Avrupa Minerals (TSXV:AVU) is pleased to announce that it has arranged a financing to raise $500,000 by way of a private placement of 5 million units at $0.10 per unit. Each unit (a Unit) is comprised of one common share and common share purchase warrant which entitles the holder to purchase one common share at a price of $0.15 for a period of three years from closing of the offering.
The proceeds of the offering will be used for exploration and operations in Portugal, Kosovo, and Vancouver, and for general working capital. Some of the proceeds may also be used for due diligence reviews of potential acquisitions. Insiders will be participating in the offering.
Paul Kuhn, President and CEO, commented, Now that we have successfully consolidated the Alvalade copper-zinc project, we have work to prepare for the next stage of drilling. In addition to down dip possibilities at Sesmarias, we already have a number of compelling targets in the immediate surrounding sectors at Sesmarias, as well as drill-ready targets at Monte da Bela Vista (10 km north of Sesmarias) and in the Pombal area (15 km south of Sesmarias). We are actively engaging potential partners for the opportunity to JV into the Project.
The Company is currently upgrading information on the Alvalade Project webpage at www.avrupaminerals.com.
The geophysical survey is now in progress at the Alvito iron-oxide copper gold project in Portugal. Based on results, it is expected that drilling at Alvito will commence later this year.
Drilling at the Slivovo gold project in Kosovo is well underway, with assays expected to be reported later this summer.
Our partner on our Covas tungsten project in Northern Portugal has also decided to complete a small drill program this year, and further details will be announced on that project.
Avrupa continues to look to acquire projects in current and new jurisdictions which can be easily and rapidly advanced.
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 Project where 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.
For additional information, contact Avrupa Minerals Ltd. at 1-604-687-3520 or visit our website at www.avrupaminerals.com.
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.
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