Business & Finance
Business and Finance
Business and Finance
Mon, June 14, 2010Sun, June 13, 2010Fri, June 11, 2010Thu, June 10, 2010Wed, June 9, 2010Tue, June 8, 2010Mon, June 7, 2010Sun, June 6, 2010Sat, June 5, 2010Fri, June 4, 2010Central Acquires Properties in White Gold District, Yukon
Published in Business and Finance on Wednesday, June 9th 2010 at 13:40 GMT by Market Wire
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 9, 2010) - Central Resources Corp., (TSX VENTURE:CBC) ("Central" or the "Company") is pleased to announce that is has entered into an option agreement with Strategic Metals Ltd., ("Strategic Metals") to purchase a 100% interest in six separate groups of mineral claims (the "Properties") located within the White Gold District, Yukon.
The Properties consist of 522 mineral claims in six separate groups, all of which are located within the Dawson Range, in the west-central portion of the Yukon-Tanana terrane. This area is underlain predominantly by metasedimentary and metavolcanic rocks of inferred Devonian to Mississippian age, which are intruded by numerous Mesozoic granitic plutons hosting copper, molybdenum and gold mineralization.
The Properties were staked by Strategic Metals to cover areas of anomalous stream sediment and soil geochemical surveys. Kaminak Gold Corp. has had recent success drilling geochemical anomalies at their Coffee project, which is underlain by similar rocks of the same terrane. A map showing the property locations can be found on the Company's website [ www.centralres.ca ].
Option Terms
Under the terms of the option agreement, Central can earn a 100% interest in the Properties, subject to a 3% Net Smelter Royalty ("NSR"), by making staged payments to Strategic Metals of $300,000 cash and 3,000,000 shares by February 15, 2012, as described in the table below. Central has the right to purchase 1% of the NSR at any time for a cash payment of $1,000,000. A finder's fee is payable to Axeman Resource Capital Inc., an exempt market dealer. The agreement is subject to acceptance by the TSX Venture Exchange.
| Detailed Option Terms | ||
| Date | Cash Payment | Share Issuance |
| Upon Exchange Acceptance | $115,000 | 500,000 |
| February 15, 2011 | $35,000 | 1,000,000 |
| February 15, 2012 | $150,000 | 1,500,000 |
Peter Thiersch, M.Sc., P.Geo., a "Qualified Person" as defined by National Instrument 43-101, has reviewed and approved the technical disclosure in this news release.
About Central Resources
Central Resources Corp., is a junior mineral exploration company created to leverage the extensive knowledge and expertise of an experienced team of financial and resource industry professionals.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing efforts, the results of exploration activities -- that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see [ www.sedar.com ]). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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.
