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Cassius Ventures Ltd. Provides an Update on Negotiations With El Zungano Landowner
By: Marketwired .
Jan. 9, 2013 07:04 PM
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/10/13 -- Cassius Ventures Ltd. (TSX VENTURE:CZ) (the "Company") announces that the agreement between the Company and the landowner of the El Zungano concession is in the process of being renegotiated. Accordingly, the Company has not made the required concession payment of US $100,000, which was due on January 5, 2013 per the terms of the above noted agreement.
In the event that the parties are unable to come to terms on an amended agreement, the Company may choose to return the concession to the landowner.
The El Zungano concession covers approximately 23,814 hectares in the Company's Nueva Segovia project area and was acquired in January 2012 as part of the Company's acquisition of Nueva Segovia Mining S.A., a private Nicaraguan company.
Further updates will be provided in due course.
On behalf of the Board of Directors
John A. Thomas, P.Eng, CEO and President
Eddy Canova, P.Geo., Director of Exploration of the Company and a Qualified Person as defined by NI 43- 101, has reviewed and is responsible for the technical information contained in this news release.
This news release contains forward-looking information (within the meaning of Canadian securities laws) about the Company and its future plans. Forward-looking information reflects management's expectations or beliefs regarding future events rather than historical facts, and in this news release includes, without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "scheduled", "believes", or variations of such words and phrases or statements that certain actions, events or results "potentially", "may", "could", "would", "might" or "will" be taken, occur or be achieved. There can be no assurance that forward-looking statements will prove to be accurate, and actual results could differ materially from those expressed or implied by the forward-looking statements. Forward-looking statements are based on certain assumptions that management believes are reasonable at the time they are made. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including, but not limited to, the assumption that:
(1) the Company's ability to discover minerals in commercially feasible quantities in Nicaragua, (2) the Company's ability to raise the necessary financing for ongoing operations and to complete any acquisitions or pursue any planned exploration programs, (3) there being no significant disruptions affecting operations, whether due to labour/supply disruptions, damage to equipment or otherwise; (4) permitting, development, expansion and power supply proceeding on a basis consistent with the Company's current expectations; (5) certain price assumptions for gold; (6) prices for availability of natural gas, fuel oil, electricity, parts and equipment and other key supplies remaining consistent with current levels; (7) the accuracy of current mineral resource work and studies on the Company's property; and (8) labour and material costs increasing on a basis consistent with the Company's current expectations. Important factors that could cause actual results to differ materially from the Company's expectations include, among others, risks related to the ability of the Company to obtain necessary financing and adequate insurance; the economy generally; fluctuations in the currency markets; fluctuations in the spot and forward price of gold or certain other commodities (e.g., diesel fuel and electricity); changes in interest rates; disruption to the credit markets and delays in obtaining financing; the possibility of cost overruns or unanticipated expenses; employee relations. Accordingly, readers are advised not to place undue reliance on forward- looking statements. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise. Reference to the section entitled "Risks and Uncertainties" immediately preceding this section.
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.
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