Denarii Resources Inc reports progress in planned acquisition of Canadian gold property.
M2 EQUITYBITES-14 July 2010-Denarii Resources Inc reports progress in planned acquisition of Canadian gold property(C)2010 M2 COMMUNICATIONS http://www.m2.com
Mineral resource company Denarii Resources Inc (OTCBB:DNRR) (Berlin:8D3) (Frankfurt:8D3) confirmed on Tuesday that the company plans to acquire an 80% interest in Touchstone Precious Metals Inc under an agreement between the two companies.
Touchstone has an agreement to acquire a 100% interest in the Lucky Thirteen gold and strategic metals placer claim located 5 km north of Hope, British Columbia, Canada.
Denarii has paid an initial USD20,000 to Touchstone and will fund the USD400,000 (pre-production) Work Program which consists of exploration work, permitting and a geophysical seismic programme.
When the Work Program is completed Struans Group will work with Denarii to provide the funds required to develop the Lucky Thirteen Project into production and to meet the construction schedule.
The Lucky Thirteen Placer claim BC # 52082 is 168 hectares in size and the gravel bar on the north bank of the Fraser River has a targeted deposit area of approximately 50 hectares. Previous production records indicate that the minable area of the gravel bar has a potential of 13,800 kg of gold, while recent extensive sampling and testing on a 3.2 hectares area located at the south end of the property was estimated to contain a gold reserve of 830 kg. The previous test results also showed that the gravels contained commercial grades of platinum, palladium and rhodium.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Jul 14, 2010|
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