Jiulian Options Big Kidd Property to Major Mining Company
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/18/11 -- Jiulian Resources Inc. ("Jiulian") (TSX VENTURE: JLR) is pleased to announce it has entered an agreement with Xstrata Copper Canada, a business unit of Xstrata Canada Corporation, ("Xstrata") allowing Xstrata the option to earn up to a 75% interest in Jiulian's Big Kidd property, located in the Quesnel Trough region of southern British Columbia. The 4055.77 ha property is road accessible and is located approximately 20 km southeast of the city of Merritt. This an arm's length transaction and no finders were involved.
Jiulian acquired the Big Kidd property and Little Fort property from Gunpoint Exploration Ltd. on July 12, 2011. Jiulian will retain the Little Fort property. Jiulian prepared a work plan for the Big Kidd property and submitted the Notice of Work for an 18 kilometre IP survey and 2000 metre drilling on July 14, 2011 after compiling historical exploration data, inspecting the property and checking historic drill cores.
Under the terms of the agreement, Xstrata may earn an initial 51% interest by making staged cash payments to Jiulian totalling $180,000 and incurring cumulative exploration expenditures totalling $3 million over a four year period. Upon vesting at a 51% interest in the property, a joint venture will be formed and Xstrata will maintain the right to earn a further 24% interest (75% interest total) by funding the completion of a feasibility study or incurring $15 million in expenditures towards the completion of a prefeasibility study and a feasibility study on the property. Jiulian's participation in the option agreement, and the transactions contemplated thereby, are subject to the approval of the TSX-Venture Exchange.
"Our agreement with Xstrata provides Jiulian an excellent opportunity to continue exploration on the Big Kidd property with a major mining company. Our strategic partnering with Xstrata, a well-known senior international mining company, is an important step in fulfilling Jiulian's business objectives," says Charlie Cheng, Jiulian's CEO.
About Jiulian Resources Inc.
Jiulian is a publicly traded mineral exploration company (TSX VENTURE: JLR). For a more complete business and financial profile of Jiulian, interested parties are encouraged to visit Jiulian's website, .
ON BEHALF OF THE BOARD OF DIRECTORS OF JIULIAN RESOURCES INC.
X. Charlie Cheng, Chief Executive Officer, Director
All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding the potential extent of mineralization and reserves, exploration results and future plans and objectives of Jiulian. These risks and uncertainties include, but are not restricted to, the amount of geological data available, the uncertain reliability of drilling results and geophysical and geological data and the interpretation thereof, and the need for adequate financing for future exploration and development efforts. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Jiluian disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
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:
Jiulian Resources Inc.
X. Charlie Cheng
Chief Executive Officer and Director of the Company
604-639-4418
604-687-8678 (FAX)
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Datum: 18.10.2011 - 11:45 Uhr
Sprache: Deutsch
News-ID 77145
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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