Citation Retains Key Guerrero Gold Belt Geologist to Advance Biricu Prospect
29 November 2011 - 1:00AM
Marketwired
Further to the announcement on November 23, 2011 by Citation
Resources Inc. ("Citation" or the "Company") (TSX VENTURE:CTT) that
it had signed a Letter of Intent with Esperanza Resources Corp.
("Esperanza") for an option to acquire Esperanza's 100% interest in
the Biricu Prospect mineral exploration concession located in
Guerrero Gold Belt in Mexico, the Company is pleased to announce
that it has retained David M. Jones as a technical consultant to
support the direction and management of the Company's exploration
activities at the Biricu Prospect.
Mr. Jones is a graduate of Dartmouth College (1978) and the
University of Arizona (M.S. 1987) with over 30 years experience in
mineral exploration and project management. As Chief Geologist of
Teck's Nukay Project from 1994-1999, Mr. Jones is credited with the
discovery of the Los Filos gold-skarn deposit, which became
Mexico's largest gold producer (Goldcorp Inc.) in 2010. Application
of his model to other properties in the region dramatically
expanded the conceptual extent of the Guerrero Gold Belt and led to
the discoveries of El Limon and Los Guajes, also major gold-skarn
deposits.
He has published numerous technical articles and is considered
to be the foremost expert on Guerrero Gold Belt type deposits. Mr.
Jones has worked extensively throughout the Guerrero Gold Belt for
clients including Teck, Wheaton River, Goldcorp, Penoles, Grupo
Mexico, Torex, and a number of other Canadian juniors.
"We are thrilled that David has agreed to lend to Citation his
immeasurable technical knowledge of the Guerrero Gold Belt,"
Matthew Watson, President and CEO of Citation commented. "David's
success as a geologist in the region is unrivalled and his interest
in our project validates the attractive potential of the Biricu
Prospect. We welcome David to our team and look forward to
advancing this exciting prospect with him."
Finders' fee
Citation has agreed to pay a finder's fee in connection with the
Biricu Prospect of 250,000 common shares of the Company, subject to
the approval of the TSX Venture Exchange.
Executive options
The Company's board of directors has today approved the granting
of 1,138,000 incentive stock options to be granted to directors and
officers of the Company, and a consultant to the Company, in
accordance with its stock option plan. The options are exercisable
at $0.20 per share for a period of five years and vest over time or
upon the achievement of specific performance targets.
About Citation Resources
Citation Resources Inc. is a growth-oriented, Canadian mining
company dedicated to the exploration and development of precious
and base metal resources. Citation is based in Vancouver, British
Columbia and aims to create shareholder value through the
acquisition, exploration, and development of profitable mineral
properties, in a manner that is consistent with best practice in
environmental stewardship, safety and stakeholder engagement. In
addition to its agreement relating to Biricu Prospect, the Company
has an option agreement with Rainy Mountain Royalty Corporation and
International Bethlehem Mining Corporation to acquire the right to
earn a 60% total interest in the Eva Kitto Property. The Eva Kitto
Property claims are located approximately 190 kilometres northeast
of Thunder Bay, Ontario.
ON BEHALF OF THE BOARD OF DIRECTORS
CITATION RESOURCES INC.
Nigel Kirkwood, CFO
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Citation Resources Inc. Nigel Kirkwood CFO
604-681-8347info@citationresources.comwww.citationresources.com
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