TORONTO, ONTARIO--(Marketwired - Dec. 9, 2015) - Arena Minerals Inc. ("Arena" or "the Company") (TSX VENTURE:AN) is pleased to announce that Teck Resources Chile Limitada ("Teck") has commenced a 3,000 metre reverse circulation ("RC") drill program on the Paciencia North claim blocks (collectively the "Property"). The Property comprises part of the Company's Atacama copper property located in Antofagasta, Chile. Under the terms of the US$19.5 million dollar option agreement (please refer to News Release dated October 23, 2015), Teck can earn a 60% interest in the Property.
William Randall, President and CEO of Arena commented, "This is the third drill program this year on our Atacama property and will target the Paciencia North claims, located immediately west of the Spence mine, which have seen very limited and shallow historical drilling. We are extremely pleased with the scope and aggressive timelines of Teck's exploration program. We firmly believe this is the best approach to discovering a large copper porphyry in the area."
In advance of the current drill program, Teck completed desktop work, re-interpretation of available geochemical and geophysical data, landform analysis and associated surficial mapping. The program anticipates using two RC drill rigs in order to drill test portions of the Paciencia North claim block on a roughly 1.5 kilometre spaced grid. The first drill rig is already on site and a second is expected to commence work within a week. It is anticipated that the two rigs will complete approximately 3,000 metres in total. The results of this initial phase of drilling will be used to design a follow-up drill program and this second phase will also include work, including drilling, on the Solitario claims.
The technical and scientific aspects of this news release have been reviewed and approved by Mr. Vernon Arseneau, P.Geo, who is a qualified person pursuant to NI 43-101. As the Vice President of Exploration of the Company, Mr. Arseneau is not considered independent.
About Arena Minerals
Arena Minerals is a prospect generator that has two properties under option covering approximately 95,400 hectares within the Antofagasta region of Chile. The properties are at low altitudes, within producing mining camps in infrastructure rich areas. The Company's flagship asset is the Atacama Copper Property, consisting of 92,000 hectares, following a contractual land reduction on July 27, 2015, of essentially undrilled ground in the heart of Chile's premier copper mining district. Currently, approximately 85% of the Atacama Copper Property is under option to third parties. Pursuant to option agreements entered into between Arena and the parties B2Gold Corp, Japan Oil, Gas and Minerals National Corporation and Teck Resources Chile Limitada, each have the right to earn into 60% of the respective land holdings within the property, by collectively spending over $60 million in exploration expenditures, amongst certain other commitments. In addition the Company has the Pampas El Peñon project, comprising a total of 3,400 hectares which is less than 1 km from Yamana's Agusta Victoria project which forms part of the El Peñon mine complex. The Pampas El Peñon and Atacama Copper properties comprise Arena Minerals highly prospective copper and gold properties within an active mining region.
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On behalf of the Board of Directors of Arena Minerals Inc.
William Randall, President, and CEO
Cautionary Note Regarding Accuracy and Forward-Looking Information:
This news release contains forward-looking information within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements, projections and estimates relating to the future development of any of the Company's properties, including the Property, the prospectivity of, and planned work programs on, the Property and other properties of the Company, the ability of any potential partner, including Teck, to accelerate drill programs, increase the development of any of the projects or prospects of the Company, the results of the exploration program, future financial or operating performance of the Company, its subsidiaries and its projects. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". The statements made herein are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of the Company's interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; other risks of the mining industry and the risks described in the annual information form of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward looking information. Arena Minerals does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Neither 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.