Azarga Metals Announces Director Appointment

Azarga Metals Announces Director Appointment

Azarga Metals Corp. ("Azarga Metals" or the "Company") (TSXV:AZR) is pleased to announce the appointment of Doris Meyer as a director. The number of directors of the Company is now restored to three by this appointment

Doris Meyer is the Corporate Secretary of the Company. She gained her early experience in the mining industry as Vice President Finance of Queenstake Resources Ltd. from 1985 to 2003. Ms. Meyer launched her private company Golden Oak in October 1996 with Queenstake as her first client. Since that time, Golden Oak has provided publicly traded mineral exploration companies with administrative, financial reporting and corporate compliance services. Ms. Meyer is also Corporate Secretary and Director for a number of publicly listed exploration companies trading on the TSX-V. Ms. Meyer is a past member of the Institute of Chartered Professional Accountants of British Columbia. Ms. Meyer has been the Corporate Secretary of the Company since 2008.

Azarga Metals Corp.

"Gordon Tainton"

Gordon Tainton,
President and CEO

For further information please contact: Doris Meyer, at +1 604 536-2711 ext. 3 or visit www.azargametals.com. The address of the head office of Azarga Metals is Unit 1 - 15782 Marine Drive, White Rock, BC V4B 1E6, British Columbia, Canada.

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.

SOURCE: Azarga Metals Corp.



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Azarga Metals

Azarga Metals

Overview

Russia is not only known for its vibrant cities, rich cultural history and brilliant architecture. It’s also home to some of the most prolific mining districts in the world. According to a report issued by the Fraser Institute for Mining, the country ranks amongst the top 25 jurisdictions in mining attractiveness. That same report revealed that the country boasts an investment attractiveness rating above 70 percent, outranking notable European countries like Sweden, Norway and Spain.

Russia seeks to benefit from Europe’s green energy plans as a major contributor to the world’s precious and base metals, like silver and copper. With several high-quality mines and mineral deposits scattered near the country’s eastern border, active investors could see significant gains and economic success by investing in this European giant.

Azarga Metals Corp. (TSXV:AZR) is a mineral exploration and development company focused on its 100 percent owned Unkur copper-silver project in the Zabaikalsky province in eastern Russia. The project sits in a geographically advantageous region that shares a border with China and Mongolia.

Unkur leverages strategic positioning in a mining-friendly jurisdiction home to Udokan, the third-largest undeveloped copper deposit in the world. The flagship project’s similar geological structure has the possibility to mimic Udokan’s mineralization and copper-silver yield.

Azarga Metals acquired the Unkur copper-silver project in 2016 and quickly began its extensive exploration program. To date, Azarga has comprised mapping, sampling and ground magnetic campaigns. The company has also conducted two diamond drilling programs across 16 drill holes and 186 meters of channel sampling.

Unkur boasts excellent terrain and infrastructure with rich resource networks, like water, high-voltage substations and accessible highway and railway transportation lines. The 5,390-hectare land position has a relatively flat geological profile, which aids in mining and open-pit conditions.

In April 2021, Azarga released positive updates on the flagship project, announcing its Preliminary Economic Assessment (PEA) study will consider various operating scenarios at Unkur, including a low capital and operating cost heap-leaching scenario. Consideration of these new methods creates the opportunity for lower capital expenditure and shorter timeline production for the company.

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The following steps for the company include planning its physical exploration program in the eastern part of Unkur, which it expects to commence in August 2021. The confirmed presence of extensive copper and silver mineralization at Unkur East in January 2021 from a geochemical surveying program demonstrates justification for further exciting exploration and development.

Azarga Metals Corp. has a proven board and management team with experience in Russian mining, capital markets and low-cost exploration. This leadership and its technical team prime the company for outstanding discoveries across Unkur’s potentially vast copper-silver resource.

Azarga Metals’ Company Highlights

  • Azarga Metals Corp is a mineral exploration and development company focused on its 100 percent owned flagship Unkur copper-silver project in the Chara-Aldan area in eastern Russia.
  • Unkur is a sediment-hosted stratiform copper-silver deposit with world-class discovery potential. Its current inferred resources hover 62 million tonnes at 0.53 percent copper and 38.6g/t silver grades.
  • The flagship project leverages excellent infrastructure with power and water on-site and advantageous positioning less than 30 kilometers from the world’s third-largest undeveloped Copper project known as Udokan.
  • Unkur East is relatively undeveloped and has limited exploration history, which gives Azarga an exceptional first-mover advantage in this mineral-rich region.
  • The company has a solid and well-versed management team of top mining and finance professionals with proven track records of success.
  • The neighboring Udokan Copper Project holds copper resources of 26.7 million tonnes (Mt) and is the 3rd largest undeveloped copper deposit globally.
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Exploring and Developing High-Quality Copper-Silver Projects in Russia

Baker Steel Granted Unkur Option and Converts Loan to Settle Debt

Baker Steel Granted Unkur Option and Converts Loan to Settle Debt

Azarga Metals Corp. ("Azarga Metals" or the "Company") (TSXV:AZR) is pleased to announce that it has closed the agreement (the "Agreement") with Baker Steel Resources Trust Limited ("BSRT") announced on April 19, 2022. Pursuant to the Agreement, Azarga Metals has granted BSRT the option to acquire Azarga Metal's Unkur project (the "Unkur Option") until December 31, 2023 (the "Unkur Option Period"), after which the Unkur Option will automatically expire

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Azarga Metals Corp. ("Azarga Metals" or the "Company") (TSXV:AZR) is pleased to announce that it has executed a definitive agreement (the "Agreement") to supersede the binding letter of intent with Baker Steel Resources Trust Limited ("BSRT") announced on April 19, 2022. BSRT has agreed, subject to receipt of all required regulatory approvals, to convert the US$3.5 million loan between Azarga Metals and BSRT at a fixed Canadian dollar equivalent value of C$4.7 million, with a conversion price of C$0.10 per share for a total issue of 46,925,500 common shares of the Company (the "Shares

Pursuant to the Agreement, Azarga Metals has, amongst other things, granted BSRT the option to acquire the Unkur project (the "Unkur Option") until December 31, 2023, after which the Unkur Option will automatically expire. Closing of the Agreement is subject to receipt of regulatory approval and standard closing conditions.

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Vladimir Pakhomov has resigned from the Board of Directors with immediate effect. The Board wishes to thank Mr. Pakhomov for his many valuable contributions to the Company during his tenure as a director and wish him well in the future.

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