VANCOUVER, BC—(Marketwired – June 23, 2017) – Arizona Mining Inc. (TSX: AZ) (“Arizona Mining” or the “Company”) is pleased to report the results from its 2017 annual general and special meeting of shareholders held today. Shareholders voted in favour of all items put forward by the Board of Directors and management.
Each of the nominees listed in Arizona Mining's Management Information Circular dated May 12, 2017 was elected as a director. A summary of the results is as follows:
|Name of Nominee||Â||Votes For||Â||%||Â||Votes Withheld/
|Donald R. Siemens||Â||159,216,761||Â||96.93||Â||5,036,665||Â||3.07|
|Robert P. Wares||Â||156,650,246||Â||95.37||Â||7,603,180||Â||4.63|
|Richard W. Warke||Â||149,235,057||Â||90.86||Â||15,018,369||Â||9.14|
Shareholders also voted in favour of a resolution re–appointing PriceWaterhouseCoopers LLP, Chartered Accountants, as auditors of the Company for the ensuing year.
About Arizona Mining
Arizona Mining Inc. (an augustagroup company) is a mineral exploration and development company focused on the exploration and development of its 100%–owned Hermosa Project located in Santa Cruz County, Arizona. The Taylor Deposit, a zinc–lead–silver carbonate replacement deposit, has a resource of 8.6 million tons in the Measured Mineral Resource category grading 4.2% zinc, 4.0% lead and 1.6 opt silver, or 9.7% ZnEq, plus 63.8 million tons in the Indicated Mineral Resource category grading 4.5% zinc, 4.4% lead and 1.9 opt silver, or 10.6% ZnEq, and 38.6 million tons of Inferred Mineral Resources grading 4.4% zinc, 4.2% lead and 3.1 opt silver or 11.6% ZnEq, all reported in accordance with NI 43–101 guidelines utilizing a 4% ZnEq cutoff grade. A preliminary economic assessment was completed in April, 2017 which showed a 42% IRR, a US$1.26 billion NPV8% and a 1.7 year payback based on long term metal price assumptions of $1.10/lb zinc, $1.00/lb lead and $20/oz silver. The Taylor Deposit remains open to the north, west and south over land controlled by the Company and will be aggressively drilled to test the limits of the resource. The Company's other project on the Hermosa property is the Central Deposit, a silver–manganese manto oxide project.
Cautionary Note Regarding Forward–Looking Information
Certain information contained in this press release constitutes forward–looking statements. All statements, other than statements of historical facts, are forward looking statements including statements with respect to the Company's intentions for its Hermosa Project in Arizona, including, without limitation, performing additional drilling, a resource update, permitting and a feasibility study on the Taylor Deposit. Forward–looking statements are often, but not always, identified by the use of words such as may, will, seek, anticipate, believe, plan, estimate, budget, schedule, forecast, project, expect, intend, or similar expressions.
The forward–looking statements are based on a number of assumptions which, while considered reasonable by Arizona Mining, are subject to risks and uncertainties. In addition to the assumptions herein, these assumptions include the assumptions described in Arizona Mining's management's discussion and analysis for the year ended December 31, 2016 (“MD&A”). Arizona Mining cautions readers that forward–looking statements involve and are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed in or implied by such forward–looking statements and forward–looking statements are not guarantees of future results, performance or achievement. These risks, uncertainties and factors include general business, economic, competitive, political, regulatory and social uncertainties; actual results of exploration activities and economic evaluations; fluctuations in currency exchange rates; changes in project parameters; changes in costs, including labour, infrastructure, operating and production costs; future prices of zinc, lead, silver and other minerals; variations of mineral grade or recovery rates; operating or technical difficulties in connection with exploration, development or mining activities, including the failure of plant, equipment or processes to operate as anticipated; delays in completion of exploration, development or construction activities; changes in government legislation and regulation; the ability to maintain and renew existing licenses and permits or obtain required licenses and permits in a timely manner; the ability to obtain financing on acceptable terms in a timely manner; contests over title to properties; employee relations and shortages of skilled personnel and contractors; the speculative nature of, and the risks involved in, the exploration, development and mining business; and the factors discussed in the section entitled “Risks and Uncertainties” in the MD&A.
Although Arizona Mining has attempted to identify important risks, uncertainties and other factors that could cause actual performance, achievements, actions, events, results or conditions to differ materially from those expressed in or implied by the forward–looking information, there may be other risks, uncertainties and other factors that cause performance, achievements, actions, events, results or conditions to differ from those anticipated, estimated or intended. Unless otherwise indicated, forward–looking statements contained herein are as of the date hereof and Arizona Mining disclaims any obligation to update any forward–looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable law.