CORRECTION FROM SOURCE: Williams Creek Announces Acquisition of the Pine Group of Properties
09 April 2011 - 1:42AM
Marketwired
Williams Creek Explorations Limited ("Williams Creek," "the
Company," or "WCX") announced in a news release on April 08, 2011
that Melvin Zeiler retained a 1.5% Net Smelter Return Royalty
("NSR") in the Pine Group of properties, and that Williams Creek
obtained an option to buy the NSR for $1.5 million.
While Williams Creek obtained an option to purchase the NSR from
Mr. Zeiler for the same $1.5 million, Mr. Zeiler retained a 2% NSR
and not a 1.5% NSR.
Please find a corrected version of the aforementioned news
release below.
Williams Creek Explorations Limited (TSX VENTURE: WCX)
("Williams Creek," "the Company," or "WCX") is pleased to announce
that it has entered into an agreement to acquire a 100% interest in
claims known as the Pine Group ("the Pine Property"), an
exploration property located in the Cariboo Mining Division in
Central British Columbia, approximately 17 km southwest of the
historic gold mining town of Barkerville.
The Pine Property is comprised of four mineral tenures covering
approximately 750 hectares near the historic gold producing towns
of Stanley and Van Winkle, B.C. This area was the site of
productive placers containing coarse gold considered to have been
locally derived from massive sulfide sources, although the bedrock
sources have yet to be identified. Provincial Highway 26 extends
east-west across the property providing excellent road access.
Williams Creek acquired 100% interest in the Pine Property by
making a one-time cash payment to holder of the mineral tenures
Melvin L. Zeiler, who will retain a 2% Net Smelter Return Royalty
(NSR). Williams Creek retains the option to purchase 100% of the
NSR for $1.5 million. A transaction reflecting these terms closed
on April 4, 2011.
Old underground workings with sizable dumps are evidence of past
production. A soil grid was conducted on the property in 2005 that
defined a gold-in-soil anomaly approximately 200 meters wide by 300
meters long with gold values up to 350 ppb. The soil grid was
expanded in 2006 and the gold anomaly was expanded to 450 meters in
length with gold-in-soil values up to 2070 ppb. No work has been
done since 2006 and the soil anomalies remain open to the north and
south.
"The Pine Property, with a soil anomaly of this size and tenor,
is especially significant in a district such as the Cariboo, which
has produced considerable amounts of gold from vein and replacement
ore bodies and related placer deposits," said Michael Sonnenreich,
Chairman of the Board and CEO of Williams Creek.
Williams Creek will undertake a program of mapping, soil
sampling and trenching in the 2011 field season to test the
potential of the property. The program will extend the soil grid to
better define the extent and source of the main soil anomaly and
satellite anomalous zones at the margins of the grid. The 2005-2006
soil grids cover only about 3% of the Pine Property.
"The proposed work on the Pine Property is a good fit with WCX's
planned 2011 drilling program on its crown granted properties
adjacent to Barkerville, approximately 17 km to the northeast,"
added Mr. Sonnenreich. "Moreover, this work is an important
component of Williams Creek's three-part strategy of exploration,
equity and joint venture investment, and financing."
The technical information contained in this news release was
prepared by Williams Creek senior geologist John F. Childs, Ph.D.,
Childs Geoscience Inc. of Bozeman, Montana, who is a "Qualified
Person" as defined under National Instrument 43-101.
About WCX:
Visit http://www.WilliamsCreek.ca to learn more about Williams
Creek.
Explorations Ltd. Williams Creek Explorations Ltd. is a Canadian
company with the primary purpose of participating broadly in the
natural resource sector, with an emphasis on the gold subsector,
through exploration, joint ventures or other equity
investments.
The Company owns twenty-eight crown granted mineral claims in
the Cariboo Mining Division and three crown granted mineral claims
in the Kamloops Mining Division. The Company also has a net 30%
interest in the ATW diamond property in the MacKenzie Mining
District of the Northwest Territories.
On Behalf of the Board of Directors
Michael Sonnenreich CEO and Chairman of the Board of Directors
Williams Creek Explorations Limited.
This news release may contain forward looking statements
including management's assessments of future plans and operations,
and expectations of future production. These statements are based
on current expectations that involve a number of risks and
uncertainties, which could cause actual results to differ
materially from those anticipated. These risks include, but are not
limited to, the risks associated with the mining and exploration
industry (e.g perational risks in development, exploration and
production; delays or changes in plans with respect to exploration
or development projects or capital expenditures; the uncertainty of
reserve estimates; the uncertainty of estimates and projections
relating to production and the uncertainty of the availability of
capital). The assumptions used in the preparation of such
statements, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements.
The TSX Venture Exchange has not reviewed nor accepted
responsibility for the adequacy or accuracy of this news release
which has been prepared by management.
Contacts: Williams Creek Explorations Limited Michael
Sonnenreich 514.393.3232 Williams Creek Explorations Limited Dov
Zigler 514.393.3232 www.WilliamsCreek.ca
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