Waterloo Announces Amendments to Property Option Agreement
March 19, 2012 20:51 ET
Waterloo Announces Amendments to Property Option Agreement
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 19, 2012) -Waterloo Resources Ltd. (TSX VENTURE:WAT) ("Waterloo" or the "Company") announces that the Company has agreed with Eagle Plains Resources Ltd. ("Eagle Plains") to amend the terms of the option agreement in respect of the "Ice River" property. The amended terms of the Option Agreement remain subject to the approval of the TSX Venture Exchange.
The proposed amendments will provide that: (i) the Company will issue an additional 100,000 common shares to Eagle Plains on or before March 31, 2012; (ii) the Company will expend an additional $85,000 in work commitments on the Ice River property before December 31, 2012; and (iii) the remainder of the work commitment expenditures as provided for in the Option Agreement will be rescheduled to additional years.
The Company plans to expend the new $85,000 work commitment on geochemical survey and mapping programs.
The Ice River property is host to precious metals and rare earth element mineralization in syenite and carbonatite dyke systems that are numerous and widespread over a four kilometer long corridor within the Ice River Intrusive Complex, located 40 kilometers southeast of Golden, British Columbia, Canada.
Work carried out on the property was successful in locating massive to semi-massive strataform sulfide mineralization and associated stockwork zones, hosted in variably altered limestone wall-rock of the Ice River Intrusive Complex.
Rare Earth Elements (REEs) and other elements with high-tech applications have long been suspected as potential commodities on the property; but it was not until results from mapping and geochemical surveys, that the potential suite of elements became fully appreciated. Other potential commodities identified include extensive nepheline syenite as an industrial mineral source, and presence of the ornamental mineral sodalite.
Tim Termuende, P.Geo., is the Qualified Person under National Instrument 43-101 responsible for the scientific and technical information disclosed in this press release.
Forward-Looking Statements
This release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements include, but are not limited to, statements with respect to the completion of transactions under the option agreement in respect of the Ice River property between Waterloo Resources Ltd. and Eagle Plains Resources Ltd. (The "Option Agreement"), the results of any exploration work carried out on the Ice River property and the approval of the TSX Venture Exchange in respect of the proposed amendments to the Option Agreement Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Certain of the statements made herein by Waterloo Resources Ltd. are forward-looking and subject to various risks and uncertainties, both known and unknown, many of which are beyond the ability of Waterloo Resources Ltd. to control or predict. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Forward-looking information is subject to known and unknown risks and uncertainties that may cause Waterloo Resources Ltd.'s actual results, performance or achievements may be materially different from those expressed or implied by such forward-looking information, and are developed based on assumptions about such risks, uncertainties and other factors set out here in, including but not limited to the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other exploration data, the potential for delays in exploration or development activities, mine development and production costs, the projected life of the Company's mines, future production levels, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties with or interruptions in production and operations, fluctuating metal prices, unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, regulatory restrictions, including environmental regulatory restrictions and liability, competition, loss of key employees, and other related risks and uncertainties. The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
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