VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan 17, 2013) - Pucara Resources Corp. (the "Company" or "Pucara") is pleased to announce that it has signed an agreement (the "Agreement") with Esperanza Resources Corp. ("Esperanza") for the purchase of eight prospective precious and base metals properties in Peru. The properties are known as the Pucara Portfolio and are the product of many years of careful generative exploration work conducted while Pucara''s management were Esperanza''s exploration team.
The eight, 100%-owned, properties comprise 14,000 hectares located in Peru, with seven of the properties located in the southern Peru porphyry-epithermal belt. The properties contain early stage exploration targets and several are drill ready.
The Lourdes property is the most advanced, covering 3,500 hectares, and having characteristics of a high-sulfidation gold system. The main zone contains a large (~13 km²) area of alteration. Detailed mapping, rock sample assay results, and a recently completed magnetics and IP (induced polarization) survey have identified high-priority targets that will be tested in the next phase of exploration.
Pursuant to the terms of the Agreement, Pucara will receive the Pucara Portfolio in exchange for payment of 10% of Pucara shares and a 1% NSR (net smelter returns) royalty on the properties to Esperanza. In addition, Esperanza has nominated Mr. William Pincus, Chairman of Esperanza for election to the board of directors of Pucara.
Pucara Resources is a privately held company incorporated in the province of British Columbia. Mr. J. Stevens Zuker is Pucara''s President and Chief Executive Officer and was previously Senior Vice President at Esperanza Resources since 2005. During his seven years with Esperanza, Mr. Zuker played an integral role in that company''s growth and success, discovering and advancing significant gold resources at the San Luis (Peru) and Esperanza (Mexico) gold deposits, as well as developing the exploration portfolio in Peru. Also joining the Pucara team as Vice President of Exploration is Mr. Arístides Chávez L., formerly Chief Geologist of Esperanza Silver Peru SAC.
Mr. Zuker commented, "With the closing of the initial financing of Pucara and purchase of the Pucara Portfolio, this transaction provides Pucara and its shareholders with immediate exposure to eight promising properties in one of the leading mineral producing and pro-mining jurisdictions in the Americas. It also provides for seamless continuity in the strategic programs, as our Peruvian technical teams, along with exploration management, remain in place and are committed to discovery."
Pucara will continue its integrated program of exploration activities, including land acquisition, engagement of communities to obtain permissions for access, and the submission of applications to government agencies for water use and drill permits to advance its properties to discovery.
Pucara is expanding its search for new opportunities and welcomes potential joint venture partners. We are seeking partners that can benefit from Pucara''s extensive experience in Peru and provide future growth for Pucara''s shareholders.
Pucara is a precious metals exploration company focused on discovery of new mineral deposits in Peru. Information regarding the Company will soon be available on the Company''s website at www.pucararesources.com.
Mr. Zuker is Pucara Resources'' Qualified Person as defined by National Instrument 43-101 and is responsible for the accuracy of the technical information in this news release.
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 exploration drilling, exploitation activities and other related events or developments are forward-looking statements. Although Pucara 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 or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, potential environmental issues or liabilities associated with exploration, development and mining activities, exploration and exploitation successes, continuity of mineralization, uncertainties related to the ability to obtain necessary regulatory approvals, permits, licenses and title and delays due to third party opposition, changes in and the effect government policies regarding mining and natural resource exploration and exploitation, 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.