TORONTO, ONTARIO--(Marketwire - July 10, 2012) - Morumbi Resources Inc. (TSX VENTURE:MOC) ("Morumbi" or the "Company") is pleased to announce that on June 7, 2012 before a packed House of Representatives (the "House") in Buka, Bougainville, a motion was presented from the floor to introduce a Mining Policy to start exploration on the Autonomous Island of Bougainville. The motion was passed unanimously by the 39 member House. The action was described in Papua New Guinea's ("PNG's") leading daily newspaper as "a positive step since its (ABG) installment in 2005 for a young government." It further stated that exploration is "a right that every Bougainvillean has been waiting for and have (sic) fought the Bougainville crisis for."
Of significance, as part of the motion, a Draft Mining Policy was commended to the House reaffirming that the ownership of mineral and oil & gas resources reside with the Landowners, and that mineral exploration licenses on Bougainville will be registered only to Landowner Companies and their qualified partners. The motion called for the Government to instruct the Administration to act in 2012 to review and finalize the draft, and present it to the House for passage.
Two Additional Mining & Development Memoranda
Morumbi, through special purpose subsidiaries, entered into two additional memoranda of understanding (each, an "MOU") with Landowner Companies over two areas regarded as being highly prospective as indicated by early historical geological surveys. The final boundaries are to be determined by a Morumbi survey crew that will travel with the customary Landowners to identify the streams, ravines and mountain ridges that typically define their customary land. The crew will utilize mobile GPS recording technology which will be transferred to detailed maps.
Eruupia Mining & Development Ltd., a Morumbi PNG subsidiary, has entered into an MOU with Eruupia Resources Ltd., a Landowner Company. The mining and development MOU establishes Morumbi as the mining and development partner for the Landowner Company.
Although there has been limited geological work done in this isolated area known as Kawatsia 18km North West of the historical Panguna Mine, geological interpretation and the presence of widespread alluvials in the streams set this as a property of significant geological merit for epithermal and porphyry mineralization. The Eruupia MOU covers approximately 8,000 ha.
Karato Mining & Development Ltd., a Morumbi PNG subsidiary, has entered into an MOU with Karato Resource Holdings Ltd., a Landowner Company. The mining and development MOU establishes Morumbi as the mining and development partner for the Landowner Company. Although the outlying boundaries are yet to be determined, much of this historically regarded and highly prospective area lies outside the former Panguna area of interest and lies 14 km west of the historic Panguna Mine. Various independent assessments have identified a porphyry occurrence 8 km in diameter over the Karato lands as well epithermal structures that warrant further intensive geological investigation. The Karato MOU covers approximately 14,000 ha.
Under the terms of each of the MOU's, Morumbi has paid Kina 10,000 (approximately CDN$5,000) on signing and has committed to pay a further Kina 3,000 (approximately CDN$1,500) per month to the Landowner companies to help them carry out their corporate functions. In addition, Morumbi is committed to carry out social development programs in line and in conjunction with the programs it is delivering to its other four areas under agreement.
Grant of Options
Morumbi also announced that on July 10, 2012, in accordance with its stock option plan, the board of directors of the Company approved the grant of an aggregate of an aggregate of 200,000 incentive stock options to a director of the Company. The options are exercisable on or before July 10, 2017 at an exercise price of $0.47 per share. The granting of the options is subject to regulatory acceptance of applicable filings.
Morumbi Resources Inc. is a public company with a light oil property in northwest Alberta as well as early stage mineral exploration licences in PNG. Morumbi is also currently evaluating resource opportunities in Bougainville, PNG by forming strategic relationships with local Landowner companies with the view to securing mineral exploration licences on their traditional lands. The Company trades on the TSX Venture Exchange under the symbol "MOC". For more information about Morumbi and the Company's plans visit our website at www.morumbi.ca.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.
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