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The Lavington property comprises four mineral claims covering 1156 hectares, located approximately 10 km east of Vernon. Aurion considers the property to be prospective for large, bulk tonnage gold deposits.
Aurion proposes to complete a field program of line-cutting, soil geochemical sampling, and IP (Induced Polarization) geophysics targeting a 200 to 400 metre wide by greater than 1500 metre long alteration zone within the property. The program will be funded from treasury using "flow-through" funds raised in 2008.
Pursuant to the LOI, Aurion can earn a 100% interest in the Lavington Property by completing CDN$100,000 in exploration expenditures, making staged cash payments totalling $100,000 and issuing a total of 100,000 common shares in Aurion ("Aurion Shares") (subject to TSX Venture Exchange (the "Exchange") approval) over four years to Cazador as follows: (i) $2000 and 10,000 Aurion Shares on the execution of the LOI; (ii) $8,000 and 15,000 Aurion Shares on October 12, 2010; (iii) $15,000 and 20,000 Aurion Shares on October 12, 2011; (iv) $25,000 and 25,000 Aurion Shares on October 12, 2012; and (v) $50,000 and 30,000 Aurion Shares on October 12, 2013. Aurion shall be entitled to terminate the LOI or the Formal Agreement, which ever is in force, at any time following the initial payment and share issuance and performance of the Obligations.
Cazador shall retain a 2% NSR on the Lavington Property, with Aurion having an irrevocable option to purchase (buy down) half of the Net Smelter Royalty (1%) for $1,000,000 at any time within 240 days of commercial production being achieved.
About Aurion
Aurion completed its Initial Public Offering (IPO) in October 2008, during the global financial crisis, to pursue emerging resource opportunities in the ensuing environment. It currently has only 5,000,100 shares issued and outstanding and approximately $400,000 cash in its treasury. Its strategy is to advance its projects to a stage which will attract potential joint venture partners. Aurion continues to evaluate other gold-silver projects for potential acquisition in Mexico and globally.
Mike Basha, P.Eng., P.Geo., President and CEO of Aurion, is the Qualified Person as defined by National Instrument 43-101, and is responsible for the preparation of this release.
All dollars are in Canadian currency unless otherwise stated.
Forward-Looking Statement
Certain statements contained in this release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Aurion's current beliefs or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to Aurion's future exploration and expenses attributable to the Lavington Gold Property and payments and share issuances to be made pursuant to the LOI or Formal Agreement. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Aurion. The material factors and assumptions include: regulatory approvals being obtained for the issuances of the Aurion Shares referenced herein, no changes to existing Exchange Policies, exploration programs for Aurion remaining the same as forecast, Aurion having the necessary capital in order to complete its anticipated work program on the Lavington Property and no significant decrease in the price of gold. Risk Factors that could cause actual results or outcomes to differ materially from the results expressed or implied by forward-looking information include, among other things: risks related to exploration activities, general economic and business conditions and changes in the regulatory regulation. Aurion cautions the reader that the above list of risk factors is not exhaustive. The forward-looking information contained in this release is made as of the date hereof and Aurion is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
On behalf of the Board,
Michael Basha, President & CEO
SOURCE: Aurion Resources Ltd.
Aurion Resources Ltd. Mike Basha (709) 699-8300 Aurion Resources Ltd. Richard Graham (604) 488-8717
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