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Canada's Puma Exploration to sell interest in New Brunswick silver-zinc project

Puma Exploration Inc. said Aug. 27 that it will sell its interest in the Nicholas-Denys silver-zinc project in New Brunswick to private company Target Minerals, as the latter aims to be listed on the Canadian Stock Exchange within the next 18 months.

The acquisition will be in exchange for 14.2 million shares or 48% of Target Minerals' outstanding shares, and C$100,000 cash and a retainment of a 1% net smelter royalty, of which half of it can be bought back for C$1.0 million.

The transaction is expected to create a new active player in the New Brunswick, with a focus on gold-silver deposits located along the Rocky-Brook-Millstream major fault system.

Target Minerals owns the Oxford property, which also covers the Rocky-Brook-Millstream fault, and the acquisition of the Nicholas-Denys project will bring Target Minerals' control to more than 31 kilometers of the fault system.