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Guerrero Announces Acquisition of Pinette Copper Corp.
By: Marketwire .
Jan. 2, 2013 04:00 AM
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/02/13 -- Guerrero Exploration Inc. ("Guerrero" or the "Corporation") (TSX VENTURE:GEX)(FRANKFURT:2GU) announces that it has completed the previously announced acquisition of all of the issued and outstanding shares of Pinette Copper Corp ("Pinette"), a private Vancouver-based mineral exploration company with 2 exploration properties located in Botswana. Guerrero will issue approximately 33,809,885 to the shareholders of Pinette.
The Corporation also issued 4,080,000 common shares at a deemed price of $0.05 per share to insiders to settle any obligations it may have under two existing consulting agreements. The Corporation will also pay a finder's fee of 1,250,000 shares to a third party. These 5,330,000 common shares will be subject to trading restrictions until May 2, 2013.
David Stadnyk, President and CEO of Guerrero stated, " Guerrero has been consistent in identifying a high quality property portfolio by partnering, staking and now through acquisition. The company looks forward to unlocking further value at this district scale land package of promising precious metal targets. In addition, the Company is exited with its potential work program and exploration plans for Mexico".
About Guerrero Exploration Inc.
Guerrero is committed to a long term business strategy designed to achieve optimal levels of profitability and shareholder value. Guerrero is a Canadian based exploration mining company with a focus on the high yielding Mexican copper, gold and silver mining area known as the Southern Mexican Gold Belt and now has a second area of focus in Botswana. The Corporation's common shares trade on the TSX Venture Exchange under the symbol "GEX" and the Frankfurt Stock Exchange under the symbol (2GU). For more information, please visit www.grxpl.com or contact investor relations.
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Certain statements and information contained in this press release, including but not limited to management's assessment of Guerrero's future plans and operations, geological results and proposed exploration plans contain forward-looking statements. In particular, this press release contains statements concerning the anticipated receipt of government claims approval. All statements other than statements of historical fact may be forward looking statements. These statements, by their nature, are subject to numerous risks and uncertainties, some of which are beyond Guerrero's control including the effect of general economic conditions, industry conditions, changes in regulatory and taxation regimes, government approvals, volatility of commodity prices, escalation of operating and capital costs, currency fluctuations, the availability of services, imprecision of reserve estimates, geological, technical, drilling and processing risks, environmental risks, weather, the lack of availability of qualified personnel or management, stock market volatility, the ability to access sufficient capital from internal and external sources and competition from other industry participants for, among other things, capital, services, acquisitions of reserves, undeveloped lands and skilled personnel that may cause actual results or events to differ materially from those anticipated in the forward looking statements. Such forward-looking statements, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated in the statements made and should not unduly be relied on. These statements speak only as of the date of this press release. Guerrero does not intend and does not assume any obligation to update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Guerrero's business is subject to various risks that are discussed in its filings on the System for Electronic Document Analysis and Retrieval (SEDAR).
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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