Canuc Announces Agreement with the Ejido of San Javier
Toronto, Ontario--(Newsfile Corp. - May 31, 2017) - Canuc Resources Corporation (TSXV: CDA) ("Canuc" or the "Company") is pleased to advise that the Company has signed a comprehensive agreement ("The Agreement") with the Ejido(1) of San Javier for lands around the San Javier Project.
The Agreement calls for exploration on 300 hectares of land and also provides binding terms for exploitation (mining) on an area of up to 1,000 hectares. The Agreement requires Canuc to pay $35,000 USD per year during exploration activities and up to $135,000 USD per year during the exploitation phase. The Agreement is binding and has a 25 year term with an additional 5 years provided under Agrarian Laws.
"We are very pleased to have been able to secure this landmark agreement with the Ejido of San Javier." stated Chris Berlet, CEO. "The Agreement is set up to cover both exploration and exploitation, and it represents a meaningful milestone for the Company as we progress with drilling and development of the San Javier Project."
Ing. Marco Bernal Portillo, General Manager for Minera Stramin S. de R.L. de C.V. states "Hemos estado en pl??ticas y negociaciones con los dirigentes del Ejido San Javier en San Javier, Sonora, con el fin de celebrar un contrato que nos permita desarrollar primero trabajos de exploraci??n y posteriormente la construcci??n y explotaci??n de una mina. Despu?(C)s de varios meses, hemos llegado a un acuerdo satisfactorio con el Ejido San Javier, un acuerdo justo que nos permitir?? estar en condiciones para desarrollar un gran proyecto que se convertir?? en una fuente generadora de empleos y riqueza en la regi??n. Agradecemos el apoyo y respaldo que con su anuencia nos da el Ejido y sus integrantes para formar parte del desarrollo de esa regi??n y del estado de Sonora, M?(C)xico."(2)
Canuc anticipates commencement of drilling in June and will provide an update on exploration activities including soil sampling and structural analysis in the near future. Canuc is also pleased to announce that it has retained the services of Renmark Financial Communications Inc. to handle investor relations.
In consideration of the investor relations services to be provided, a monthly fee of up to $8,000 CDN may be incurred by Canuc. Services will begin on June 1, 2017 and will be carried out for an initial period of six months ending on November 30, 2017. Renmark Financial Communications does not have any interest, directly or indirectly, in Canuc Resources Corporation or its securities, or any right or intent to acquire such an interest.
About Canuc
Canuc is a junior resources company engaged in the exploration and development of mineral properties in North America. In addition, the company is active in the development of a natural gas field in Central West Texas where it has an interest in seven producing gas wells. These wells generate a sustainable cash-flow with the potential to increase income by the drilling and completion of additional wells.
For more information on the content of this release or about Canuc, please contact:
Christopher J. Berlet, CFA
CEO
(416) 525 - 6869
cberlet@canucresources.ca
Renmark Financial Communications Inc.
Daniel Gordon: (416) 644 - 2020 (ext. 3407)
dgordon@renmarkfinancial.com
Footnotes:
| (1) | Ejido Definition:An area of communal land used for agriculture, on which community members individually farm designated parcels and collectively maintain communal holdings. Ejidos are registered with Mexico's National Agrarian Registry (Registro Agrario Nacional). | |
| (2) | Translation, Ing. Marco Bernal Portillo comments: | |
| "We have been in negotiations with the leaders of the San Javier Ejido in San Javier, Sonora, in an effort to conclude a contract that allows us to develop exploration works first and then also permits the construction and operation of a mine. After months of talks and negotiations, we have reached a satisfactory agreement with the Ejido of San Javier, a fair agreement that will allow us to be able to develop a great project that will become a source of employment and wealth in the region. Consent provides that the Ejido and its members will be a part of developments in the region and in the State of Sonora, Mexico." | ||
Disclaimer and Forward-Looking Statements
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Forward-Looking Statements: This news release contains forward-looking statements that include risks and uncertainties.When used in this news release, the words "estimate", "project", "anticipate", "expect", "intend", "believe", "hope", "may" and similar expressions, as well as "will", "shall" and other indications of future tense, are intended to identify forward-looking statements.The forward-looking statements are based on current expectations and apply only as of the date on which they were made.The factors that could cause actual results to differ materially from those indicated in such forward-looking statements include changes in the prevailing price of gold, the prevailing price of natural gas, the Canadian-United States exchange rate, amount of gas produced that could affect revenues and production costs.Other factors such as uncertainties regarding government regulations could also affect the results.Other risks may be set out in the Company's annual financial statements and MD&A.