Takara Options a Permitted "Drill-Ready" Gold Prospect
Mon Dec 8, 10:13 AM
ca.news.finance.yahoo.com
TORONTO, ONTARIO--(Marketwire - Dec. 8, 2008) - THIS PRESS RELEASE IS Takara Resources Inc. (TSX VENTURE: TKK.V) ("Takara" or the "Company") announces that it has acquired the right to earn up to a 60% interest in the Luciana Prospect, a permitted drill-ready mineral property prospective for gold that straddles the "Cameron Shear Zone" near Lebel-sur-Quevillon, QC. This region is known for its association with gold occurrences and additionally, LREE (Light Rare Earth Elements) occurrences of lanthanum and cerium that are associated with carbonatite intrusive rocks appear to be located on or nearby the Property.
The Luciana Prospect was acquired from Golden Valley Mines Ltd. (TSX VENTURE: GZZ.V), an Abibiti explorer, that has conducted preliminary reconnaissance work and that has established a grid over the northern half of the Property where the "Cameron Shear Zone" strikes NW-SE. Ground geophysical surveys (magnetic and induced polarization) and a prospecting program were completed in 2007 and 2008, and as a result of this work, six (6) diamond drill holes have been selected to test IP targets that are spatially associated with late cross-cutting fault systems. The Property is fully permitted and is drill-ready (drill is mobilizing immediately).
In order to earn a 51% interest in the Property, Takara shall issue to Golden Valley Mines 250,000 common shares upon receipt of Exchange approval, shall conduct a drilling program during the month of December, 2008 in the minimum amount of $85,000, and shall incur an aggregate $500,000 in exploration expenditures on or before December 31, 2011 (as to $115,000 prior to December 31, 2009, $175,000 prior to December 31, 2010 and $210,000 prior to December 31, 2011).
Thereafter, Takara may elect to increase this interest to 60% by incurring an additional $1,000,000 in exploration expenditures prior to June 30, 2013 and by issuing Golden Valley an additional 250,000 common shares. In the event that the Property evidences gold or base metals mineralization meeting a minimum threshold of 300,000 ounces gold equivalent or 1,000,000 pounds copper equivalent, Takara shall issue to Golden Valley an additional 200,000 common shares.
The Option granted to Takara by Golden Valley is non-arms length (an Officer of Takara is the spouse of an Officer of Golden Valley) and is subject to approval by the TSX Venture Exchange.
Michael Rosatelli, P. Geol., is a "Qualified Person" as defined in National Instrument 43-101 and has reviewed the technical information presented in this news release.
The securities of Takara Resources Inc. have not been registered under the United States Securities Act of 1933, as amended, or the securities laws of any U.S. State, and may not be offered or sold in the United States or to any "US Person" (as defined in Regulation S under the Securities Act of 1933) absent registration or an exemption from registration.
Certain information contained in this press release, including information and statements which may contain words such as "could", "plans", "should", "anticipates", "expect", "believe", "will", and similar expressions and statements relating to matters that are not historical facts are forward-looking information. All of the forward-looking information contained in this press release is qualified by this cautionary statement. There can be no assurance that the actual results or developments anticipated by Takara, as expressed or implied by the forward-looking information, will be realized or, even if substantially realized, that they will have the expected consequences to or effects on Takara or its business operations. Takara disclaims any intention or obligation to update or revise any forward-looking information as a result of new information or future events. Readers should not place undue reliance on forward-looking information.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts
Jennifer L. Boyle
Takara Resources Inc.
President
(647) 430-0966
Pamela Strand
Takara Resources Inc.
Chair
(780) 435-0045 |
