VANCOUVER, BC--(Marketwired - August 22, 2014) - Meryllion Resources Corporation ("Meryllion" or the "Company") (TSX VENTURE: MYR) announced today that following the receipt of the NI 43-101 report completed on the Cerro Amarillo Copper Molybdenum Gold Project in Mendoza, Argentina, the Company will devote its focus and resources to its further development. As such, the Company will terminate one of four option agreements pertaining to its Providencia Silver Project located in Jujuy Province, Argentina.
Following the encouraging results from its 2014 exploration campaign at Cerro Amarillo, the Company is terminating the option agreement at Providencia that contained the most expensive option payment terms. The option agreement being terminated covers the Providencia, Nueva Providencia and Tola mineral properties of the Providencia Project which contains the inferred resource estimate. Although the ground being dropped does contain an inferred resource estimate, the cost and development profile did not fit with the Company's strategic direction.
For strategic reasons, the Company is maintaining its interests in the Olaroz Chico, Libertad, Panizos, Nazarena, Cerro Galan, Coyaguaima and Coranzulí grounds of the Providencia Project as well as grounds covered in a separate license application in the general vicinity. See figures 1 and 2 for a map that sets out the location of the various mineral properties.
"The decision to drop the La Providencia, Nueva Providencia and Tola properties comes following a strategic review of the Company's operations. Given the potential for the Cerro Amarillo project area to host multiple deposits, we have decided to focus our energy and resources on the continued development of Cerro Amarillo," commented Meryllion's CEO Terry Krepiakevich. "We retained certain ground at Providencia given their strategic location and low carrying costs. The move to drop the La Providencia, Nueva Providencia and Tola grounds will save the Company US$825,000 in option payments over the next two and a half years."
Meryllion's program at Cerro Amarillo is being supervised by Willem Fuchter, PhD P. Geo and CEO of Meryllion's subsidiary in Argentina. Dr. Fuchter is a Member of the Association of Professional Geoscientists of Ontario ("APGO"), and is a qualified person in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. He has approved the data disclosed in this news release.
About Meryllion Resources
Meryllion is a natural resource company engaged in the acquisition and exploration of resource properties in South America. It currently holds options to acquire exploration projects in Argentina including its Cerro Amarillo copper-molybdenum-gold Project located in West-Central Argentina.
This press release contains forward-looking statements. All statements, other than statements of historical fact, constitute "forward-looking statements" and include any information that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including the Company's strategy, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance.
There can be no assurance that any forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. 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 press release.
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For more information, please contact
Brett Allan
Apex Capital Inc.
416-907-4148
ballan@apexcap.ca
or
Alex Bayer
Chief Legal Officer and Corporate Secretary
604-221-7994
abayer@meryllionresources.com
