BONTERRA INCREASES STAKE IN URBAN-BARRY, ARRANGES FINANCING
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BonTerra Resources Inc. /
BONTERRA INCREASES STAKE IN URBAN-BARRY, ARRANGES FINANCING
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BONTERRA RESOURCES INC.
Suite 1130 - 789 West Pender Street
Vancouver, British Columbia, V6C 1H2
Telephone: (604) 669-9330
TSX.V SYMBOL - BTR
BONTERRA INCREASES STAKE IN URBAN-BARRY, ARRANGES FINANCING
Vancouver, BC - November 8, 2010: BonTerra Resources Inc. (BTR: TSXV) (the
"Company") announces that it has entered into an option agreement with an arm's
length vendor to acquire a 100 percent interest in a property package. The
property is composed of 37 claims totaling 2,094 hectares.
These new claims are on strike with Glen Eagle Resources Nubar Deposit (current
estimated resource of 564,000 tonnes at 6.2 grams per tonne gold). Historic
government magnetic data shows a large magnetic anomaly which runs in the same
parallel NE-SW trend as seen on both the Urban Barry and the Eastern extension
properties. The new claims are also southwest of Metanor's claim group which
hosts the NI 43-101 compliant Barry Deposit (269,000 tonnes (at) 4.10g/t gold
indicated & 450,000 tonnes (at) 4.68 g/t gold inferred). Metanor recently announced
the commencement of a 25,000 metre drill program.
President, Mitchell Adam states, "This is a period of rapid growth for BonTerra.
Our current drill program has been met with successs and we are very excited to
be receiving our rush assays any day now. We envision building a winter camp and
continuing to drill all winter on our properties in the Urban-Barry segment of
the Abitibi Greenstone Belt of Quebec."
Terms of the transaction are as follows:
-Paying the Optionor $5,000 on the Closing Date;
-Paying the Optionor $5,000 on the date that is twelve (12) months from the
Closing Date;
-Issuing the Optionor 2,000,000 Common Shares on the Closing Date;
-Issuing the Optionor an additional 1,000,000 Common Shares on the date that is
within twelve (12) months from the Closing Date;
-Incurring $200,000 in Exploration Expenditures prior to the date that is twelve
(12) months from the Closing Date; and
-Incurring $200,000 in Exploration Expenditures prior to the date that is
twenty-four (24) months from the Closing Date.
The property is subject to a (2%) NSR (1% can be purchased by the Company for
$1,000,000).
The forgoing is all subject to the prior approval of the TSX. In addition, this
transaction may be subject to a finder's fee under exchange rules and
guidelines.
Additionally, the Company announces that at that it has arranged, subject to TSX
Venture Exchange approval, a private placement of 4,000,000 units at $0.18 per
unit for total gross proceeds of $720,000. Each unit will consist of one common
share and one transferable share purchase warrant, each warrant exercisable into
one additional common share at a price of $0.23 per share for a period of two
years from the date of closing.
The forgoing is all subject to the prior approval of the TSX. In addition, this
transaction may be subject to a finder's fee under exchange rules and
guidelines.
The technical information in this news release has been prepared in accordance
with the Canadian regulatory requirements set out in National Instrument 43-101
and reviewed on behalf of the Company by Thomas Clarke, Pr.Sci.Nat, a qualified
person.
ON BEHALF OF THE BOARD
BONTERRA RESOURCES INC.
/s/ Mitchell Adam
Mitchell Adam
President, Director
For further information contact:
Mitchell Adam
info(at)bonterraresources.com
www.bonterraresources.com
Tel: (604) 669-9330
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.
[HUG#1460191]
--- End of Message ---
BonTerra Resources Inc.
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Source: BonTerra Resources Inc. via Thomson Reuters ONE
Datum: 08.11.2010 - 17:20 Uhr
Sprache: Deutsch
News-ID 48534
Anzahl Zeichen: 5478
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Kategorie:
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