CTT Citation Resources

Citation Resources Inc. (TSX VENTURE:CTT) (the "Company") is pleased to announce
that it has now commenced an initial reconnaissance exploration program and
deployed a geological field crew on the Biricu Property situated in the Guerrero
Gold Belt in Morelos State, Mexico.


The Company has received permission from surface owners granting the Company
access to conduct early-stage exploration activity on targeted areas of priority
interest on the Biricu Property. The exploration program will be carried out
over the next 45 - 60 days under the direction of David M. Jones, technical
consultant to the Company. The work program will include systematic stream
sediment sampling, rock chip sampling, and reconnaissance mapping with a view
towards gaining a better understanding of the geological setting and identifying
specific areas with potential to host precious metals mineralization. The
Company anticipates that the findings of this initial reconnaissance work
program will be used to define a more advanced and focused work program to be
initiated before the 3rd quarter of 2012.


Eva Kitto Property Assignment

With an emerging focus on its Biricu Property activities and in response to an
approach of interest in the Eva Kitto Property, the Company has entered into an
assignment and novation agreement (the "Assignment Agreement") with Rainy
Mountain Royalty Corporation, International Bethlehem Mining Corp. (together,
the "Original Vendors") and Larry Aligizakis ("Aligizakis"), pursuant to which
the Company has assigned all of its rights and obligations under the Eva Kitto
Option Agreement to Aligizakis in consideration for a cash payment of $30,000.
Under the Assignment Agreement, the Original Vendors have consented to the
assignment and have released the Company from all of its obligations under the
Eva Kitto Option Agreement. The Assignment Agreement is subject to the approval
of the TSX Venture Exchange if required.


The technical content of this news release has been reviewed and approved by
Richard Graham, P.Geol., who is a Qualified Person as defined in NI 43-101.


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. The Company has an
option agreement with Esperanza Resources Corp. to acquire a 100% interest in
the Biricu Property mineral exploration concession located in Morelos State,
Mexico. The Biricu Property comprises more than 38,000 hectares of highly
prospectable ground and management believes that the Biricu Prospect is the
direct on-strike extension of five skarn deposits in the Guerrero Gold Belt (El
Limon-Los Guajes - Torex Gold Resources Inc.; Bermejal, Los Filos, and Nukay -
Goldcorp Inc.; Ana Paula - Newstrike Capital Inc.). The option agreement with
Rainy Mountain Royalty Corporation and International Bethlehem Mining
Corporation had granted the Company 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

Website at www.citationresources.com.

Citation Resources (TSXV:CTT)
Historical Stock Chart
From Oct 2024 to Nov 2024

Citation Resources (TSXV:CTT)
Historical Stock Chart
From Nov 2023 to Nov 2024