Microsoft Cloud Authors: Jim Kaskade, Lori MacVittie, Andreas Grabner, Janakiram MSV, Pat Romanski

News Feed Item

Aurion Finalizes Purchase of Finland Projects

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR -- (Marketwired) -- 05/26/14 -- Aurion Resources Ltd. ("Aurion") (TSX VENTURE: AU) is pleased to report that it has executed the Definitive Purchase Agreement with Dragon Mining Limited ("Dragon Mining") (ASX: DRA), to acquire a 100% interest in the Kutuvuoma and Silasselka exploration projects in Northern Finland.

In consideration, Dragon Mining will receive 6,000,000 Common Shares in Aurion and Aurion will expend EUR 1,000,000 on the Projects within 3 years. The Payment Schedule from the original Letter of Intent, as announced March 5, 2014, has been re-negotiated such that there is no firm work commitment in the first two years, other than maintaining the tenements in good standing, and the subsequent share issuances will be timed with the granting of final title to the various tenements comprising the projects, as further detailed below. Additionally, Aurion has the option to expend the entire work commitment on only one project if it so decides.

Kutuvuoma Gold Project

The Kutuvuoma project area is located 35 km SE of the 4.8 million ounces Kittila Gold Mine owned by Agnico Eagle Mines Ltd. ("Agnico Eagle"). Kutuvuoma is a high-grade, shear zone hosted gold deposit that was discovered in the early 1990's by Outokumpu Oy. They conducted geochemical till sampling, ground magnetic and EM geophysical surveys and completed a total of 29 reverse circulation (1,112 metres) and 18 diamond (2,313 metres) drillholes over approximately 150 metre horizontal strike length and maximum of 150 metre vertical depth. Dragon acquired the property from Outokumpu in 2003 as part of a large property and data package and aside from compilation and reconnaissance mapping conducted no other exploration activities.

Drilling results reported in historic exploration reports include high grade gold intercepts such as:

--  9.7 g/t Au over 5.1 m incl 20.2 g/t Au over 2.0 m
--  7.2 g/t Au over 19.4 m incl 26.7 g/t Au over 1.0 m
--  8.5 g/t Au over 8.6 m incl 31.3 g/t Au over 1.0 m
--  6.9 g/t Au over 5.6 m incl 20.0 g/t Au over 1.5 m
--  6.6 g/t Au over 6.1 m incl 16.5 g/t Au over 2.1 m
--  96.5 g/t Au over 1.2 m and 53.1 g/t Au over 1.2 m

The core has not been systematically sampled and the mineralised zones remain open along strike and at depth. A small portion of the deposit was test-mined during 1998-1999 by open cut method and has not been subject to exploration activities since. Numerous geochemical exploration targets remain untested throughout the property as well.

The Kutuvuoma property covers circa 6 km strike length over a prospective geological sequence with mineralized structures and has been only partially explored with geochemical and geophysical surveys extending strike distance of circa 1.5 km. The previous work has identified a number of gold anomalies that remain untested. The Kutuvuoma property tenements cover 6026 ha (hectares) comprising a 41 ha mining lease, 1648 ha in claims applications and 4337 ha in claim reservations, within a 32,500 hectare area of interest.

Silasselka Project

The Silasselka project area is located 38 km NW of Agnico Eagle's 4.8 million ounce Kittila Gold Mine. The Silasselka project area was previously explored during the 1960's by Finnish entity Otanmaki Oy. They predominantly focussed on the vanadium potential outlining four vanadium-iron-titanium deposits, Pyhajarvi, Pesosjarvi, Koivusilasselka and Kuusilaanivaara. Historical reports indicate that a total of 55 diamond core drill holes were completed in the project area. Dragon Mining acquired the property in 2010.

Vanadium-iron-titanium mineralisation is associated with massive magnetite-ilmenite veins or ilmenite-magnetite disseminated zones in mafic igneous rocks, along a 15 kilometre long anomalous magnetic zone that strikes north-south and dips towards the east at moderate to steep angles. The dimensions of the main mineralised zones identified to date range from 100 to 400 metres in length, 5 to 10 metres in width and at least 100 to 200 metres with depth. Parallel mineralised zones exist locally. The extensions of the identified vanadium-iron-titanium mineralised zones have not been drill tested.

Some of the better drill intercepts from historical reports include:

Width (m)          Fe %               TiO2 %             V %
4.4                48.3               11.6               0.74
4.1                44.5               10.8               0.65
4.6                51.8               13.4               0.65

While the deposits of Fe-Ti-V mineralisation are significant and still under-explored, Aurion's primary interest in Silasselka is in the gold and PGE potential. The geological setting has the potential to host magmatic nickel-copper-PGE and shear zone hosted gold mineralisation. The volcanic-sedimentary sequence, which includes intermediate and mafic volcanics and banded iron formations, located east of the Fe-Ti-V mineralisation is highly prospective for shear zone hosted gold mineralization. The Silasselka Project area covers the potential northern strike extension of the Hanhimaa shear zone. The Hanhimaa Shear Zone hosts several gold occurrences which have reported drill intersections of 4.5 g/t Au over 11.7 m and 5.9 g/t Au over 7.5 m (Dragon Mining website). The Hanhimaa shear zone lies west of and parallel to the Kiistala shear zone which hosts the Agnico Eagle Kittila Gold Mine.

Aside from compilation and reconnaissance mapping by Dragon Mining no exploration activities have been performed on the property since the 1960's.

The property tenements cover 26,435 ha comprising 1501 ha in claims applications and 24,934 in claim reservations within a 57,350 hectare area of interest.

Deal Structure

Pursuant to the agreement, Dragon Mining will receive 6,000,000 Aurion Common Shares and Aurion will expend EUR1,000,000 on the Projects over three years to earn a 100 per cent interest in the two projects, as per the payment schedule outlined in Table 1 and subject to regulatory approvals.

Table 1 - Payment Schedule

                                   1            2            3          4, 5
Expenditures (EUR)                                                 1,000,000
Common Shares              2,000,000    1,000,000    1,000,000     2,000,000
(1)  Signing, subject to fulfilment of the conditions precedent of:
     -  Aurion receiving all approvals required by the TSX Venture; and
     -  Turvallisuus ja kemikaalivirasto ("Tukes") accepting the bond
        proposal of Dragon Mining for the Kutuvuoma Mining Licence without
        material change.
(2)  Upon the Kutuvuoma Claim Applications 4-21 becoming valid;
(3)  Upon the Silasselka Claim Applications1-19 becoming valid; and
(4)  The third anniversary of the Kutuvuoma Claims 4-21 and the Silasselka
     Claims 1-19 becoming valid.
(5)  It is anticipated that most claims applications will be processed by
     Tukes over the next 2-6 months.

The initial tranche of 2,000,000 Consideration Shares to be received by Dragon Mining will be escrowed for 18 months from the date of issuance of the shares. Any other Consideration Shares received by Dragon Mining within 18 months from signing shall also be escrowed for the remaining portion of the 18 month time period.

In addition Dragon Mining will retain a 3% Net Smelter Royalty ("NSR") on any deposit mined by Aurion or any associated third party within the Projects and the defined Areas of Interest. Aurion or its nominee may purchase the full 3% NSR at any time on or before the sixth anniversary of the signing of the Agreement with a one off payment of EUR 4,000,000 in cash or 1% of the NSR any time after the tenth anniversary of the signing of the agreement with a one off payment of EUR 4,000,000 in cash on the basis that Dragon Mining has not sold the NSR to a third party. Dragon Mining is at liberty to sell the NSR to a third party at any time after the sixth anniversary of the signing of the Agreement.

Aurion will also make bonus payments to Dragon Mining of EUR 2,000,000 in cash or equivalent in Aurion Common Shares (share price based on a five day volume weighted average price ("VWAP") immediately before the agreed settlement date) at Aurion's discretion for the defining of one million ounces of gold equivalent material within the Projects and the defined Area of Interests that is categorised as Measured and Indicated in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ("JORC Code") or National Instrument 43-101 Standards for Disclosure for Mineral Projects ("NI43-101"). Further bonus payments of EUR 1,000,000 in cash or equivalent in Aurion Common Shares at Aurion's discretion for the defining of every additional one million ounces of gold equivalent material within the Projects and the defined Area of Interests that is categorised as Measured and Indicated in accordance with the JORC Code or NI43-101.

Aurion will be able to utilize the services of Dragon Mining's staff in Finland on an as-needed basis, in accordance with a separate Service Agreement. This will provide Aurion with access to a skilled resource base during start-up, while defraying some of Dragon Mining's Finnish costs.

With a treasury of approximately $1.5 million and a low burn rate Aurion can comfortably fund the acquisition. The initial strategy will be to compile all available data and begin developing targets for follow-up in the next few months. Aurion will also seek to finance these projects through JV partnerships.


The Kutuvuoma and Silasselka projects are situated in the Central Lappland Greenstone Belt (CLGB) of Northern Finland and are accessible by road. The CLGB is a highly prospective, underexplored Proterozoic greenstone belt that hosts many gold, base metal, magmatic Ni-Cu-PGE prospects and deposits including Agnico Eagle Mines Ltd's Kitttila Gold Mine (Reserves as of Dec 31 2012, 4.8 Million ounces grading 4.5 g/t Au), First Quantum Minerals Ltd's Kevitsa Ni-Cu_PGM mine (reserves as of Dec 31 2012 of greater than 400 Mt 0.3% Ni, 0.4% Cu and 0.54 g/t combined Au-Pt-Pd) and the recently discovered Sakatti Ni-Cu-PGE deposit owned by Anglo American Plc (1-2 % Ni, 1-2% Cu, 0.5-1.0 g/t PGE, greater than 100 million tonne (Anglo 2011)).

Finland was ranked number two in the Fraser Institute's top mining destination survey in 2013 and is one of the most underexplored stable jurisdictions in the world. It is important to note that Finland only opened its border to foreign mining investment in the mid-1990s.

Mike Basha, P.Eng., P.Geo., President and CEO of Aurion, a Qualified Person as defined by National Instrument 43-101, is responsible for the preparation of this release.

Forward-Looking Statement

Certain statements contained in this release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Companies' current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. The forward-looking information contained in this release is made as of the date hereof and Aurion is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

On behalf of the Board,

Mike Basha, President & CEO

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 release.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
Intelligent machines are here. Robots, self-driving cars, drones, bots and many IoT devices are becoming smarter with Machine Learning. In her session at @ThingsExpo, Sudha Jamthe, CEO of IoTDisruptions.com, will discuss the next wave of business disruption at the junction of IoT and AI, impacting many industries and set to change our lives, work and world as we know it.
SYS-CON Events announced today that Enzu will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to focus on the core of their online busine...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
The Open Connectivity Foundation (OCF), sponsor of the IoTivity open source project, and AllSeen Alliance, which provides the AllJoyn® open source IoT framework, today announced that the two organizations’ boards have approved a merger under the OCF name and bylaws. This merger will advance interoperability between connected devices from both groups, enabling the full operating potential of IoT and representing a significant step towards a connected ecosystem.
November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Penta Security is a leading vendor for data security solutions, including its encryption solution, D’Amo. By using FPE technology, D’Amo allows for the implementation of encryption technology to sensitive data fields without modification to schema in the database environment. With businesses having their data become increasingly more complicated in their mission-critical applications (such as ERP, CRM, HRM), continued ...
SYS-CON Events announced today that Embotics, the cloud automation company, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Embotics is the cloud automation company for IT organizations and service providers that need to improve provisioning or enable self-service capabilities. With a relentless focus on delivering a premier user experience and unmatched customer support, Embotics is the fas...
SYS-CON Events announced today that Cloudbric, a leading website security provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Cloudbric is an elite full service website protection solution specifically designed for IT novices, entrepreneurs, and small and medium businesses. First launched in 2015, Cloudbric is based on the enterprise level Web Application Firewall by Penta Security Sys...
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, will draw together recent research and lessons learned from emerging and established ...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
SYS-CON Events announced today that MathFreeOn will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MathFreeOn is Software as a Service (SaaS) used in Engineering and Math education. Write scripts and solve math problems online. MathFreeOn provides online courses for beginners or amateurs who have difficulties in writing scripts. In accordance with various mathematical topics, there are more tha...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, will discuss how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team a...
Virgil consists of an open-source encryption library, which implements Cryptographic Message Syntax (CMS) and Elliptic Curve Integrated Encryption Scheme (ECIES) (including RSA schema), a Key Management API, and a cloud-based Key Management Service (Virgil Keys). The Virgil Keys Service consists of a public key service and a private key escrow service. 

@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this ...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor...
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, discussed the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filterin...
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...