Enter your name and email to Receive Updates
Avrupa Receives C$ 320,000 To Conclude Sale-Purchase Agreement
April 6, 2011
Avrupa Minerals Ltd. (AVU:TSXV) is pleased to announce the receipt of C$ 320,000 from Metallica Mining AS, as the concluding action of the Sale-Purchase Agreement between Metallica and Avrupa (see news release of July 13, 2010). The funds were forwarded to Avrupa in accordance with the sale of the Repparfjord copper property in Norway to a third party. The receipt of the Repparfjord funds brings the final purchase price of the MAEPA (Portugal) and IEK (Kosovo) units down to C$ 592,890, which was paid in cash last year.
Paul Kuhn, President and CEO, commented that when the purchase agreement was concluded, the companies decided to exclude the Repparfjord property from the acquisition, but Avrupa retained the right to receive a payment if the property was sold under certain conditions. "These conditions were met close to expected schedule, and we were pleased to receive the full payment so quickly after last year's agreement."
These funds will be used to fund the ongoing generative exploration programs in Kosovo and Portugal, and for general working capital.
Avrupa currently has approximately C$ 2.1 million in cash, no debt, and 16.1 million common shares issued and outstanding.
Avrupa Minerals Ltd. is a growth-oriented junior exploration and development company focused on aggressive exploration, using a prospect generator model, for valuable mineral deposits in politically stable and prospective regions of Europe, including Portugal and Kosovo.
Avrupa has an exciting portfolio of exploration projects consisting of:
- Copper and Zinc in Portugal at Marateca, Alvalade, Canal Caveira, and Ferreira
do Alentejo in the Iberian Pyrite Belt, where Europe's richest active copper mine
- Tungsten in Portugal at the Covas prospect;
- Silver, Lead and Zinc in Kosovo at the Glavej, Kamenica, and Bajgora properties
in the Trepça Mineral Belt of the Vardar Zone, historically, Europe's most
productive district for lead and zinc;
- Copper in Kosovo at the Rezhanc property in the Macedonian porphyry belt.
For additional information, contact Avrupa Minerals Ltd. at 1-604-687-3520 or visit our website at www.avrupaminerals.com.
On behalf of the Board,
"Paul W. Kuhn"
Paul W. Kuhn, President & Director
This news release was prepared by Company management, who take full responsibility for its content. Paul W. Kuhn, President and CEO of Avrupa Minerals, a Licensed Professional Geologist in the State of Washington, USA, is a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators. He has reviewed the technical disclosure in this release.
Neither 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.