VANCOUVER, May 2, 2012 /CNW/ - Darwin Resources Corp ("Darwin" or "The Company") TSXV - DAR. Dr. Graham Carman, President & CEO, is pleased to announce that the Company has completed its spin-out from Mawson Resources Ltd (TSX:MAW) pursuant to a Plan of Arrangement and is now listed on the TSX Venture exchange under the trading symbol TSXV:DAR.
- Darwin has a strong technical team holding many years of Peru exploration experience with a track record of discovery. The corporate team has a long term successful history in the Canadian capital markets;
- The Company is well-funded with C$4M in cash reserves and has sufficient working capital to carry out its planned exploration programs in 2012, and to initiate drilling at its key projects;
- Darwin is well supported by several institutions including The Sentient Group ("Sentient"), an independent private equity fund with over US$2.5 billion under management in the global natural resources space and a long term and successful history of investing in Latin America. Sentient is the Company's largest shareholder and will hold 24.1% of Darwin on an undiluted basis. Pinetree Capital will hold an 11.7% stake on an undiluted basis;
- Darwin aims to drill the Alto Quemado copper and gold project within the next quarter (subject to the final permission process which is well advanced);
- To date Darwin holds five other gold and copper prospects with known mineralization which the Company is currently evaluating;
- Darwin owns more than 30 titles granted or under application, and an aggressive project acquisition strategy is active;
- The Company has a strong exploration database in Peru, enabling a rapid evaluation of new opportunities.
Dr Graham Carman, states: "It is a great pleasure to be returning to Peru and heading up Darwin, a Peruvian gold and copper explorer. Peru is world famous for its large and diversified mineral systems and already dominates the global mining industry in many commodities. It is particularly pleasing to reassemble a geological team in Peru whom I have shared considerable exploration successes over the last 20 years. The strength and experience of our team augurs well for the future of Darwin. The Company also has a high quality board representing our major shareholder interests, and Darwin is fortunate to have a strong treasury and support from several institutional shareholders including The Sentient Group with 24% ownership of the Company. "
The Company is embarking on the following strategy:
- Advancing the Alto Quemado copper-gold project to initial drilling during early Q3 2012 to test both the porphyry copper target and the high-grade gold-copper vein system on the margin of the porphyry target;
- Reviewing and assessing the historical results on the 100% owned Rurimarac gold project with the objective to advance to the next phase of work. Rurimarac is located in the Cordillera Negra of central Peru, 35km south of Barrick's Pierina gold mine. The target is an oxide gold deposit associated with a brecciated structure that outcrops over 700 meters. Historic sampling by third parties has included 65 pit and trench samples that ranged from 0.01 to 39.2g/t Au and averaged 5.1g/t Au. Only one historic drill hole tested the mineralized target and intersected 6m @ 3g/t Au oxide in a highly weathered zone with 50% core recoveries. We believe this mineralized breccia has not yet been adequately tested.
- Evaluating the current property portfolio and prioritizing future work; and
- Identifying new gold and copper opportunities for acquisition in Peru and elsewhere.
The permit process to allow drilling at Alto Quemado is well advanced and the estimate for the initiation of drilling at Alto Quemado is early Q3 2012. In order to drill, three individual permits are being sought:
- An application for a permit for surface use for mining exploration activities will be submitted shortly to Autodema, the owner of the surface rights at Auto Quemado. The processing time to approve this permit is expected to take several weeks.
- An independent environmental impact assessment of the property is now complete and the application for an environmental permit for up to 14 drill platforms, extendable to 20 if required, will be submitted to the Government environmental authorities shortly.
- A water permit for mining exploration will then be submitted to the regional water authority for approval.
We look forward to reporting results of the Company's exploration efforts over the coming months.
Darwin has recently activated its new website, enabling investors and interested parties to review detailed information of the Company's projects and team. Please refer to www.darwinresources.com for further information.
About Darwin Resources Corp (TSXV:DAR)
Darwin Resources Corp is a resource acquisition and development company with assets in Peru. The Company has a portfolio of gold and copper projects with a focus on its flagship Alto Quemado project in southern Peru.
On behalf of the Board,
Graham Carman, President & CEO
The qualified person, Graham Carman, Darwin's President and CEO, and a Fellow of the Australasian Institute of Mining and Metallurgy, has reviewed and verified the contents of this release.
Forward Looking Statements This Company News Release contains certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.
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 news release.
1305 - 1090 West Georgia St., Vancouver, BC, V6E 3V7
Company Contact: Mariana Bermudez +1 (604) 685 9316