ASX: AZS 19 MARCH 2012 Promontorio Agreements Extended Azure Minerals Limited ( (ASX: AZS) (“Azure” or the “Company”) is pleased to announce it has successfully negotiated a 24 month extension of its Exploration Contract and Purchase Option Agreements (“Agreements”) over the Company’s high grade Promontorio Copper-Gold-Silver Project, located in Chihuahua State, Mexico.
Pursuant to the original Agreements, Azure was required to exercise its options to purchase the Promontorio and Hidalgo mineral concessions by 28 April 2012 and the Magistral concession by 25 June 2012. Exercise of the options would have required acquisition payments totaling US$3.04 million.
Terms of the revised agreements remain predominantly the same, with Azure agreeing to continue six monthly option payments for a further two years, with the final acquisition payment reduced to US$2.6 million and now due in 2014. Azure retains the right to exercise the purchase option at any time during that period.
Azure’s Managing Director, Mr Tony Rovira, said: “We have a very positive relationship with the vendors of the Promontorio Project and are pleased to have reached this mutually beneficial agreement with them. As a result of this Agreement, our funds can now be utilised to complete the Pre-Feasibility Study at Promontorio which commenced last month, and concentrate on further drilling which is scheduled for the next quarter.”
***ENDS***
Tony Rovira Managing Director Azure Minerals
+61 8 9481 2555
Victoria Thomas
Six Degrees Investor Relations
+61 3 9674 0347
or visit www.azureminerals.com.au
Information in this document that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Tony Rovira, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Rovira is a full-time employee of Azure Minerals Limited. Mr Rovira has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Rovira consents to the inclusion in the documents of the matters based on his information in the form and context in which it appears.
