Aurania Completes Renewal of Select Concessions IN PERU
TSX-V: ARU
NR 2022-14
AURANIA COMPLETES RENEWAL OF SELECT CONCESSIONS IN PERU
Toronto, Ontario, June 27, 2022 – Aurania Resources Ltd. (TSXV: ARU; OTCQB: AUIAF;
Frankfurt: 20Q ) (“Aurania” or the “Company”) announces that it has completed the process of
renewing certain annual mineral concession applications in Peru. The concessions selected are part of the
blocks with higher geological potential, where the application process has been completed and most of the
concessions granted. Minor field work is contemplated for these concessions in the coming months as a
precursor to generating the initial technical report to support further work and/or a possible corporate
transaction.
In total, 130 concessions were renewed covering an area of 128,700 hectares. Thirty of these concessions
did not require payment in 2022 and the total cost for the other 100 concessions was US$296,000.
The Company did not renew a total of 145 concessions , most of which still remain in the Peruvian
application process, thereby focusing it s resources on those concessions that can be advanced and /or
transacted upon with clear ownership confirmation . Although t he Company believes that many of these
concessions remain prospective, management determined that the additional annual costs and the
continuing uncertainty of when the remaining concessions would be granted, w ere not appropriate for a
non-core asset.
The renewed concessions noted above, represent the majority of those that had been previously granted to
the Company over the last two years (see press release dated May 22, 2020). In January 2020, the Company
had applied for 419 mineral concessions covering 413,200 Hectares (“Ha”) in northern Peru based on a
potential opportunity for additional copper and gold exploration as a result of the possible extension of a
mineral belt from Aurania’s project in Ecuador (see press release dated Jan 17, 2020).
In connection with the renewal of the Peruvian concessions, Dr. Keith Barron (the “Lender”) completed a
loan of C$1,000,000 to the Company. The loan is unsecured, bears interest at 2% per annum and matures
upon notice of twelve months and one day from the Lender. Up to US$300,000 of the loan was allocated
to making annual concession payments in Peru, the balance funding working capital and ongoing
exploration activities.
Dr. Keith Barron is a related party of the Company by virtue of the fact that he is the Chairman, the President
and Chief Executive Officer, a promoter and a principal shareholder of the Company, and as a result, each
of the Loan constitutes a “related party tra nsaction” for the purposes of Multilateral Instrument 61-101 –
Protection of Minority Security Holders in Special Transactions (“MI 61- 101”). The Company is relying
upon an exemption from the formal valuation and minority shareholder approval requirements under MI
61-101 in respect of the Related Party Transactions, in reliance on Sections 5.5(a) and 5.7(1) of MI 61-101,
respectively, as the fair market value of the Related Party Transaction, collectively, does not exceed 25%
of the Company’s market capitalization, as determined in accordance with MI 61 -101. The Company did
not file a material change report related to the Loan more than 21 days before the expected closing of the
Loan as required by MI 61-101, as the Company required the funds from closing on an expedited basis for
sound business reasons.
The Loan and the Insider Participation were approved by the members of the board of directors of the
Company who are independent for purposes of the Related Party Transactions, being all directors other
than Dr. Barron. No special committee was established in connection with the Loan and the Insider
Participation, and no materially contrary view or abstention was expressed or made by any director of the
Company in relation thereto.
Qualified Person
The geological information contained in this news release has been verified and approved by Jean- Paul
Pallier, MSc. Mr. Pallier is a designated EurGeol by the European Federation of Geologists and a Qualified
Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects of the
Canadian Securities Administrators.
About Aurania
Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition and
exploration of mineral property interests, with a focus on precious metals and copper in South America. Its
flagship asset, The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern
foothills of the Andes mountain range of southeastern Ecuador.
Information on Aurania and technical reports are available at www.aurania.com and www.sedar.com, as
well as on Facebook at https://www.facebook.com/auranialtd/, Twitter at https://twitter.com/auranialtd,
and LinkedIn at https://www.linkedin.com/company/aurania-resources-ltd-.
For further information, please contact:
Carolyn Muir
VP Investor Relations
Aurania Resources Ltd.
(416) 367-3200
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain forward-looking information that involves substantial known and unknown
risks and uncertainties, most of which are beyond the control of Aurania. Forward -looking statements
include estimates and statements that describe Aurania’s future plans, objectives or goals, including words
to the effect that Aurania or its management expects a stated condition or result to occur. Forward-looking
statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”,
“could”, “would”, “will”, or “plan”. Since forward- looking statements are based on assumptions and
address future events and conditions, by their very nature they involve inherent risks and uncertainties.
Although these statements are based on information currently available to Aurania, Aurania provides no
assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors
involved with forward-looking information could cause actual events, results, performance, prospects and
opportunities to differ materially from those expressed or implied by such forward- looking information.
Forward looking information in this news release includes, but is not limited to Aurania’s objectives, goals
or future plans, statements, exploration results, potential mineralization, the corporation’s portfolio,
treasury, management team and enhanced capital markets profile, the estimation of mineral resources,
exploration, timing of the commencement of operations and estimates of mark et conditions. Factors that
could cause actual results to differ materially from such forward -looking information include, but are not
limited to, failure to identify mineral resources, failure to convert estimated mineral resources to reserves,
the inability to complete a feasibility study which recommends a production decision, the preliminary nature
of metallurgical test results, delays in obtaining or failures to obtain required governmental, regulatory,
environmental or other project approvals, politic al risks, inability to fulfill the duty to accommodate
indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future,
changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity pr ices, delays
in the development of projects, capital and operating costs varying significantly from estimates and the
other risks involved in the mineral exploration and development industry, the effects of COVID-19 on the
business of the Company including but not limited to the effects of COVID-19 on the price of commodities,
capital market conditions, restrictions on labour and international travel and supply chains, and those risks
set out in Aurania’s public documents filed on SEDAR. Although Aurania be lieves that the assumptions
and factors used in preparing the forward- looking information in this news release are reasonable, undue
reliance should not be placed on such information, which only applies as of the date of this news release,
and no assurance can be given that such events will occur in the disclosed time frames or at all. Aurania
disclaims any intention or obligation to update or revise any forward- looking information, whether as a
result of new information, future events or otherwise, other than as required by law.