DNRR: Denarii Proceeds to Acquire Canadian Gold Property
CARSON CITY, Nev., Jul 13, 2010 (GlobeNewswire via COMTEX) -- Denarii Resources Inc. (OTCBB:DNRR) (Berlin:8D3) (Frankfurt:8D3) ("Denarii") President Mr. Dennis Lorrig is pleased to announce the first step towards completing its agreement to acquire an 80 percent interest in Touchstone Precious Metals Inc. ("Touchstone") of British Columbia, Canada. Touchstone has an agreement to acquire a 100 per cent interest in the Lucky Thirteen gold and strategic metals placer claim located five kilometers north of Hope, British Columbia, Canada.
Denarii paid the initial $20,000 to Touchstone called for in the agreement announced on June 16, 2010. Denarii will proceed to fund the $400,000 (pre-production) Work Program as recommended by a team of Professional Engineers. This Work Program consists of exploration work, permitting, and a geophysical seismic program. In addition, trenching and drilling of sand and gravel layers will further identify the location and concentration of gold, platinum, palladium and rhodium within the gravel bar. Testing of the gravel concentrates will be carried out by independent professional laboratories to develop the most efficient precious metals recovery system.
A Canadian Compliant National Instrument 43-101 Engineers Report with a resource and development plan will be finalized during the work program.
The Lucky Thirteen Placer claim BC # 52082 is 168 hectares (415 acres) in size. The gravel bar on the north bank of the Fraser River has a targeted deposit area of approximately 50 hectares (124 potential acres). Previous production records indicate the minable area of the gravel bar has a potential of 13,800 kg (444,000 oz) of gold. Recent extensive sampling and testing on a 3.2 hectares (8 acres) area located at the south end of the property was estimated to contain a gold reserve of 830 kg (26,600 oz). The previous test results also showed that the gravels contained commercial grades of platinum, palladium and rhodium.
Denarii is very pleased with the agreement signed with the Struans Group announced April 28, 2010 and June 28, 2010. The initial $100,000 Private Placement by Struans will allow Denarii to begin permitting of the work program and the additional larger private placement will allow for the completion of the above Work Program and additional working capital for the Company. Upon completion of this Work Program, Struans Group will work with Denarii to provide the funds required to develop the Lucky Thirteen Project into production and to meet the construction schedule which will be provided by the Company and its consultants when the NI- 43-101 Engineers Report is completed.
About Denarii Resources, Inc.
Denarii Resources Inc. is in the mineral resource exploration and development business and currently owns a 100% interest in the McNab Molybdenum property located in South-West, British Columbia, Canada. Denarii is continually moving forward with researching and acquiring multiple assets that it hopes will generate positive cash flow for Denarii. Denarii is presently reviewing a number of precious metal properties. These properties are near or in production Gold and Silver properties located in North, South and Latin America. Specifically included in the company's due diligence is a Gold, Silver and Copper property in South America, as previously announced in other corporate news releases. Denarii was founded in 2006 and is based in Carson City, Nevada. For more information, please visit www.dnrrgold.com
Forward-Looking Statements
You should not place undue reliance on forward-looking statements in this press release. This press release contains forward-looking statements that involve risks and uncertainties. Words such as "will," "anticipates," "believes," "plans," "goal," "expects," "future," "intends," and similar expressions are used to identify these forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including the risks we face as described in this press release. For further information about Denarii Resources, Inc. please refer to its website at www.dnrrgold.com
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Denarii Resources Inc.
By Staff
CONTACT: CONTACT: Denarii Resources, Inc.
Dennis Lorrig, President
1-949-335-5159
(C) Copyright 2010 GlobeNewswire, Inc. All rights reserved.
-0-
INDUSTRY KEYWORD: Business Services
SUBJECT CODE: MINING
METALS
ACQUISITIONS
Mergers and Acquisitions |
