TORONTO, ONTARIO--(Marketwired - Dec. 7, 2015) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Era Resources Inc. ("Era" or the "Company") (TSX:ERX) is pleased to announce the commencement of a seven-hole, 1,000-metre drilling program at the La Cobota copper project in northern Mexico ("La Cobota").
This drilling program commenced December 5, 2015, and has been planned to test the grade and continuity of known copper-silver mineralization associated with a major iron-oxide vein at the historical La Cobota underground mine. The program is expected to be completed by the end of December 2015, with assay results anticipated to be received in the first quarter of 2016). Approval for the proposed drilling has been received from the Mexican Secretariat of Environment and Natural Resources (SEMARNAT).
The La Cobota Project comprises three contiguous mining concessions that together encompass an area of 1,800 hectares. The concessions are situated in the mining-friendly jurisdiction of Sonora State, and are located on privately held land approximately 80 kilometres east-southeast of the town of Sonoyta and 10 kilometres south of the US-Mexican border. The project area is easily accessible via existing roads and unsealed ranch tracks. Era has completed an option agreement for the mining concessions and is undertaking the proposed drilling as part of a systematic exploration program.
The La Cobota Project is strategically located in the Laramide Metallogenic Belt of southwest North America, which hosts numerous world class porphyry deposits and contains widespread occurrences of iron-oxide mineralization. The project area is characterized by copper-silver mineralization that is observed at surface in the form of copper carbonate staining and fracture coatings associated with zones of intense iron oxide alteration and veins. Available records indicate that the historical La Cobota underground mine within the project area was a producer of high-grade massive sulphide mineralization associated with an iron oxide vein system.
Exploration of La Cobota is being led by Lachlan Reynolds, VP Business Development of the Company. Mr. Reynolds is a geologist who has held senior management positions and has extensive experience working with multi-disciplinary teams on a wide variety of projects globally.
This news release does not constitute an offer to sell or the solicitation of an offer to buy any ordinary shares within the United States. The ordinary shares have not been offered and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws. Accordingly, the ordinary shares may not be offered or sold in the United States or to U.S. persons (as such terms are defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws or an exemption from such registration are granted.
Cautionary Statement Regarding Forward-Looking Information
This news release contains forward looking information. Such forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could", or "might" occur or to be achieved and any other similar expressions.
In providing the forward-looking information in this news release, the Company has made numerous assumptions regarding: (i) the accuracy of exploration results received to date; (ii) anticipated costs and expenses; (iii) the planned drilling program; and (iv) the timing for receipt of results of exploration activities. Although management believes that the assumptions made and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those contained in the forward-looking information. Some of these risks, uncertainties and other factors are described under the heading "Risks Factors" in the Company's annual information form available on the Company's profile on SEDAR at www.sedar.com. Forward-looking information is based on estimates and opinions of management at the date the statements are made. Except as required by law, Era does not undertake any obligation to update forward-looking information even if circumstances or management's estimates or opinions should change. Readers should not place undue reliance on forward-looking information.
Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the actual results of exploration activities, risks relating to international operations, and other risks of the mining industry. Although Era has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Era undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed. Reference is made to the most recent annual information form of Era available on the Company's profile on SEDAR at www.sedar.com which includes further discussion of the risk factors which may impact the business and operations of Era.
President & Chief Executive Officer
Era Resources Inc.
+61 400 666980
Chief Financial Officer & Corp. Secretary
Era Resources Inc.
+1 416 464 4067