Kaizen interest in Pinaya Project increased to 100%Lima, Peru - Kaizen Discovery Inc. (TSXV: KZD) today announced that it has acquired ITOCHU Corporation's 10% interest in the Pinaya Project in Peru as a result of ITOCHU's decision to exit the project. Kaizen's ownership in Kaizen Peru Holdings -- the indirect holder of the Pinaya Project -- now has increased from 90% to 100%.
Kaizen intends to proceed with its planned drilling program at Pinaya.
"While it is disappointing that we are losing ITOCHU as our partner at Pinaya, we still consider the project to be one of the more compelling copper-gold prospects in Peru. Securing 100% control of the project will provide us with additional flexibility to potentially secure new partners seeking the discovery opportunities that are abundant in Peru," said Tom Peregoodoff, Kaizen's President and Chief Executive Officer.
"Our review of data acquired with the project suggests that the high-grade copper and gold mineralization at Pinaya continues along strike from the currently defined resource area, and we will pursue that drilling in our initial program. The recently recognized Pedro Dos Milles target provides us with an opportunity to significantly expand the size of the resource. We plan to actively explore this and other targets along the mineralized trend."
Kaizen's Chief Operating Officer, Mark Gibson, PrNatSci, is the Qualified Person as defined under NI 43-101 who has reviewed, approved, and is responsible for the scientific and technical information presented in this news release. Mr. Gibson is not independent of Kaizen. Mr. Gibson has verified the technical data disclosed in this news release.
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.
Bill Trenaman +1-604-669-6446
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 Kaizen's intention to proceed with its planned drilling program at the Pinaya Project and all statements related to the targets intended to be drill tested in the planned program.
Although Kaizen has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance, or achievements not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances, or results will materialize.
Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indicators of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed here, as well as unexpected changes in laws, rules, or regulations, or their enforcement by applicable authorities; the failure of parties to perform as agreed; social, political or labour unrest; changes in commodity prices; limitations and availability of capital; and the failure of exploration programs or studies to deliver anticipated results (including the actual results of drilling and exploration activities); or results that would justify and support continued exploration, studies, development, or operations.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release, and Kaizen disclaims any intention or obligation to update or revise such information, except as required by applicable law. Kaizen does not assume any liability for disclosure relating to any other company herein.
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