Hispania Resources Announces the Preparation of its Three-Year Exploration Program at Las Herrerias, on the Puebla de la Reina Property in Spain
Hispania Resources Announces the
Preparation of its Three-Year Exploration
Program at Las Herrerias, on the Puebla de la
Reina Property in Spain
Toronto, Ontario--(Newsfile Corp. - January 18, 2023) - Hispania Resources Inc. (TSXV: ESPN)
("
Hispania
" or the "
Company
") is pleased to update its plans for the coming year and prepares for its
exploration program at the Puebla de la Reina ("
PBR
") property, Las Herrerias permit, for the next three
years. This program consists of surface exploration, geophysics, surface sampling and diamond drilling
across the property, which is located in a mining friendly jurisdiction in Southern Spain.
During the second half of the year, as travel opened up, Hispania's team met with regional government
officials as well as the local Mayor in PBR to update on the company's plans going forward. The Mayor
was appreciative and supportive of the Company's work during the COVID-19 pandemic, and was
looking forward to more work in the area going forward. This continued through the back half of the year
and after meeting with Government officials in Extremadura in the 3rd quarter of the year, "we presented
the work program for Herrerias to the mining authorities and are pleased that it has been recommended
for implementation," commented Norm Brewster, CEO of Hispania. The Company expects to begin this
work program during the second quarter of 2023.
Further, during 2022, Hispania undertook the evaluation of several additional properties in Spain and
has entered negotiations on two of these properties. The company hopes to update on these
negotiations as they proceed. The company has been quite pleased with the continued interest in Mining
opportunities in Spain, which was underscored by the largest deal of the year in the country with Sandfire
Resources' $2.1 Billion acquisition of MATSA (its first President was Norman Brewster, CEO of
Hispania).
Hispania also announces that it intends to settle outstanding indebtedness of $622,480 through the
issuance of 4,788,305 common shares of the Corporation at a deemed price of $0.13 per common
share (the "
Debt Settlement
"). The common shares issued in connection with the Debt Settlement will
be subject to a hold period of four months from the date of closing. "The Management team and I are
pleased to participate in the shares for debt settlement, as we are demonstrating our commitment to the
company, as our management team and staff have all participated in this and are agreeing to have all
wages and payables due to us over 18 months from April 2021 to September 2022 settled with this,"
commented Mr. Brewster.
The Debt Settlement is subject to the approval of the TSX Venture Exchange ("
TSXV
"). Certain
transactions pursuant to the Debt Settlement are "related party transactions" as defined under
Multilateral Instrument 61-101 ("
MI 61-101
") and are exempt from the formal valuation approval
requirements of MI 61-101 as the securities of the Company are listed on the TSXV.
The transactions
are also exempt from the minority approval requirement of MI 61-101 as the fair market value of the
consideration for the transaction does not exceed 25% of the Company's market capitalization.
At the company's Annual General Meeting on November 14, 2022, the existing Board of three members
was re-elected and provision was made to add additional Directors which the company intends to do in
the current year.
About Hispania Resources Inc.
Hispania Resources Inc is a mineral exploration company focused on mining opportunities in Spain.
Hispania is currently focused on developing the long-term mining potential of its core asset, the Zinc,
Copper, Lead enriched Puebla de la Reina ("
PBR
") property in the low-risk and historic mining district
of Extremadura in Southwest Spain. The PBR property covers an area of 90 km2. Hispania, through its
subsidiary, La Joya, has entered into a purchase agreement with Auplata S.A. to acquire a 100%
interest in the PBR property. The management of Hispania contains industry veterans who have more
than 120 years of mineral exploration and production experience in multiple jurisdictions and have
successfully managed multiple international mining companies. This includes in Spain, where some of
the team was responsible for the founding and building of Iberian Resources, with the continued support
of the local and regional governments, including the well developed and sophisticated transportation and
mining infrastructure.
For more information on Hispania Resources Inc., visit:
http://HispaniaResources.com/
.
Contact Information
For more information or interview requests, please contact:
Norman Brewster - Chief Executive Officer
(416) 970-3223
Rahim Allani - Director
(416) 457-0549
Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable securities
laws. Forward-looking information can be identified by words such as: "intend", "believe", "estimate",
"expect", "may", "will" and similar references to future periods. Examples of forward-looking information
include, among others, the expected completion of the shares for debt transaction, the expected
commencement of work on the PBR project, as well as information relating to Hispania. Although
Hispania believes that, in light of the experience of its officers and directors, current conditions and
expected future developments and other factors that have been considered appropriate, the
expectations reflected in this forward-looking information are reasonable, undue reliance should not be
placed on them because Hispania can give no assurance that they will prove to be correct. Readers are
cautioned to not place undue reliance on forward-looking information. Actual results and developments
may differ materially from those contemplated by these statements depending on, among other things,
the risk that the future plans of Hispania may differ from those that currently are contemplated Additional
risks include those disclosed in the Filing Statement, which are incorporate herein by reference and are
available through SEDAR at
www.sedar.com
. The forward- looking statements contained in this news
release are made as of the date hereof, and the Company undertakes no obligation to update publicly or
revise any forward-looking statements or information, except as required by law.
This news release is not an offer of the securities for sale in the United States. The securities
described in this news release have not been registered under the
U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States or
to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S.
Securities Act of 1933, as amended) absent registration or an exemption from registration. This
news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall
there be any sale of the securities in any state in which where such offer, solicitation or sale
would be unlawful.
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 news release.
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