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LIBERTY LAKE, WASHINGTON--(Marketwired - Mar 3, 2016) - Hunt Mining Corp. (the "Corporation") (TSX VENTURE:HMX). Further to its news release dated February 10, 2016 with respect to the proposed acquisition of the Martha mine in Santa Cruz Province, Argentina from an Argentinian subsidiary of Coeur Mining, Inc., the Corporation provides the following status update. The Corporation is scheduled to close the purchase of the Martha mine, flotation mill, equipment and buildings for US$2.7 million on March 25, 2016, subject to satisfying certain closing conditions, including the approval of Argentina's National Secretary of Mining (SMN) and TSX Venture Exchange approval.
The terms for payment are US$1.2 million payable at closing, with the balance of US$1.5 million payable 365 days after the closing. The Corporation has made arrangements to secure the necessary financing for the acquisition, details of which will be disclosed on closing.
The Corporation intends to retain an independent qualified person to prepare a technical report for the Martha mine in compliance with National Instrument 43-101-Standards of Disclosure for Mineral Projects (the "Report"), which Report is expected to be received on or about July 31, 2016. A further news release will be issued by the Corporation when the Report is available, providing further details about the Martha mine.
Investors are cautioned that until the Report is prepared and disclosed, there may not be sufficient information about the Martha mine so as to enable investors to make a reasonable investment decision about the transaction.
Completion of the transaction is subject to a number of conditions, as noted above, including, TSXV acceptance. There can be no assurance that the transaction will be completed by the proposed closing date. In addition, there are a number of customary conditions to closing of the transaction contemplated by the definitive agreement and there can be no guarantee that all such conditions will be satisfied in accordance with the terms of the definitive agreement. The Corporation will issue a press release on closing containing the details of additional terms of the transaction and the financing.
The Corporation believes the purchase paves the way for the transition from an exploration company to a mining company and enhances the commitment of the Corporation to be engaged in the Province of Santa Cruz for the long-term.
About Hunt Mining
Hunt Mining Corp. has continued to develop its properties as an active and aggressive explorer in Santa Cruz since 2006. During that time, Hunt's wholly owned subsidiary, Cerro Cazador S.A., has completed exploration activity including approximately 64,000 meters of HQ core drilling, 416 line kilometers of Induced Polarization geophysical surveys and more than 20,000 surface soil, sediment, channel, chip, and trench samples, beyond the historical work previous to the same properties. This, and additional information can be viewed at www.huntmining.com.
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. This news release contains forward-looking statements.
This news release contains forward ‐ looking statements and forward ‐ looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward ‐ looking statements or information. Forward ‐ looking statements and information are often, but not always, identified by the use of words such as "appear", "seek", "anticipate", "plan", "continue", "estimate", "approximate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions.
More particularly and without limitation, this news release contains "forward-looking statements" within the meaning of applicable securities laws relating to the proposal to complete the transaction and associated transactions, including statements regarding the terms and conditions of the transaction and associated transactions, including the financing. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks that the parties will not proceed with the transaction and associated transactions, that the ultimate terms of the transaction and associated transactions will differ from those that currently are contemplated, and that the transaction and associated transactions will not be successfully completed for any reason (including the failure to obtain the required approvals or clearances from regulatory authorities). The statements in this news release are made as of the date of this release. The Corporation undertakes no obligation to comment on analyses, expectations or statements made by third parties.