Blue River Resources Ltd. Acquires Second Highland Valley BC Area Property
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/16/12 -- Blue River Resources Ltd. (TSX VENTURE: BXR) ("Blue River" or "the Company") announces that it has acquired an option to earn a 100% interest in the Highland South property in the Highland Valley, BC, area. The property is located directly adjacent to Teck Resources Ltd.'s property, and totals 2,300 hectares.
Highland Valley Copper is Canada's largest base metal mine, producing 335,000 tons of copper concentrate and 3,500 tons of molybdenum concentrate per year.
Griffin Jones, president of Blue River Resources, states, "This acquisition significantly expands Blue River's property holdings in the Highland Valley area. Two companies holding adjacent claims to the Highland South property have encountered significant copper mineralization. We are currently formulating exploration plans for both the Highland North and Highland South property in 2012, in addition to drilling the Castle Copper Project this year."
Under the terms of the agreement, Blue River has agreed to issue 200,000 shares to the vendor upon approval by the TSX Venture Exchange and 100,000 shares every six months for a total of 500,000 shares, in addition to $25,000 on closing and every six months, for a total of $100,000. Blue River has also agreed to grant the vendor a 3% net smelter royalty, of which 2% can be purchased by Blue River for $2.0 million. The closing of the acquisition is subject to certain conditions, including approval from the TSX Venture Exchange.
Blue River Resources Ltd. also holds a 100% interest in the 20,000 acre Castle Copper Project, located 20 km north of Copper Mountain Mining and directly north of Sego Resources' Miner Mountain property.
ON BEHALF OF THE BOARD
BLUE RIVER RESOURCES LTD.
Griffin Jones, President, Director
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.
Contacts:
Blue River Resources Ltd.
Griffin Jones
President, Director
(604) 682-7339
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Datum: 16.04.2012 - 23:16 Uhr
Sprache: Deutsch
News-ID 135519
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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