Alder to Option Colombia Gold Property
08 April 2010 - 11:22AM
Marketwired
Alder Resources Ltd. (the "Company") (TSX VENTURE: ALR) announces
that it has entered into a Letter of Intent to acquire an 80%
interest in the La Montanita Gold Project (the "Project") in
Colombia. Pursuant to the letter of intent, the Company will
acquire an 80% interest in the properties that comprise the Project
in consideration for the issuance to the vendors of 5,000,000
common shares of the Company and expending a minimum of $1,000,000
in respect of the exploration and further development of the
Project within two years following the date of the definitive
agreement.
The Project is situated in an area with a reported 100 year
history of gold mining. It is located in western Colombia
approximately 220 kilometers from the Pacific Coast and 40 km from
the city of Medellin.
The Project encompasses approximately 1,000 hectares, including
a 30 hectare mineralized mountain that the Company understands has
been the subject of artisanal gold mining for over 80 years.
Historic mining consisted primarily of underground tunneling that
followed reportedly high grade sub-vertical structures varying in
width from 20 to 60 centimetres. Current production at the Project
continues on an artisanal basis targeting a high grade NE trending
vein.
The Company intends to analyze the potential for a bulk tonnage
open pit mine at the Project based on an understanding that the
high grade veins at the Project appear to be part of a larger stock
work, with four prominent fracture orientations within a
granodiorite host rock. The Project does not currently host
estimated mineral resources that are compliant with National
Instrument 43-101 ("NI 43-101") and it is uncertain if exploration
activities will result in the delineation of a mineral resource.
Management believes the host rock, scope and mineralization style
are comparable to the nearby Gramalote deposit, also located within
the same batholith. The Gramalote deposit is held by a joint
venture between Anglogold-Ashanti and B2Gold Inc. and hosts a NI
43-101 compliant estimated inferred mineral resource of 74.4
million tonnes at an average grade of 1.00 g/t gold for a total of
approximately 2.4 million ounces of gold. The Gramalote property is
less than 40 km from the La Montanita Project.
The agreement is subject to the completion of legal due
diligence by the Company, verification of titles to the properties,
negotiation and execution of a definitive agreement, and approval
of the TSX Venture Exchange. The Company notes that the proposed
transaction will not result in any new insiders of the Company, as
none of the vendors will hold more than 10% of the outstanding
common shares of the Company following completion of the
transaction.
About Alder Resources
Alder Resources is a Canadian-based company focused on gold. The
Company holds an option to acquire a 60% interest in Cariboo Rose's
Canadian Creek Mineral Property located in the Whitehorse Mining
District of the Yukon Territory, which is 160 km south of Dawson
City, Yukon. The property is also 50 km southeast of the White Gold
project owned by Underworld Resources Inc. and approximately 25 km
southeast of Kaminak Gold Corp.'s Coffee property. The Canadian
Creek claims cover an area of approximately 4,800 hectares.
Regulatory Notes
Will Randall, a Director of the Company and a qualified person
under NI 43-101, has reviewed the scientific and technical
information in this press release.
This press release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation.
Forward-looking information includes, without limitation,
statements regarding the completion of the acquisition, the
prospective nature of the Project and the impact of the acquisition
on the Company; statements with respect to the development
potential and timetable of the Project; the potential to identify
mineral resources on the Project; the timing and amount of
estimated future exploration, success of mining activities; and
receipt of government approvals. Generally, forward-looking
information can be identified by the use of forward-looking
terminology such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
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". Forward-looking
information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking information, including but not limited to: general
business, economic, competitive, geopolitical and social
uncertainties; the actual results of current exploration
activities; risks associated with operation in foreign
jurisdictions; ability to successfully integrate the purchased
properties; foreign operations risks; and other risks inherent in
the mining industry. Although the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in 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
such information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information. The Company does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
Neither the 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.
Contacts: Alder Resources Ltd. Bruce Ford Director and President
(416) 300-8023 www.alderltd.ca
(TSXV:ALR)
Historical Stock Chart
From Jun 2024 to Jul 2024
(TSXV:ALR)
Historical Stock Chart
From Jul 2023 to Jul 2024