SURREY, British Columbia, Canada /November 28, 2012/TSX.V:LJ/Lucky Minerals Inc. (the "Company" or "Lucky Minerals") is pleased to announce that it has entered into an agreement to acquire the Vianey Mine Project from Grand Peak Capital Corp.("Grand Peak"), in the prolific Guerrero Gold Belt in Guerrero State, Mexico (the "Agreement"). Located 250 kilometres south of Mexico City, the project covers 5,022 hectares (approximately 12,400 acres) in two concessions, and has a silver-lead-zinc mineralization production history.
The substantial terms of the Agreement include the payment of $700,000 over a 3 year period with a payment of $100,000 upon TSX Venture Exchange Approval and six subsequent payments of $100,000 every six months. Grand Peak will retain a 2% Net Smelter Return ("NSR"), Lucky Minerals has an option to purchase 1% of the NSR for $1,000,000 on or before December 1, 2015. Lucky Mineral must also complete a work commitment of $125,000 by December 31, 2013, an aggregate amount of $375,000 by December 31, 2014 and another aggregate amount of $825,000 by December 31, 2015.
Polymetallic silver mineralization at the Vianey Mine includes sulphide veins, breccias and mantos with local concentrations of gold and copper. Massive sulphide veins are localized along NW-trending and E-trending fault zones, and mantos occur as sulfide concentrations with calcite, gypsum and quartz between some bedding planes. Two major breccia zones of significance have been identified in limestone. These breccias are associated with calcite-gypsum-quartz gangue minerals and significant amounts of associated silver.
A review of past calculations completed in 1997, by Hawley, P.J., 2000b, states a total in all categories of 345,020 metric tonnes grading 2.13% lead, 3.66% zinc and 269 grams of silver per tonne. (These data are categorized as historical resource estimates under National Instrument 43-101, and have not been sufficiently verified by a qualified person to be classified as current mineral resources. Lucky Minerals Inc. is not treating these historical estimates as current resource estimates and therefore, these historical estimates should not be relied upon).
Phil Van Angren, P. Geol., a Qualified Person as defined by NI 43-101 is responsible for the technical information contained in this release.
The acquisition contemplated by the Agreement is subject to approval by the TSX Venture Exchange.
BY THE BOARD
"Navchand Jagpal" Navchand Jagpal CEO & President
Certain statements contained in this release may constitute "forward-looking statements" or "forward-looking information" (collectively "forward-looking information") as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated", "anticipates" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, the Property, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
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.
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