VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 28, 2017) - Kaizen Discovery Inc. (TSX VENTURE:KZD) is pleased to report that the seven director nominees listed in Kaizen's management proxy circular, dated May 12, 2017, were re-elected as directors of the company by shareholders at Kaizen's Annual General and Special Meeting held today in Vancouver.
Kaizen's Board of Directors is comprised of David Boehm, Richard Cohen, Eric Finlayson, David Huberman, David Korbin, Terry Krepiakevich and Ignacio Rosado.
Details of votes on all matters of business considered at the Annual and Special Meeting will be available in the company's report of voting results filed on SEDAR (www.sedar.com).
The company also provided an update on the planned exploration program at the Pinaya Copper-Gold Project in Peru.
The 2017 Pinaya drilling program of approximately 4,000 metres, which was expected to commence in June 2017, remains on standby pending receipt of final permits from the Peruvian government, including formal permission to initiate activities and water and fuel-use permits. Based on the latest dialogue with government officials, the company now expects drilling to commence in late July or August. The company remains confident that the drill program will be completed as planned this year.
The drilling program is aimed at resource expansion and drill testing numerous targets of interest in the project area. Approximately 3,000 metres of drilling will be focused on the expansion of the Pinaya Mineral Resource area, where recent re-logging of core drilled by previous operators has identified compelling resource expansion opportunities along strike to the north and south of the defined Mineral Resource area and in the Antaña target area. An additional 1,000 metres of drilling is planned to test new geophysical targets within the licence area.
As per the terms of the April 2016 strategic financing agreement with ITOCHU Corporation, Kaizen's partner on the Pinaya Project, ITOCHU is scheduled to make its third and final payment of C$1.25 million to Kaizen Peru Holdings Ltd. - the indirect holder of the Pinaya Project - after all permits and authorizations necessary to commence exploration drilling activities have been received. The C$1.25 million payment to fund exploration for the Pinaya Project will increase ITOCHU's ownership in Kaizen Peru Holdings to 20% from its current level of 10%.
About Kaizen Discovery
Kaizen is a Canadian mineral exploration and development company with exploration projects in Peru and Canada.
More information on Kaizen is available at www.kaizendiscovery.com.
Kaizen's Chief Operating Officer, Mark Gibson, PrNatSci, is the Qualified Person as defined under NI 43-101 who has reviewed, approved and is responsible for the scientific and technical information presented in this news release.
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.
Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws, including without limitation (i) statements regarding the expected receipt of permits and authorizations to initiate the 2017 drilling program in July or August 2017; (ii) statements regarding the size of the 2017 drilling program, and (iii) statements regarding the timing and receipt of the third payment from ITOCHU. Such statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Kaizen Discovery, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the Company's current expectations regarding future events, performance and results and speak only as of the date of this news release.
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.
Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indicators of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed here, as well as unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts to perform as agreed; social, political or labour unrest; changes in commodity prices; limitations and availability of capital; and the failure of exploration programs or studies to deliver anticipated results (including the actual results of drilling and exploration activities), or results that would justify and support continued exploration, studies, development or operations.
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 news release, and 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 any other company herein.