|July 21, 2017|
Esrey Closes Acquisition of Power Zinc Limited
|Vancouver, BC - July 21, 2017 - Further to its news releases of May 1 and May 12, 2017, Esrey Energy Ltd. (the "Company") is pleased to announce that it has completed the acquisition (the "Acquisition") of the shares of Power Zinc Limited (formerly Delta Prime Limited) ("Power Zinc"), a private Malta company at arm's length to the Company and its directors and officers whose principal assets include the zinc rich Milosheve Stockpile Material (the "MSM"), located in Kosovo . A National Instrument 43-101 Technical Report (the "Report") respecting the MSM was filed on SEDAR on July 14, 2017. |
The Report states that the MSM is located approximately eight kilometres north of Pristina, Kosovo and originated from stock pile dumps related to zinc processing activities at the Mitrovica Industrial Park. Based on stock pile volume calculations and grade sampling results, the Report estimates an exploration target for the MSM of between 100,000 and 120,000 tonnes at a grade ranging between 22 and 24% zinc. The Report cautions however that the tonnages and grades are conceptual in nature as there has been insufficient exploration to define a current Mineral Resource and its uncertain if further exploration will result in a target being delineated as a Mineral Resource.
Ian T. Blakley, P. Geo, RPA Principal Geologist, the author of the Report and an independent Qualified Person as defined in NI 43-101, has approved the disclosure of the scientific and technical information in this news release.
As consideration for the shares of Power Zinc, the Company issued a total of 39,762,769 shares, which shares were broadly distributed to approximately 100 persons. On completion of the Acquisition, the Company had 79,525,540 shares issued and outstanding. No insiders or control persons were created as a result of the Acquisition with the exception that Mr. Ray Power, the principal of PRG plc, the parent corporation of Power Zinc prior to the closing of the Acquisition, now holds 8,125,471 shares of the Company (10.2%).
On closing of the Acquisition, Mr. Power and Mr. Nitesh Shah, the CFO of PRG plc, were appointed to the board of directors of the Company and Richard Green resigned. The Company thanks Mr. Green for his service as a director and wishes him well in his future endeavours.
On behalf of the Board of Directors,
President & CEO
For more information please contact:
Investor Relations: 1-778-373-0103
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.