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Bocana Resources Ltd. Updates Operations

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Calgary, Alberta–(Newsfile Corp. – September 9, 2019) – Bocana Resources Ltd. (“Bocana” or “Company“), a private company engaged in mineral exploration and development, would like to provide an update on the status of its operations. Management is pleased to announce that the Company, through its wholly-owned subsidiary, Huiracocha International Service, SRL, (“HIS, SRL“), has been notified by the Corporación Minera de Bolivia (“COMIBOL“), a mining subsidiary owned by the government of Bolivia, of the impending contract ceremony for the signing of a Mining Production Contract (“Contract“) between the two entities.

On August 12, 2019, representatives of the Company visited with the President of COMIBOL, Sr. Zelmar Andia Valverde, in the COMIBOL offices. As part of that visit, the Company was invited to meet with a sub-committee of the Board of Directors of COMIBOL, the Negotiating Committee for the Percentage of Participation, to discuss the royalty percentage that the Company would be paying out of gross sales to COMIBOL. The members of both COMIBOL’s sub-committee and the Company subsequently agreed to and signed a royalty agreement letter between the two entities thus concluding the final negotiations between the two organizations.

The Contract with COMIBOL will allow HIS, SRL to explore and develop the several areas within the Escala concession, located in the Sud Lipez Province, Potosi Department of Bolivia. The Contract will memorialize the final negotiated terms for the production and development of this mineral concession. It is anticipated that the Contract signing will take place in La Paz, Bolivia and would include the Honourable, César Navarro Miranda, the Minister of Bolivia’s Ministry of Mining and Metallurgy, the President of COMIBOL, the Honourable, Zelmar Andia Valverde and several members of the Company. Upon signing, the Contract remains subject to ratification by the Plurinational Legislative Assembly of Bolivia which the parties expect to receive in due course.

An integral component to getting the concession was to secure a Social License from the local community, which the Company has done, and members of the Rio San Pablo de Lipez community have been very supportive and helpful in soliciting the Bolivian Government to issue the concession to HIS, SRL.

During this negotiation period with COMIBOL, the amalgamation agreement dated November 6, 2018 (the “Amalgamation Agreement“) that Bocana entered into with Evolving Gold Corp. (“EVG“), a CSE listed issuer, expired pursuant to its terms on March 29, 2019. To date Bocana and EVG have not been able to come to an agreement on terms to extend the Amalgamation Agreement. If an agreement with EVG is not reached, Bocana will continue to consider all other possible alternatives.

While obtaining the concession in Bolivia has taken much longer than the management of Bocana originally anticipated, Bocana is very pleased to report the progress made to date and looks forward to initializing our workplan for the Escala area concessions.

About Bocana

Bocana is a privately held Canadian exploration and development company. Bocana’s wholly-owned subsidiary, HIS, SRL, has been working in Bolivia for over 7 years on mineral exploration and ore processing investments. HIS, SRL has identified the Escala mineral concessions as one of several areas of interest and has been seeking a mineral concession contract with COMIBOL on the Escala mineral concession under the recently revised mining laws that the government has previously announced. These revisions are expected to be more attractive to foreign investment.

Forward Looking Information

This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to Bocana’s ability to obtain the concessions in Bolivia. Statements containing the words: ‘believes’, ‘intends’, ‘expects’, ‘plans’, ‘seeks’ and ‘anticipates’ and any other words of similar meaning are forward-looking. All statements included herein involve various risks and uncertainties because they relate to future events and circumstances beyond Bocana’s control. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Any forward-looking statements are made as of the date of this press release and Bocana does not undertake to update any forward-looking information except in accordance with applicable securities laws.

For further information, please contact:

Bocana Resources Ltd.
David Thompson
Interim President and Director
Email: david.thompson@ams.bm
Bocana Resources Ltd.
Suite 1600 Dome Tower
333 – 7th Avenue SW
Calgary, AB Canada T2P 2Z1

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/47660