithologies.
Drill hole CHDH20-04 intercepts continuous 739.70 m of a diorite porphyry. The diorite porphyry is cut by polymetallic epithermal veins and hydrothermal phreatic breccias mineralized with pyrite, chalcopyrite, sphalerite, galena and tenantite.
Evidences of secondary enrichment is represented by covelite-digenite in a partial replacement of chalcopyrite. This mineralized style represents a telescopic sequence of alteration-mineralization zones, from shallow argillic and underlying quartz-sericite to deeper chlorite-sericite and minor remnant potassic of a classic porphyry system type.
Historical drilling data in the Chinchillones area is shown in Table 2 below and it highlights the most significant intersections of Polymetallic Au-Ag-Cu-Mo-Pb-Zn grades values.
These results support and are indicative of the high potential of the polymetallic epithermal Au-Ag-Cu- Pb-Zn trend in the Chinchillones target and its continuity to the East and Northeast.
Conceptual Geological Model at Chinchillones
The Map 1 below, displays the extension of the polymetallic veins system (in red lines) open to the East and Northeast configuring a namely “Linked Area” between Chinchillones and Chita porphyry target that highlights untested porphyry systems and epithermal polymetallic veins associated.
This recent fieldwork also highlights the potential for a porphyry and epithermal system at shallow depths and suggests the presence of a long-lived mineralization system open to the East and linked with the Chita Porphyry, located 2 km to the East.
As cooling of the intrusive complex progressed at Chinchillones, the structural and chemical character of the mineralizing environment changed largely in response to the inflow of meteoric water, represented by near vertical presence of type D veins and phreatic breccia.
With continued cooling, upper and peripheral zones of late alteration process and mineralization progressively collapsed inward and downward over zones of early mineralization, penetrating deeper along continuous vein structures (East-West structural system) as it is seen at the north and south border of the Chita valley.
In the last stages, an acid hot-spring system was established in the upper portions of the deposit (Phreatic Breccia at Chinchillones).
Finally, a relatively minor intrusion of late dacite dikes into this hot- spring system caused brecciation and mineralization. This sequence can be observed in drill hole CHDH20-02, where banded quartz veins with anomalous values of Au-Ag have been identified.
Map 2 shows the relationship, along the East-West Chita Valley, of West Chinchillones Project, Central link area project and the outcropping Chita Porphyry to the East.
Quality Assurance/Quality Control
Diamond drill core was sampled as half core at two meters intervals and check samples were submitted to the ALS Minerals Laboratory in Mendoza, Argentina for preparation and analysis. ALS is certified to ISO-9001 international standards.
All samples were analyzed for Au by fire assay/ AA finish, 50 plus a 33-element ICP scan.
Minsud has followed all industry standard procedures for the work with a quality assurance/quality control (QA/QC) program including the systematic utilization of certified reference materials, blanks, field duplicates and check assays. Field duplicates, standards and blanks were included with all sample shipments to the principal laboratory.
Minsud’s VP-Exploration, Dr. Mario Alfaro, conducted site visits and detected no significant QA/QC issues during review of the data.
Mr. Mario Alfaro, Professional Geoscientist and a geological consultant, is a qualified person as defined by Canadian National Instrument 43-101.
Mr. Alfaro visited the property and has read and approved the contents of this release.
About Minsud Resources Corp.
Minsud is a mineral exploration company focused on exploring its flagship Chita Valley Cu-Mo- Au-Ag Project, in the Province of San Juan, Argentina. On March 26, 2018, Minsud filed a National Instrument 43-101 (“NI 43-101”) Technical Report and updated Mineral Resource Estimate on the Chita South Porphyry Deposit. The Mineral Resource Estimate considers copper as a primary consideration along with molybdenum, gold and silver mineralization. The latest estimate includes Indicated Resources of 33.02 million tonnes at a grade of 0.43% Cu, 0.07 g/t Au. 2.28 g/t Ag and 0.018% Mo and Inferred Resources of 8.59 million tonnes at a grade of 0.40% Cu, 0.07 g/t Au. 1.73 g/t Ag and 0.016% Mo.
The Company also holds a 100% owned portfolio of selected early stage prospects, including 6,000 ha in Santa Cruz Province, Argentina.
FOR FURTHER INFORMATION PLEASE CONTACT
Alberto F. Orcoyen
President and Chief Executive Officer
info@minsud.com
Ramiro Massa
Controller and Corporate Secretary
rmassa@minsud.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain information that may constitute forward-looking information under applicable Canadian securities laws. Forward-looking information includes, but is not limited to, statements about strategic plans, spending commitments, future operations, results of exploration, anticipated financial results, future work programs, capital expenditures and objectives. Forward- looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information including, but not limited to: fluctuations in the currency markets (such as the Canadian dollar, Argentina peso, and the U.S. dollar); changes in national and local government, legislation, taxation, controls, regulations and political or economic developments in Canada and Argentina or other countries in which the Corporation may carry on business in the future; operating or technical difficulties in connection with exploration and development activities; risks and hazards associated with the business of mineral exploration and development (including environmental hazards or industrial accidents); risks relating to the credit worthiness or financial condition of suppliers and other parties with whom the Company does business; presence of laws and regulations that may impose restrictions on mining, including those currently enacted in Argentina; employee relations; relationships with and claims by local communities; availability and increasing costs associated with operational inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses, permits and approvals from government authorities; business opportunities that may be presented to, or pursued by, the Company; challenges to, or difficulty in maintaining, the Company’s title to properties; risks relating to the Company’s ability to raise funds; and the factors identified under “Risk Factors” in the Company’s Filing Statement dated April 27, 2011. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking-information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof.
May 8, 2020
TSX-V: MSR
May 8, 2020
Minsud completes a restructuring of the Minas
de Pinto Option
TORONTO, ONTARIO – Minsud Resources Corp. (TSX-V: MSR) (“Minsud” or the “Company”) is pleased to announce that it has completed a restructuring and second addendum to the Minas de Pinto Option Agreement.
On May 6, 2014, Minsud announced that its Argentine subsidiary, Minera Sud Argentina S.A. (“MSA”), acquired a 50% beneficial interest in a trust that owns the Minas de Pinto properties (the “MDP Trust”) comprising part of Minsud’s Chita Valley project, with the remaining 50% subject to an option agreement granted in favor of MSA for a total consideration of US$ 1,335,000.
As a result of the renegotiation with Minas de Pinto owners, now the parties have entered into a Transfer Agreement, where the Minas de Pinto owners have transferred to MSA an additional 15% beneficial interest in the MDP Trust for total consideration of US$ 400,000, payable in 8 biannual instalments of US$ 50,000 each, starting on May 7, 2020 until November 7, 2023.
Additionally, the parties entered into a second addendum to the Minas de Pinto Option Agreement to purchase the remaining 35% interest in the MDP Trust by paying US$ 935,000 on or before April 7, 2024.
Such Option includes tenure of the mining properties and the exclusive right to explore and prospect on the Minas de Pinto properties.
About the Minas de Pinto Property:
The Minas de Pinto properties group is made up of the following mining concessions: Arqueros, San Marcos, Estrellita, Paulita, Paulita II, Pierina II, Pierina III, San Pablo, San Urbano and Rosita II, covering a surface of 2,445 hectares in the eastern part of the Chita Valley Project, adjacent to the Chita property.
About Minsud Resources Corp.:
Minsud is a mineral exploration company focused on exploring its flagship Chita Valley Cu-Mo- Au-Ag Project, in the Province of San Juan, Argentina.
The Company also holds a 100% owned portfolio of selected early stage prospects, including 6,000 ha in Santa Cruz Province, Argentina.
FOR FURTHER INFORMATION PLEASE CONTACT
Alberto F. Orcoyen
President and Chief Executive Officer
info@minsud.com
Ramiro Massa
Controller – Corporate Secretary
rmassa@minsud.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain information that may constitute forward-looking information under applicable Canadian securities laws.
Forward-looking information includes, but is not limited to, statements about strategic plans, spending commitments, future operations, results of exploration, anticipated financial results, future work programs, capital expenditures and objectives.
Forward- looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information including, but not limited to: fluctuations in the currency markets (such as the Canadian dollar, Argentina peso, and the U.S. dollar); changes in national and local government, legislation, taxation, controls, regulations and political or economic developments in Canada and Argentina or other countries in which the Corporation may carry on business in the future; operating or technical difficulties in connection with exploration and development activities; risks and hazards associated with the business of mineral exploration and development (including environmental hazards or industrial accidents); risks relating to the credit worthiness or financial condition of suppliers and other parties with whom the Company does business; presence of laws and regulations that may impose restrictions on mining, including those currently enacted in Argentina; employee relations; relationships with and claims by local communities; availability and increasing costs associated with operational inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses, permits and approvals from government authorities; business opportunities that may be presented to, or pursued by, the Company; challenges to, or difficulty in maintaining, the Company’s title to properties; risks relating to the Company’s ability to raise funds; and the factors identified under “Risk Factors” in the Company’s Filing Statement dated April 27, 2011.
There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking-information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof.
February 6, 2020
TSX-V: MSR
February 6, 2020
Minsud commences diamond drilling at Chinchillones Porphyry Complex in the Chita Valley Project, San Juan, Argentina
TORONTO, ONTARIO – Minsud Resources Corp. (TSX-V: MSR) (“Minsud” or the “Company”) is pleased to announce that it has commenced a diamond drilling program (four holes for 2,000m) over the Chinchillones Porphyry Complex, part of the Chita Valley Project. The drilling program will test the targets generated from the recently completed pole-dipole IP survey, detailed surface mapping and review of the results of the historical geochemical, geophysical and geological surveys.
The principal target areas are centred on highly silicified, hydrothermally brecciated, sulphidic and veined zones that are thought to form part of a wider and pervasive “lithocap”.It is interpreted that the “lithocap” alteration-mineralisation footprint is highly likely affiliated to a largely concealed porphyry Cu-Au-Mo deposit. The principal target area, the Breccia Ridge, is a 3km-long and 1km-wide prospective zone of strong silicification (replacement-quartz stockwork) cut by unequivocal porphyry- related B-, D- and A-type and intermediate sulphidation veins. Further support comes from mapping of small windows of quartz diorite porphyry bodies hosting B-type quartz-sulphide veins.
The scout drill testing program comprises of:
- Two drill holes to test porphyry targets with significant coincident IP anomalies below the lithocap environment (Breccias Ridge Zone)
- One drill hole to test porphyry bodies associated with the Chinchillones breccias
- One drill hole to test a substantial IP anomaly, potentially affiliated with the mapped intermediate sulphidation epithermal base metal sulphides-quartz veins
The current program is fully funded under an agreement with South32 whereby South32 has the option to earn a 70% interest in the Chita Valley property upon contribution of exploration funds and a PFS. To maintain the option in good standing South32 must contribute minimum exploration funding of CAD$14 million over a 4-year option period with minimum exploration expenditures of CAD$3.5 million in Year 1. Minsud will act as operator during the option period.
Mr. Mario Alfaro, Professional Geoscientist, Director of the Company and a geological consultant, is a qualified person as defined by Canadian National Instrument 43-101. Mr. Alfaro visited the property and has read and approved the contents of this release.
About the Chita Valley Project, San Juan Province:
The Chita Valley Project is a large exploration stage porphyry system with classic alteration features, widespread porphyry style Cu-Mo-Ag-Au mineralization and associated gold and silver-bearing polymetallic veins of intermediate sulfide composition that conformed an outcropping porphyry system at Chita and a lithocap of a porphyry system at Chinchillones.
San Juan Province of Argentina has a robust mining sector and recognizes the important economic benefits of responsible development of its substantial Mineral Resource endowment.
About Minsud Resources Corp.:
Minsud is a mineral exploration company focused on exploring its flagship Chita Valley Cu-Mo- Au-Ag Project, in the Province of San Juan, Argentina.
The Company also holds a 100% owned portfolio of selected early stage prospects, including 6,000 ha in Santa Cruz Province, Argentina.
About South32
South32 is a globally diversified mining and metals company.
South32 produce bauxite, alumina, aluminium, energy and metallurgical coal, manganese, nickel, silver, lead and zinc at our operations in Australia, Southern Africa and South America. South 32 is also the owner of a high grade zinc, lead and silver development option in North America and have several partnerships with junior explorers with a focus on base metals.
FOR FURTHER INFORMATION PLEASE CONTACT
Alberto F. Orcoyen
President and Chief Executive Officer
info@minsud.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain information that may constitute forward-looking information under applicable Canadian securities laws.
Forward-looking information includes, but is not limited to, statements about strategic plans, spending commitments, future operations, results of exploration, anticipated financial results, future work programs, capital expenditures and objectives. Forward- looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information including, but not limited to: fluctuations in the currency markets (such as the Canadian dollar, Argentina peso, and the U.S. dollar); changes in national and local government, legislation, taxation, controls, regulations and political or economic developments in Canada and Argentina or other countries in which the Corporation may carry on business in the future; operating or technical difficulties in connection with exploration and development activities; risks and hazards associated with the business of mineral exploration and development (including environmental hazards or industrial accidents); risks relating to the credit worthiness or financial condition of suppliers and other parties with whom the Company does business; presence of laws and regulations that may impose restrictions on mining, including those currently enacted in Argentina; employee relations; relationships with and claims by local communities; availability and increasing costs associated with operational inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses, permits and approvals from government authorities; business opportunities that may be presented to, or pursued by, the Company; challenges to, or difficulty in maintaining, the Company’s title to properties; risks relating to the Company’s ability to raise funds; and the factors identified under “Risk Factors” in the Company’s Filing Statement dated April 27, 2011. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking-information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof.
January 24, 2020
TSX-V: MSR
January 24, 2020
Minsud Announces Management Changes
TORONTO, ONTARIO – Minsud Resources Corp. (TSX-V:MSR) (“Minsud” or the “Company”) announces that Howard Coates has resigned as Vice President of Exploration and a Director of the Company. Paul Andersen has been appointed, subject to the approval of the TSX Venture Exchange, to fill the vacancy on the board created by the resignation Howard Coates. Mario Alfaro has replaced Howard Coates as the Vice President of Exploration of the Company.
Paul Andersen has resigned as Chief Financial Officer and Corporate Secretary of the Company. Michael Johnston has replaced Paul Andersen as the Chief Financial Officer of the Company and Ramiro Massa has been appointed the Corporate Secretary of the Company, each subject to the approval of the TSX Venture Exchange.
The Company would like to thank Howard Coates for his outstanding service and dedication to the Company and wishes him the best in his future endeavours.
Mr. Andersen has over 25 years of experience as a director and senior officer of numerous private and public companies. His mining experience spans two decades and covers entities in South America, North America and Africa.
Mr. Johnston is a graduate of Western University, and joined Forbes Andersen LLP, Chartered Professional Accountants in 2004 and became a partner in 2012. Mr. Johnston has over 12 years of experience with both private and public companies in various capacities, including that of Chief Financial Officer.
Mr. Massa is an accountant and began his professional career at Pricewaterhousecoopers. Mr. Massa has worked as Controller at Minera Sud Argentina S.A., the operating subsidiary of the Company, for more than 10 years. Mr. Massa holds a degree in Business Administration from the Universidad Catolica Argentina.
Mr. Alfaro is a Professional Consultant Geologist with over fifty five years of experience in the mineral industry. Mr. Alfaro specializes in porphyry copper-gold and epithermal ore deposits, resources and ore reserves estimates, due diligence, project generation, property acquisition and joint ventures, evaluations, and qualifying technical reports. Mr. Alfaro has been involved in development and implementation of exploration strategies and programs for projects situated in South and Central America, Europe and Asia. Mr. Alfaro also has experience working for major international mining companies as a consultant and as a Chief Geologist in South and Central America. Mr. Alfaro is a Qualified Person in Resources and in Ore Reserves, Geology (Chile 0262). Mr. cAlfaro is a lecturer and professor of metallogeny and explorations at the Universidad del Desarrollo (UDD) in Chile, and has provided workshops about porphyry and epithermal ore deposits in South and Central America, Mexico and South Africa. Mr. Alfaro holds a degree in economic geology from the Universidad de Chile.
FOR FURTHER INFORMATION PLEASE CONTACT
Alberto F.
December 10, 2019
TSX-V: MSR
December 10, 2019
Minsud Announces Closing of Non-Brokered Private Placement for Gross Proceeds of $425,100
TORONTO, ONTARIO – Minsud Resources Corp. (TSX-V:MSR) (“Minsud” or the “Company”) is pleased to announce the closing of a non-brokered private placement offering of units in Minsud (the “Units”) for gross proceeds of $425,100 (the “Private Placement”). In connection with the closing of the Private Placement, which was initially announced on November 25, 2019, Minsud issued 4,251,000 Units at a price of $0.10 per Unit with each Unit comprising of one common share in the capital of the Company (the “Shares”) and one common share purchase warrant (the “Warrants”). Each Warrant is exercisable into one Share at $0.15 until December 10, 2021.
The net proceeds will be used to continue exploring the Chita Valley Project as well as working capital and corporate overhead requirements.
Insiders of the Issuer purchased an aggregate 2,004,000 Units. The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(a) of MI 61-101 in respect of such insider participation. The Company did not file a material change report more than 21 days before the expected closing of the Private Placement as the details of the participation by such insiders was not settled until shortly prior to closing of the Private Placement.
The securities issued in connection with the closing of the Private Placement will be subject to a four month hold period expiring on April 11, 2020. No commission or finder’s fee was paid in connection with the Private Placement.
About Minsud Resources Corp.:
Minsud is a mineral exploration company focused on exploring its flagship Chita Valley Cu-Mo- Au-Ag Project, in the Province of San Juan, Argentina. The Company also holds a 100% owned portfolio of selected early stage prospects, including 6,000 ha in Santa Cruz Province, Argentina.
FOR FURTHER INFORMATION PLEASE CONTACT
Alberto F. Orcoyen
President and Chief Executive Officer
info@minsud.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain information that may constitute forward-looking information under applicable Canadian securities laws.
Forward-looking information includes, but is not limited to, strategic plans, spending commitments, future operations, results of exploration, anticipated financial results, future work programs, capital expenditures and objectives. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking
information including, but not limited to: changes in national and local government, legislation, taxation, controls, regulations and political or economic developments in Canada and Argentina or other countries in which the Company may carry on business in the future; operating or technical difficulties in connection with exploration and development activities; fluctuations in the currency markets (such as the Canadian dollar, Argentina peso, and the U.S. dollar); risks and hazards associated with the business of mineral exploration and development (including environmental hazards or industrial accidents); risks relating to the credit worthiness or financial condition of suppliers and other parties with whom the Company does business; presence of laws and regulations that may impose restrictions on mining, including those currently enacted in Argentina; employee relations; relationships with and claims by local communities; availability and increasing costs associated with operational inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses, permits and approvals from government authorities; business opportunities that may be presented to, or pursued by, the Company; challenges to, or difficulty in maintaining, the Company’s title to properties; risks relating to the Company’s ability to raise funds; fluctuations in commodity prices and the factors identified in the Company’s continuous disclosure documents filed on SEDAR. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking-information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof.
November 25, 2019
TSX-V: MSR
November 25, 2019
Minsud Announces Non-Brokered Private Placement
TORONTO, ONTARIO – Minsud Resources Corp. (TSX-V:MSR) (“Minsud” or the “Company”) announces that it intends to complete, subject to the acceptance of the TSX Venture Exchange (the “TSXV”), a non-brokered private placement of units of the Company (“Units”) for gross proceeds of up to $ 450,000 (the “Private Placement”) at $0.10 per Unit, with each Unit consisting of one common share of the Company (each, a “Share”) and one common share purchase warrant (a “Warrant”).Each Warrant is exercisable into one Share at $0.15 for a term of two years from the date of issue.
The net proceeds will be used to continue exploring the Chita Valley Project as well as working capital and corporate overhead requirements.
No commission or finder’s fee will be paid in connection with the Private Placement. The Shares will be subject to a hold period of four months and a day from their date of issuance. The Company expects to complete the Private Placement within 30 days.
A portion of the gross proceeds is expected to be subscribed for by insiders of the Company. Any such subscription will be considered to be a related party transaction within the meaning of TSX- V Policy 5.9 which incorporates Multilateral Instrument 61-101 (“MI 61-101″). The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(a) of MI 61-101 in respect of such insider participation.
About Minsud Resources Corp.:
Minsud is a mineral exploration company focused on exploring its flagship Chita Valley Cu-Mo- Au-Ag Project, in the Province of San Juan, Argentina.
The Company also holds a 100% owned portfolio of selected early stage prospects, including 6,000 ha in Santa Cruz Province, Argentina.
FOR FURTHER INFORMATION PLEASE CONTACT
Alberto F. Orcoyen
President and Chief Executive Officer
info@minsud.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain information that may constitute forward-looking information under applicable Canadian securities laws. Forward-looking information includes, but is not limited to, statements about the announced private placement, strategic plans, spending commitments, future operations, results of exploration, anticipated financial results, future work programs, capital expenditures and objectives. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information including, but not limited to: the ability of the Company to complete the announced private placement; changes in national and local government, legislation, taxation, controls, regulations and political or economic developments in Canada and Argentina or other
countries in which the Company may carry on business in the future; operating or technical difficulties in connection with exploration and development activities; fluctuations in the currency markets (such as the Canadian dollar, Argentina peso, and the U.S. dollar); risks and hazards associated with the business of mineral exploration and development (including environmental hazards or industrial accidents); risks relating to the credit worthiness or financial condition of suppliers and other parties with whom the Company does business; presence of laws and regulations that may impose restrictions on mining, including those currently enacted in Argentina; employee relations; relationships with and claims by local communities; availability and increasing costs associated with operational inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses, permits and approvals from government authorities; business opportunities that may be presented to, or pursued by, the Company; challenges to, or difficulty in maintaining, the Company’s title to properties; risks relating to the Company’s ability to raise funds; fluctuations in commodity prices and the factors identified in the Company’s continuous disclosure documents filed on SEDAR. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking-information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof.
November 21, 2019
TSX-V: MSR
November 21, 2019
Minsud Announces Management Changes
TORONTO, ONTARIO – Minsud Resources Corp. (TSX-V: MSR) (“Minsud” or the “Company”) announces that Carlos Massa has resigned as President, Chief Executive Officer and a Director of the Company. Alberto F. Orcoyen, a Director of the Company, has been appointed as the President and Chief Executive Officer of the Company.
Alberto F. Orcoyen has resigned as Chairman of the Company and has been replaced by Carlos A. Adamo.
In addition, Diego Perazzo has resigned as a Director of the Company. Agustin Dranovsky and Pablo Taussig have been appointed, subject to the approval of the TSX Venture Exchange, to fill the vacancies on the board created by the resignations of Carlos Massa and Diego Perazzo.
The Company would like to thank Messrs. Massa and Perazzo for their outstanding service and dedication to the Company and wish them the best in their future endeavours.
Agustin Dranovsky is the CEO of Compañía de Tierras Sud Argentino S.A., a subsidiary of the Benetton Group in Argentina, controlling more than 1.0 million hectares of land through several ranches in the provinces of Patagonia and Buenos Aires devoted to livestock and agricultural products. He started his professional career in Argentina’s Ministry of Economy as an analyst of the Undersecretariat of Economic Coordination. Between 2004-2007 he held a position at HSBC Bank as an Agricultural Business Officer. In 2007, he joined Grupo Bermejo, a holding company that manages companies in the agricultural sector, where he later served as CEO. He is also member of the Board of Directors of the Hillel Argentina Foundation. Mr. Dranovsky holds a Master’s degree in Argrobusiness from the University of CEMA.
Pablo Taussig has 25 years of experience in financial services with Spencer Stuart. He manages the firm’s Buenos Aires office and is a member of the firm’s Consumer and Financial Services practices. Before joining the firm, Pablo worked for Merchant Bankers Asociados (MBA), where he was managing director and head of the asset management group. Prior to joining MBA, Pablo worked for Banco Francés del Río de la Plata, beginning as an investment banking manager and rising to become manager of the international division. He started his professional career at Bullrich SA de Inversiones, and gained further financial experience at Exprinter Casa Bancaria in Montevideo, Uruguay, where he served as chief financial officer. Pablo is a board member for San Miguel S.A., a leading fruit processing company in Argentina, Uruguay and South Africa. Pablo holds a bachelor’s degree in business administration from the Universidad Católica Argentina and a master’s in economics from the University of Notre Dame. He also studied in the Tuck Executive Education program at Dartmouth College in 1996.
FOR FURTHER INFORMATION PLEASE CONTACT
Alberto F.
November 15, 2019
TSX-V: MSR
November 15, 2019
Minsud Announces TSXV Acceptance and Shareholder Approval for the Earn-
in Agreement with South32
TORONTO, ONTARIO – Minsud Resources Corp. (TSX-V: MSR) (“Minsud” or the “Company”) is pleased to announce, further to its press release on November 4, 2019, it has received TSX Venture Exchange final acceptance and the requisite shareholder approval to complete the transactions contemplated under the earn-in agreement entered into with South32 Aluminum (Holdings) Pty Ltd., a wholly-owned subsidiary of South32 Limited.
FOR FURTHER INFORMATION PLEASE CONTACT
Carlos Massa
President and Chief Executive Officer
info@minsud.com
Mike Johnston
416-479-4466
mike@minsud.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
November 4, 2019
TSX-V: MSR
November 4, 2019
Minsud and South32 Sign an Earn-in Agreement to explore
the Chita Valley Project.
TORONTO, ONTARIO – Minsud Resources Corp. (TSX-V: MSR) (“Minsud” or the “Company”) is pleased to announce that on November 1st, 2019, the Company, its wholly- owned subsidiary Minsud Argentina Inc. (“MAI”), and MAI’s subsidiary Minera Sud Argentina S.A. (“MSA”), an Argentinean company in which MAI has a 99.63% ownership interest (“the Minsud parties”) signed an earn-in agreement (the “Earn-in Agreement”) with South32 Aluminium (Holdings) Pty Ltd (“South32”), a wholly-owned subsidiary of South32 Limited, to explore the Chita Valley Project, located in the San Juan Province, Argentina (the “Project”). Minsud and South32 are together referred to as the “parties”.
South32 Limited is a globally diversified mining and metals company producing bauxite, alumina, aluminum, energy and metallurgical coal, manganese, nickel, silver, lead and zinc at its operations in Australia, Southern Africa and South America.
Minsud is a mineral exploration company focused on exploring its flagship Chita Valley Cu- Mo-Au-Ag Project, in the Province of San Juan, Argentina.
The Project is a large intrusive porphyry with classic alteration features, widespread porphyry style Cu-Mo-Ag-Au mineralization and associated gold and silver-bearing polymetallic veins. In addition to the Chita resource area, the Project includes a cluster of mineralized porphyries including the Chinchillones and Placetas porphyries that have yet to be fully tested by systematic multidisciplinary exploration methods.
Earn-in Agreement – Initial Capital Contributions (earn-in period)
The Earn-in Agreement grants to South32 the right to acquire up to a 50.1% direct interest in MSA at the end of the earn-in period.
Under the Earn-in Agreement, South32 will provide up to C$14 million in capital contributions to MSA over a period of 4 years, as follows: (i) not less than C$3.5 million by December 31, 2020; (ii) not less than an aggregate of C$7 million by December 31, 2021; (iii) not less than an aggregate of C$10.5 million by December 31, 2022; and (iv) not less than an aggregate of C$14 million by December 31, 2023. South32 has the right to withdraw at the end of each year. Once South32 has complied with its funding obligations, South32 may exercise its right to acquire a 50.1% direct interest in MSA by electing to subscribe for MSA shares equal to 10% of MSA’s shares, in consideration for its funding, and acquire the remaining 40.1% of MSA’s shares from MAI for a consideration of C$14 million. Alternatively, South32 may undertake to complete a prefeasibility study (“PFS”), in which case it shall be entitled to subscribe for 50.1% of MSA’s shares and shall have the right to acquire an additional 19.9% in MSA (as described below) exercisable on completion of the PFS.
MSA will be the operator and the parties will establish a technical committee made up of two members nominated by each party. The technical committee will approve annual technical programs and budgets. South32 will have the casting vote on the technical committee.
Shareholders’ Agreement
Upon the exercise of South32’s right to acquire a 50.1% direct interest in MSA, Minsud and South32 will sign a Shareholders’ Agreement to govern the management and operation of MSA and, if warranted, further exploration, development and exploitation of the Project. The Shareholders’ Agreement provides for the following phases.
Prefeasibility Study Election – “PFS funding”
If South32 has elected to fund a PFS at the end of the earn-in period, then, on or before the fifth anniversary of that election, South32 must deliver a PFS that complies with National Instrument 43-101 and CIM Definition Standards on Mineral Resources and Reserves by funding a minimum amount of C$55 million less any amount contributed during the earn-in period. Upon delivering the PFS, South32 may either elect to (i) pay to MAI C$20 million to acquire 19.9% of MSA’s shares or (ii) fund a bankable feasibility study (“BFS”), in which case it shall be entitled to subscribe for 19.9% of MSA’s shares (such that in either case South32 shall, following the relevant election, own 70% of MSA’s shares and Minsud shall own 30% of such shares).
If South32 opts neither to fund the BFS nor to purchase MSA’s shares from MAI, its ownership in MSA will be reduced to 49.0% and MAI’s interest shall be 51%.
Bankable Feasibility Study Election – “BFS funding”
If South32 has elected to fund a BFS, as long as such BFS is delivered on or before the third anniversary of that election and with effect from the BFS‘s date of approval by the Board of Director of MSA, South32 will have the sole, exclusive and irrevocable right to subscribe for, be issued and to acquire an additional 10% of the shares of MSA such that, in aggregate, it will hold 80% of the shares. If the BFS is delivered by South32 after the date which is the fourth anniversary but on or before the fifth anniversary of such election, the additional MSA shares to be issued and subscribed or acquired by South32 will be reduced to 5%. In this case, the aggregated participation will be 75%. If the BFS is delivered by South32 after the date which is the fifth anniversary but on or before the sixth anniversary of such election, South32’s interest in MSA will remain at 70%. South32 must deliver a BFS that complies with National Instrument 43-101 and the CIM Definition Standards on Mineral Resources and Reserves.
Purchase Election
If South32 has elected to purchase MSA’s shares from MAI at the end of the earn-in period, each party shall be obliged to contribute to approved annual programs and budgets in proportion to its participating interest. If a party does not elect to contribute, it will be diluted on a straight-line basis. In the case that Minsud is reduced to less than ten percent (10%), it will be entitled to a two percent (2%) net smelter returns royalty on the Project in exchange for its remaining interest in MSA, pursuant to the terms of a royalty agreement.
In the five years following the purchase by South32 from MAI of MSA shares (pursuant to the elections referred to above), MAI will have a one-time right, exercisable by notice to South32, to elect not to contribute to the approved annual program and budget and to suspend dilution of its equity interest in MSA for the duration of such program while it seeks a third party to acquire its interest in MSA (the “sale period”). During the sale period, South32 will contribute 100% to any approved program and budget but, should Minsud fail to find a third-party buyer for its interest, Minsud will have the right to claw back its participation as at the beginning of the sale period by paying 1.5 times the amount of the funding contributed by South32 during that period. Dilution will otherwise be applied retrospectively. Any shareholder holding at least 20% participation has a right of first refusal to match any third-party proposal.
The transactions contemplated by the Earn-in Agreement and Shareholders’ Agreement are subject to the Company’s filing requirements with the TSX Venture Exchange, and final acceptance by the TSX Venture Exchange. The transactions are also subject to approval from holders representing a majority of common shares which the Company intends to obtain by written consent.
Mr. Howard Coates, Professional Geoscientist, Director of the Company and a geological consultant, is a Qualified Person as defined by Canadian National Instrument 43-101.
Mr. Coates visited the property and has read and approved the contents of this news release.
FOR FURTHER INFORMATION PLEASE CONTACT
Carlos Massa
President and Chief Executive Officer
info@minsud.com
Mike Johnston
416-479-4466
mike@minsud.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain information that may constitute forward-looking information under applicable Canadian securities laws. Forward-looking information includes, but is not limited to, statements about strategic plans, spending commitments, future operations, results of exploration, anticipated financial results, future work programs, capital expenditures and objectives. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information including, but not limited to: fluctuations in the currency markets (such as the Canadian dollar, Argentina peso, and the U.S. dollar); changes in national and local government, legislation, taxation, controls, regulations and political or economic developments in Canada and Argentina or other countries in which the Company may carry on business in the future; operating or technical difficulties in connection with exploration and development activities; risks and hazards associated with the business of mineral exploration and development (including environmental hazards or industrial accidents); risks relating to the credit worthiness or financial condition of suppliers and other parties with whom the Company does business; presence of laws and regulations that may impose restrictions on mining, including those currently enacted in Argentina; employee relations; relationships with and claims by local communities; availability and increasing costs associated with operational inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses, permits and approvals from government authorities; business opportunities that may be presented to, or pursued by, the Company; challenges to, or difficulty in maintaining, the Company’s title to properties; risks relating to the Company’s ability to raise funds; and the factors identified under “Risk Factors” in the Company’s Filing Statement dated April 27, 2011. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking-information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof.
