Kaizen Discovery provides update on Pinaya and Aspen GroveVANCOUVER, CANADA – Kaizen Discovery Inc. (TSXV: KZD) today announced that the Pinaya Copper-Gold Project in Peru has entered the final stage of government review prior to the Peruvian General Directorate of Mining (DGM) issuing Kaizen with authorization to commence drilling. Kaizen also announced that it is increasing its ownership of the Aspen Grove Copper-Gold Project in British Columbia from 60% to 100%, by purchasing the 40% held by its joint-venture partner, ITOCHU Corporation.
copper-gold exploration projects
Kaizen's Peruvian subsidiary, which holds the Pinaya Project, received notification from the DGM that it has entered the final stage of review — a "Consulta Previa" or "prior consultation" review — prior to the DGM issuing Kaizen with the Authorization to Commence Activities for the company's planned drilling program at the Pinaya Project.
Under Peruvian law, the government-led prior consultation process verifies that the considerations of any local peoples that could represent an indigenous population have been recognized. This process is designed to ensure that, as the project advances, future community stakeholder relations are managed in a transparent and comprehensive manner.
The company is assessing its options and the possible implications for its planned 2017 exploration program. Kaizen will provide an update on its planned drilling program at Pinaya once the Ministry of Energy and Mines completes the prior consultation process.
Kaizen to acquire 100% ownership of the Aspen Grove Project
On August 31, 2017, Kaizen and ITOCHU Corporation entered into a sale-and-purchase agreement that will provide Kaizen with 100% ownership of the Aspen Grove Project, located in southern British Columbia. Under the provisions of the agreement, Kaizen's ownership of KZD Aspen Grove Holding Ltd., which holds title to the Aspen Grove property, will increase from 60% to 100%, and ITOCHU will receive C$293,200 in exchange for relinquishing its 40% stake. The transaction is subject to certain closing conditions, which are expected to be completed later this month.
Kaizen is assessing its options for the Aspen Grove Project, and discussions are ongoing with potentially interested parties for the possible sale or joint venture of the project.
About Kaizen Discovery
Kaizen is a Canadian mineral exploration and development company with exploration projects in Peru and Canada. More information on Kaizen is available at www.kaizendiscovery.com.
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 release.
Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws, including without limitation (i) statements regarding the expected closing date of the sale-and-purchase agreement with ITOCHU. Such statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Kaizen Discovery, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the Company's current expectations regarding future events, performance and results and speak only as of the date of this news release.
You can return to the main News Releases page, or press the Back button on your browser.