BLUE RIBBON RESOURCES LTD. ANNOUNCES THE ACQUISITION OF 950,000
ACRES OF PROPERTY IN ALBERTA
VANCOUVER, B.C--
Blue Ribbon Resources Ltd. (the "Company") is pleased announce that it has
entered into five separate property option agreements whereby they may
acquire a 100% interest in five separate properties located in Northern and
Central Alberta, subject to regulatory approval. Pursuant to this
transaction, a finder's fee is payable to the maximum allowable pursuant to
the policies of the Vancouver Stock Exchange.
There is approximately 350,000 acres within the Buffalo Head Terrane which is
located less than 150 km to the Southeast of the Ashton diamond discovery. An
additional 230,000 acres are within the Chinchaga Terrane, which are less
than 150 km to the Southwest of the Mountain Lake Kimberlite. Approximately
185,000 acres are underlain by the Thorsby Terrane within west-central
Alberta which is less than 150 km to the Northeast of the diamondiferous Jack
Lamproite. Approximately 185,000 acres arc located within Northest Alberta.
Pursuant to the first agreement, the Company may earn a 100% interest in the
Pelican Mountains Property which consists of approximately 300,000 acres
located within the Buffalo Head Terrane, by making cash payments totalling
$275,000, issuing 400,000 common shares of the Company, and incurring
$700,000 in exploration expenditures over a two year period.
Pursuant to the second agreement, the Company may earn a 100% interest in the
Sandy Lake Property which consists of approximately 50,000 acres located
within the Buffalo Head Terrane, by making cash payments totalling $17,500
and issuing 90,000 common shares of the Company.
Pursuant to the third agreement, the Company may earn a 100% interest in the
Wapiti Property which consists of approximately 225,000 acres located within
the Chinchaga Terrane, by making cash payments totalling $50,000, issuing
200,000 common shares of the Company, and incurring $150,000 in exploration
expenditures over a two year period.
Pursuant to the fourth agreement, the Company may earn a 100% interest in the
Nordegg A property which consists of approximately 185,000 acres located
within the Thorsby Terrane, by making cash payments totalling $10,000, and
issuing 150,000 common shares of the. Company, and incurring $10,000 in
exploration expenditures.
Pursuant to the fifth agreement, the Company may earn a 100% interest in the
Wolf Lake Property which consists of approximately 185,000 acres, by making
cash payments totalling $30,000, issuing 150,000 common shares of the
Company, and incurring $100,000 in exploration expenditures,
Each agreement provides for an operator who will perform the initial
exploration work.
This Press Release was prepared on behalf of the Board of Directors which
accepts full responsibility for its contents.
ON BEHALF OF THE BOARD
(signed)
Martyn Element, Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Martyn Element & Associates
Tel: (604) 687-6820
Toll Free: 1-800-505-5655
Fax: (604) 687-6328
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responsibility for the adequacy or accuracy of this release.
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