AM Resources confirms the acquisition of the Esperanza asphaltite property

17.04.2019  |  GlobeNewswire
  • The Corporation can now continue to develop its asphaltite projects.
  • The Corporation could benefit from strong demand for asphaltite generated by Colombia's 4G program and from companies overseas.
  • The Corporation has received positive feedback from potential customers in the United Kingdom, India and China regarding the sale of its asphaltite.
  • An open-pit mining permit has already been issued for the Esperanza property.

MONTREAL, April 17, 2019 - AM Resources Corp. (“AM” or the “Corporation”) (TSXV: AMR) (Frankfurt: 76A) is pleased to announce that it obtained the approval of its shareholders at the annual general and special meeting of shareholders held on April 12, 2019, in Montreal, to acquire a 60% interest in the company that owns the mineral rights for the Esperanza property and thus ensure that AM holds the mineral claims. The acquisition is subject to the final approval of the TSX Venture Exchange.

AM’s move into asphaltite with the Esperanza and Rio Negro properties is driven by Colombia's 4G program, involving the construction of more than 4,400 miles of new roads, 141 tunnels and 1,300 viaducts, as well as strong international demand.

“Our goal is to become a preferred asphaltite supplier for construction companies selected under the 4G program, as well as for international companies,” said Dominic Voyer, President and Chief Executive Officer of AM. “In January 2019, we shipped three containers of asphaltite to potential customers in the United Kingdom, India and China for marketing trials. We recently received positive feedback from those customers confirming the high quality of our asphaltite and their interest in our product. The next step is therefore to develop our asphaltite projects. It is important to note that there is already an open-pit mining permit for the Esperanza property.”

Outcome of the annual meeting

All the nominees listed in the Corporation's proxy circular dated February 23, 2019, were re-elected as directors.

A total of 28 shareholders, representing 34,873,927 shares, or 61.29% of the issued and outstanding shares of AM, were represented in person or by proxy at the meeting.

The voting results for the election of directors were as follows:

Nominee Votes for % for Votes withheld % withheld
Adriana Shaw 33,628,414 97.11% 1,000,563 2.89%
Dominic Voyer 33,628,414 97.11% 1,000,563 2.89%
David Grondin 34,568,496 99.83% 60,481 0.17%
Wayne Isaacs 34,568,496 99.83% 60,481 0.17%
Diego Fernando Barragan 33,628,414 97.11% 1,000,563 2.89%

The appointment of Raymond Chabot Grant Thornton LLP as the Company's external auditors was also approved, as were the other resolutions set out in the Management Proxy Circular.

The technical and scientific content of this press release has been reviewed and approved by Pierre O’Dowd, P. Geo., the Corporation’s qualified person under National Instrument 43-101.

About AM Resources Corporation

AM Resources Corp. is a mining company specialized in the acquisition, development and operation of mining properties in Colombia. AM is focusing on Colombia’s excellent mineral potential and favourable political climate to develop its mining activities.

Neither 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.

For further information:

Dominic Voyer
President and Chief Executive Officer

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