Ansell Capital Corp. Signs Pires Property Letter of Intent With Entourage Mining
19 February 2010 - 2:34AM
Marketwired
Ansell Capital Corp. ("Ansell") (TSX VENTURE: ACP) announces that
it has signed a Letter of Intent ("LOI") with Entourage Mining,
("Entourage") an OTC Bulletin Board listed company, wherein Ansell
has agreed to complete due diligence on 6 mineral claims covering
8,798 hectares of mineral explorations lands and incur expenditure
on the claims of no less than US$200,000 in the three month period
ending May 1st, 2010. Access and logistics of the property are easy
as the property is crossed by paved highway and served by the
Brazilian electric power grid.
The 6 Pires property claims ("Pires" or the "property"),
currently optioned by Entourage, are located in southern Goias
State, Brazil, 100 km west of Kinross' Paracatu Gold Mine.
Entourage has an option to earn a 100% unencumbered interest in the
property; there is no Net Smelter Return in the option agreement.
As part of the LOI, Ansell has agreed to pay Entourage a CDN$75,000
payment as consideration for Entourage locking up terms pursuant to
which Ansell may acquire all of Entourage's right, title and
interest in and to the Pires property and other assets by way of a
Plan of Arrangement. If Ansell proceeds with the acquisition, it
will be required to issue to each Entourage shareholder one common
share of Ansell stock for each share of Entourage. Entourage is
expected to have approximately 9,600,000 shares issued and
outstanding subject to adjustment for warrants and options which
may be exercised prior to the effective date of the
acquisition.
Ansell can proceed with the acquisition of the assets of
Entourage following satisfactory completion of their preliminary
investigation of the Pires property. Should Ansell not proceed with
the acquisition, Ansell will have earned one quarter of Entourage's
earned interest in and to the Pires property which may be
re-purchased by Entourage for cost for a period of 18 months from
the date Ansell elects not to proceed with the acquisition.
Ansell commits to spend US$200,000 on the Pires property in the
program consisting of:
-- Continuing surface sampling in un-sampled or minimally sampled areas of
the Property;
-- Completion of detailed structural and geological mapping;
-- Surface follow-up of high-grade sample sites, including geochem and hand
trenching;
-- High resolution ground magnetic lines at the most advanced target (Point
1) area to determine efficacy; and
-- Drilling (450 m) at Point 1 to confirm 3D orientation of veins, vein
density, and gold abundance in fresh bedrock.
Entourage Mining has filed, on the System for Electronic
Document Analysis and Retrieval (SEDAR), a 43-101 Technical Report
on the Pires property. Entourage has collected and analyzed 291
rock, soil and chip samples from the Pires Property to date. The 15
most gold enriched sample results from the property are summarized
in the following table:
---------------------------------------------------------------------------
As Cu Mn Ni Pb V Zn
Sample # Lab Au g/t ppm ppm Fe% ppm ppm ppm ppm ppm
---------------------------------------------------------------------------
HOC-09-
56 ACME 404.95 313 87 5.78 77 9 1083 24 450
---------------------------------------------------------------------------
PIR-09-
069 INTERTEK 297.00 7078 1346 10.0 2300 274 5856 49 293
---------------------------------------------------------------------------
PIR-09-
089 INTERTEK 114.00 1313 0 10.0 500 145 1846 69 135
---------------------------------------------------------------------------
greater
HOC-09- than
031J INTERTEK 80.10 3521 186 15.0 0 190 9464 3162 1179
---------------------------------------------------------------------------
PIR-09-
017 INTERTEK 77.00 2781 719 10.0 200 145 9755 1268 2016
---------------------------------------------------------------------------
HOC-09-
047 ACME 69.83 1431 18 30.90 84 57 1058 318 466
---------------------------------------------------------------------------
HOC-09- SGS-
P003W GEOSOL 54.71 1015 128 12.25 200 23 2659 22 508
---------------------------------------------------------------------------
HOC-09- SGS-
P001K GEOSOL 40.69 892 282 12.03 900 17 2627 51 723
---------------------------------------------------------------------------
HOC-09-
031M INTERTEK 39.98 695 425 14.15 0 46 2064 97 672
---------------------------------------------------------------------------
HOC-09-
055 ACME 39.81 760 727 13.62 9577 63 3198 720 676
---------------------------------------------------------------------------
PIR-090-
086 INTERTEK 39.70 912 22 10.0 200 110 2947 22 279
---------------------------------------------------------------------------
PIR-09-
069 INTERTEK 39.50 1520 32 10.0 100 214 5000 1043 4977
---------------------------------------------------------------------------
HOC-09- SGS-
P003e GEOSOL 37.10 800 364 6.63 300 28 2043 25 201
---------------------------------------------------------------------------
HOC-09-
P002A ACME 31.76 1286 64 26.52 28 30 139 56 58
---------------------------------------------------------------------------
PIR-90-
026 INTERTEK 28.30 520 248 10.00 1100 26 1744 77 612
---------------------------------------------------------------------------
The gold results presented above were produced by fire assay and
were completed at three different laboratories: ACME Analytical
Laboratory (Vancouver, Canada); SGS Geosol Laboratory (Belo
Horizonte, Brazil); and Intertek of Brazil (Belo Horizonte,
Brazil). Other elements were analyzed by ICP. Dr. Harrison
Cookenboo, PhD, P Geo and a "Qualified Person" as that term is
defined in National Instrument 43-101, and co-author of the report
states:
"These highly enriched samples were collected from different
parts of the property located up to 15 km apart on strike. Hand
trenching has succeeded in exposing un-deformed quartz veins in or
close to bedrock near the float samples in some of these
occurrences, and locally abundant concentrations suggest that other
samples are also proximal to source."
Dr. Cookenboo has reviewed the technical data in this news
release and approves the release of technical information described
herein.
ON BEHALF OF THE BOARD
Jevin Werbes, President
For more information or to read the 43-101 Pires Technical
Report, please visit our website at www.ansellcapital.com.
Forward Looking Statement
Except for historical information contained herein, the
statements in this Press Release may be forward looking statements.
Forward-looking statements involve known and unknown risks and
uncertainties, which may cause Ansell Capital Corp.'s actual
results in future periods to differ materially from forecasted
results. These risks and uncertainties include, among other things,
volatility of commodity prices, product demand, market competition,
and risks inherent in Ansell Capital Corp.'s operations.
Contacts: Ansell Capital Corp. Jevin Werbes President (604)
921-1810 (604) 921-1898 (FAX) www.ansellcapital.com
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