VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 14, 2013) - Sundance Minerals Ltd., ("Sundance" or the "Company") is pleased to announce that it has entered into an option agreement with Inmet Mining Corporation ("Inmet"), whereby Inmet can earn up to a 70% interest in the Los Tamales Copper-Moly Property ("Property"). The Property is located in the premier copper producing state in Mexico, Sonora.
Chris Osterman, President and CEO of Sundance, stated, "We are pleased to have Inmet as a partner and move the project forward evaluating the target identified within the Company's landholdings."
The total Property area covers 3850.67 hectares in northern Sonora State. The region hosts large Cu-Mo porphyry deposits, such as Cananea, Los Humos, and la Caridad. Excellent road access provides year-round exploration.
Los Tamales is a porphyry copper-moly system 125 km southwest of Tucson, Arizona and 28 km south of the US-Mexican border. Discovered by water well sampling during a joint United States Geological Survey and Servicios Geologicos Mexicanos effort in the 1970's, Los Tamales was the subject of two USGS open-file reports 94-685 and 84-289. The Mexican state company Azuferera Panamericana carried out a three hole, 1000 meter diamond drill program in the 1970's. Dense stockworks of quartz-chalcopyrite-molybdenum veinlets outcrop in a potassically altered granodiorite and a Precambrian granite in the northwest portion of the Property, whereas widespread quartz-sericite-pyrite-tourmaline alteration occurs in a rhyolite porphyry to the south.
TERMS OF THE AGREEMENT:
The Los Tamales property is subject to an option agreement with Inmet Mining Corporation ("Inmet"). Inmet can earn-in up to 51% by expending US$5.0 million and paying Sundance US$500,000 over five years. Inmet may earn an additional 19% by delivering a Pre-Feasibility Study (subject to a maximum expenditure of US$20 million) and paying Sundance an additional US$2.0 million over three years.
Sundance Minerals is an exploration company currently focusing on precious and base metal projects in Mexico and the United States. Our mission is to create and sustain shareholder value by developing a balanced portfolio of exploration targets in known districts. Sundance has a portfolio of 14 properties in Mexico and one in Nevada, most of which are available for JV's. Technical information including geology, geochemistry, and geophysics is available for all of them. Five out of the 15 properties have historic drill holes. Leading properties are Miranda and San Ricardo gold projects in Sonora, Los Tamales (Cu) in Sonora, as well as Geranio and Lachatao gold projects in the Natividad mining district in Oaxaca, Mexico.
Certain statements in this News Release constitute "forward looking statements" that reflect the Company's current expectations and projections about its future results. Forward-looking statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include the continued participation of Inmet in the Los Tamales project, the need to obtain additional financing to maintain its interest in and/or explore and develop the Company's other mineral projects; and other factors of the mineral exploration industry more fully described in the Company's Management Discussion & Analysis of Financial Position and Results of Operations, which is available on SEDAR at www.sedar.com. The assumptions made in developing the forward-looking statements include the following: the continued participation of Inmet in the Los Tamales project. Readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason.