Thursday, 12 April 2012

Avrupa acquires remaining 10% interest in MAEPA in Portugal

Avrupa Minerals (CVE:AVU) said after market Wednesday that it has bought the remaining 10 percent interest in MAEPA, an entity that holds all of the company's licenses and mineral properties in Portugal, from owner Eng. Adriano Barros.
The company said it now owns 100 percent of MAEPA -- Empreendimentos Mineiros e Particpacoes -- and that Barros will continue in his role as a senior exploration and business development advisor for Avrupa, the company added.
Avrupa initially purchased its 90 percent interest in MAEPA in July 2010 as part of its qualifying transaction.
CEO of Avrupa, Paul W. Kuhn, said in a statement that the purchase of the remaining 10 percent stake allows the company to better negotiate with potential joint venture partners on its properties in Portugal.
Under the terms of the deal, Avrupa will pay Barros C$150,000 within 10 days of Avrupa closing a financing first announced in late February, and will issue 500,000 common shares as soon as approval is obtained from the TSX Venture Exchange.
Avrupa Minerals is a junior exploration and development company focused on mineral deposits in politically stable and prospective regions of Europe, including Portugal, Kosovo, and Germany.
The company has a portfolio of exploration projects consisting of copper and zinc in southern Portugal at Marateca and in the Alvalade joint venture project area in the Iberian Pyrite Belt, where Europe's richest active copper mine operates.
It also has tungsten and gold in northern Portugal at the Covas joint venture, and precious metal and rare earth element potential in the Aljezur project area in south Portugal.
In Kosovo, Avrupa holds silver, lead and zinc at the Glavej, Kamenica, Selac and Bajgora properties in the Trepca mineral belt of the Vardar Zone, and copper and gold within the Koritnik exploration license area.
The company also has gold in eastern Germany in the 307 square kilometre Oelsnitz exploration license in the historic Erzgebirge mining district, a 1,000-year producer of tin, tungsten, silver, base metals and uranium.

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