TUDOR GOLD Corp. Announces Another New Property Acquisition in Golden Triangle Area, British Columbia
The Orion property
The 3,154.5 hectare Orion property is located west of TUDOR GOLD Corp’s recently acquired Delta/Fairweather properties and immediately south of TUDOR GOLD Corp’s High North property in the Skeena Mining division approximately 50 km north-northwest of Stewart, British Columbia. The Orion property has been subjected to intermittent prospecting programs from 1995 to 2007 and a small diamond drill program in 2007. A float sample collected in 2006 on the Orion property returned 6.02 grams gold per tonne gold and 20.3 grams silver per tonne but its source could not be determined.
The eastern portion of the Orion property hosts the Cat-in-the-Hat showing where a 1994 trench returned 2.2 gram gold per tonne and 1.36% arsenic over 13 meters and grab samples returned from 10 parts per billion (“ppb”) gold to 47.5 grams gold per tonne (BC Assessment Report 23885). A five hole diamond drill program targeting the Cat-in-the-Hat showing was completed in 2007. Holes OR2007-1 and 2 were drilled from the same site and returned significant mineralization (see table below), while three holes drilled approximately 100 meters to the east from the same drill pad failed to encounter any significant mineralization.
The Company has been granted an option, subject to Exchange approval, to acquire a 100% interest in the property by making option payments totaling $700,000 over a five year period, and the issuance of up to 700,000 shares in the capital of the Company over a five year period, with an initial issuance of 250,000 shares upon the Company receiving Exchange approval. The property is subject to a 2½% NSR royalty.
The Company will pay no finder’s fee in connection with the proposed acquisition. The shares issued in connection with the Orion property will be subject to a statutory hold period of four months and a day from the date of issue.
The qualified person
The foregoing technical disclosure and scientific information, including results of the previous exploration, has been reviewed, compiled and approved by Richard A. Graham, P. Geol., who is a ‘qualified person’ for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About TUDOR GOLD
TUDOR GOLD is a precious and base metals explorer with properties in British Columbia’s Golden Triangle, an area that hosts producing and past-producing mines and several large deposits that are approaching potential development. The 17,913 hectare Treaty Creek project (in which TUDOR GOLD has a 60% interest) borders Seabridge Gold Inc.’s KSM property to the southwest and borders Pretium Resources Inc.’s Brucejack property to the southeast. The Company also has a 100% interest in the Electrum Project, earn in options and 100% interests in other prospective projects located in the Golden Triangle area.
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.
Cautionary Statements regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including the completion and anticipated results of planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connation thereof.
Such forward-looking information and statements are based on numerous assumptions, including among others, that the Company’s planned exploration activities will be completed in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.
The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.