Virginia Energy Exercises Option to Take 100% Interest in Otish, Quebec Properties from Xemplar Energy Corp.
16 January 2010 - 12:00AM
Marketwired
Xemplar Energy Corp. (TSX VENTURE: XE)(FRANKFURT: E7R)(NAMIBIA:
XEM) and Virginia Energy Resources Inc. (TSX VENTURE: VAE) are
pleased to announce that Virginia is exercising its option to take
a 100% interest in the Otish, Quebec uranium property, under terms
laid out in a July 25, 2008 option agreement between the two
companies (see August 12, 2008 News Release).
The property package includes four claim blocks (Lorenz,
Trident, Cigare and Peribonka) totaling 52,549 hectares in 1052 CDC
cells. Work by Virginia in 2008 and 2009 has identified several
drill-ready uranium prospects including Lac du Castor, Lac Tion,
Lorenz Gully, Lac Tete and others (see Virginia News Releases of
May 11, September 16, September 21 and October 5, 2009). In
addition, the Peribonka property completely surrounds the small
Lavoie property which hosts the historic, high-grade Seru "L" zone
uranium-gold deposit. Abitex Resources Inc. is earning a 50%
interest in Lavoie from AREVA Resources Canada and SOQUEM Inc. On
January 14, 2010, Abitex released 2009 drill results for Lavoie,
and confirmed that a resource estimate is being prepared.
To complete the acquisition of a 100% interest in the Xemplar
Otish property, Virginia will deliver 1.2 million common shares to
Xemplar, which will be subject to a four-month hold period. The
claims are subject to a 3% NSR Royalty, of which half can be
purchased by Virginia.
The technical information in this news release has been reviewed
by Michael S. Cathro, P.Geo., Virginia's Vice-President of
Exploration and a Qualified Person as defined in National
Instrument 43-101.
On behalf of the Board of Directors
Xemplar Energy Corp.
Simon Tam, CEO and Director
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy securities in any jurisdiction.
Neither 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 press release.
Contacts: Xemplar Energy Corp. Simon Tam CEO and Director
+1.604.687.4191 +1.604.871.9926 (FAX) info@xemplar.ca
www.xemplar.ca
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