Bocana Resources Corp. Signs Letter of Intent to Acquire Mining Claims in Arizona

Executive Summary

• Bocana Resources Corp. entered into a binding LOI to acquire 100 % of the rights, title and interests in 72 BLM placer mining claims (≈1,440 acres) in Pinal County, Arizona for US$27.5 million.
• An initial US$200,000 deposit has been paid; closing is subject to definitive agreement, financing, satisfactory due‑diligence and regulatory approvals (including TSX‑V).
• Historical NI‑43‑101 technical reports on the four claims show high‑grade gold and silver assays (e.g., up to 4.6 oz/ton Au on LPA4‑04) suggesting potentially economic mineralization.

Key Details

• Purchase Price: US$27,500,000 total; $200,000 deposit credited at closing.
• Structure of Acquisition: Bocana will acquire the claims through a newly formed Nevada subsidiary, Arizore LLC.
• Location & Size: 72 contiguous 20‑acre BLM placer claims (1,240 acres + 160 acres) located ~85 mi SE of Phoenix, Arizona.
• Conditions to Closing:
• Execution of a definitive purchase agreement.
• Completion of financing sufficient to fund the purchase price.
• Satisfactory due‑diligence results.
• Required regulatory approvals (TSX‑V, etc.).
• Regulatory Treatment: Transaction will be treated as a “Fundamental Acquisition” under TSX Venture Exchange Policy 5.3; no finder's fees payable.
• Historical Technical Data (NI‑43‑101):
• LPA4‑04 (20 acres): Avg. 4.6 oz/ton Au, 1.9 oz/ton Ag from 6 auger holes (≤10 ft depth).
• LPA4‑08 (20 acres): Avg. 1.4 oz/ton Au (48 g/t), 0.4 oz/ton Ag (13.7 g/t) from 4 holes.
• Dirt‑01 (20 acres): Avg. 0.589 oz/ton Au, 0.475 oz/ton Ag from 9 holes.
• Dirt‑02 (20 acres): Avg. 0.452 oz/ton Au, 0.546 oz/ton Ag from 10 holes; all holes show high gold concentrations.
• Assay Methodology: Two‑man auger drilling to depths up to 11 ft (3.05 m); samples split onsite with riffle splitter; assays reported in oz/ton for Au, Ag, Pt, Pd, Rh.
• Future Work Recommended: Additional drilling, bulk sampling, metallurgical testing, and detailed logging of gravel content to validate historic grades.
• Qualified Person: Mr. Lorne Warner, P.Geo., independent Qualified Person per NI 43‑101, approved technical information.
• CEO Comment: “We are very pleased with the proposed acquisition… we look forward to developing this asset as quickly as possible for the benefit of our shareholders.” – Tim Turner, CEO.

Notable Quotes

“Bocana is very pleased with the proposed acquisition of the LPA, LLC’s Claims. This acquisition is significantly better than several of the other opportunities that the Company has reviewed, and we look forward to developing this asset as quickly as possible for the benefit of our shareholders.” – Tim Turner, CEO

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