Avrupa Minerals (TSXV:AVU) has closed the recently announced private placement to raise $1,017,000 and issue 10,170,000 units at a price of $0.10. Each unit consists of one common share and one warrant. Each warrant is exercisable into a common share at $0.15 for 3 years expiring on July 12, 2020. No finder’s fee was paid in this private placement. All securities have a 4-month hold period expiring November 12, 2017.
Having recovered 100% ownership of the Alvalade copper/lead/zinc VMS project in the Iberian Pyrite Belt (IPB) of southern Portugal, Avrupa is assembling a data set for potential partners to review. Interest in the project has been strong. The geological team in Portugal has developed a geo-structural exploration model for the IPB that has lead to successful drilling on the Alvalade project. The exploration model is valid for Avrupa’s other projects at Mertola and Marateca, and efforts to joint venture these projects are underway.
Avrupa now has a total of 86,918,797 common shares outstanding.
Avrupa Minerals Ltd. is a growth-oriented exploration and development company focused on discovery, using a prospect generator model, of valuable mineral deposits in politically stable and prospective regions of Europe, including Portugal, Kosovo, and Germany.
The Company currently holds nine exploration licenses in three European countries, including six in Portugal covering 3,271 km2, two in Kosovo covering 47 km2, and one in Germany covering 307 km2. Avrupa now has three active option and joint venture agreements, two in Portugal and one in Kosovo, including:
- The Alvito Option Agreement with OZ Minerals Limited covering one license in the Ossa Morena Zone in southern Portugal, for IOCG deposits;
- The Covas JV, with Blackheath Resources, covering one license in northern Portugal, for intrusion-related W deposits; and
- Avrupa’s partner at the Slivovo Gold Project in Kosovo is fully funding the program, allowing Avrupa to dilute its ownership in the JV operating company Peshter Mining JSC. If AVU ownership goes below 10%, the interest in the project converts to a 2% NSR.
- In addition, in the Iberian Pyrite Belt of south Portugal, the Company has 100% ownership of the Alvalade VMS Projectwhere previous partners have spent over US$ 7.6 million on exploration for VMS copper, zinc, and lead, mineralization, resulting in discoveries at Sesmarias and Monte da Bela Vista.
Avrupa is currently upgrading precious and base metal targets to JV-ready status in a variety of districts on their other licenses, with the idea of attracting potential partners to project-specific and/or regional exploration programs.
On behalf of the Board,
“Paul W. Kuhn”
Paul W. Kuhn, President & Director
This news release was prepared by Company management, who take full responsibility for its content. Paul W. Kuhn, President and CEO of Avrupa Minerals, a Licensed Professional Geologist and a Registered Member of the Society of Mining Engineers, is a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators. He has reviewed the technical disclosure in this release. Mr. Kuhn, the QP, has not only reviewed, but prepared and supervised the preparation or approval of the scientific and technical content in the news release.
Neither 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.