Urastar Options Major Gold Property in Sonora, Mexico
08 Novembro 2010 - 2:26PM
Marketwired
Urastar Energy Inc. ("Urastar") (TSX VENTURE: URS) announces the
option to acquire the El Antimonio property in Mexico (the
"Property"). El Antimonio is a major gold-antimony exploration
property, consisting of 4,000 hectares located in northwest Sonora
in the heart of the Mojave-Sonora Megashear.
The Property is located close to significant gold and silver
producing heap leach mines including the Newmont Mining Corporation
and Fresnillo PLC's La Herradura Gold Mine and Capital Gold's El
Chanate Mine (see location map at www.Urastarenergy.com). El
Antimonio has produced placer gold and antimony from gravel derived
from numerous reported vein occurrences. Currently, local
prospectors are recovering small amounts of gold nuggets from those
gravels.
In a signed Letter of Intent, Urastar can earn a 100% interest
in the El Antimonio by making the following option payments over a
5 year period:
----------------------------------------------------------------------
TIME CASH PAYMENT
----------------------------------------------------------------------
On signing US$10,000.00
On approval of TSX Venture Exchange US$40,000.00
----------------------------------------------------------------------
Twelve month anniversary US$75,000.00
----------------------------------------------------------------------
Twenty-four month anniversary US$75,000.00
----------------------------------------------------------------------
Thirty-Six month anniversary US$150,000.00
----------------------------------------------------------------------
Forty-Eight month anniversary US$200,000.00
----------------------------------------------------------------------
Sixty month anniversary US$1,450,000.00
----------------------------------------------------------------------
TOTAL US$2,000,000.00
----------------------------------------------------------------------
In addition the owners will retain a 3% net smelter return
("NSR") royalty on the Property subject to the right of Urastar to
purchase each 1% of the NSR (namely a 1% NSR) for $1,000,000.00 for
five (5) years after signing. The Letter of Intent is subject to
TSX Venture Exchange approval.
Urastar is excited about the work program on this excellent
exploration property. The exploration target will be a bulk
mineable gold deposit centered on one or more of the previously
mined vein areas coupled with a new discovery. The potential is
deemed excellent due to the presence of extensive zones of
alteration and fracturing, the development of mineralized veins
over a large area, and the fact that previous mining activity
stopped at the water table and where overburden concealed the
veins. The widespread fracturing and alteration of sedimentary
rocks suggest potential for disseminated-style mineralization
Mr. Shaun M. Dykes, M.Sc. (Eng), P.Geo., is a designated
Qualified Person pursuant to National Instrument 43-101 and
prepared the technical information contained in this news
release.
About Urastar Energy Inc.
Urastar Energy Inc. is a mining exploration and development
company focusing on gold exploration in Mexico's Sierra Madre gold
belt targeting areas containing former producing properties. The
Sierra Madre Gold Belt is one of the richest gold belts in the
world hosting several world class mines and many major recent
discoveries. For more information, please visit
www.Urastarenergy.com
THIS NEWS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL
RESPONSIBILITY FOR ITS CONTENTS. THE TSX-VENTURE EXCHANGE DOES NOT
ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE.
This news release includes certain statements that express
management's expectation or estimates of future performance and may
be deemed "forward-looking statements". These forward-looking
statements include plans, estimates, forecasts and statements as to
management's expectations regarding exploration. These
forward-looking statements involve assumptions, risks and
uncertainties and actual results may vary materially. For these
reasons shareholders should not place undue reliance on such
forward-looking information.
United States residents are cautioned that some of the
information that may be published by Urastar may not be consistent
with United States Securities and Exchange Commission disclosure
rules and may be materially different from what the Company is
permitted to disclose in the United States and therefore United
States residents should not rely on such information.
Contacts: Elston Johnston President 604-682-2928 Dean Hanisch
Investor Relations 613-612-6060
Urastar Gold Corp (TSXV:URS)
Gráfico Histórico do Ativo
De Set 2024 até Out 2024
Urastar Gold Corp (TSXV:URS)
Gráfico Histórico do Ativo
De Out 2023 até Out 2024