Supatcha Resources Signs Letter of Intent to Acquire 98% of Maiskoe Gold Mine in Ukraine
01 May 2010 - 6:00AM
Marketwired
Supatcha Resources Inc. (OTCBB: SAEI) ("Supatcha" or the "Company")
is pleased to announce that it has entered into a letter of intent
with Derzhnagldo Polymetals to Acquire 98% interest in the mining
claims of their property in Odessa Oblast, Savaransky District,
Southern Ukraine. The agreement is binding and subject to a number
of conditions, including financing and due diligence.
The terms of the agreement involve Supatcha paying the owners of
the property a total of US$3,500,000 of which US$200,000 will be
paid as a non-refundable deposit, with the balance to be paid
within 45 days of the signing of the Letter of Intent after which
Supatcha will own 98% of the mine (including all of the capital
equipment) and the mineral concessions. Supatcha has also agreed to
invest a further US$2,800,000 in expanding the current operation
over the next year. The deal is subject to a 45 day due diligence
period during which time Supatcha will carry out additional surface
sampling and a limited diamond drill program.
Mr. Andrei Yasinskij, Chief Geological Advisor for Supatcha,
commented, "This acquisition, once complete, will mark a major step
forward in Supatcha's evolution and will establish the Company as
an important gold company in Ukraine. We believe that the current
mine and processing plant can be expanded during 2010. The
mineralization at the Maiskoe property is a very attractive target
which is amenable to open pit mining methods. We look forward to
completing an aggressive drill program as soon as possible in order
to determine the size of the mineralized system."
The property was explored previously by a number of companies
and previous drilling indicated geology finds that are favorable
for a potential large Gold deposit. The initial drilling done in
1999 indicated gold mineralization in a number of drill holes. In
the year 2001 a magnetic/electromagnetic geophysical airborne
survey was conducted over the property identifying several areas of
interest. It was recommended that a drill program for a total of
2000 meters be undertaken.
Steve Talley, Supatcha Resources President, said, "This
agreement signed once again shows our strong belief and commitment
to the mineral rich Ukrainian region, we are excited about the
opportunities ahead."
About Supatcha Resources Inc. (OTCBB: SAEI)
Supatcha Resources Inc. is a gold exploration company focused on
acquiring and developing mining properties in Ukraine. Supatcha is
in the final stages of acquiring two additional gold mining
projects in southwestern Ukraine with world-class potential.
For further information on the Company's gold and base metal
projects, visit our website, www.supatcharesources.com.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements," as that
term is defined in Section 27A of the United States Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Statements in this press release which are not purely historical
are forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the inherent uncertainties associated with
mineral exploration. We are not in control of metals prices and
these could vary to make development uneconomic. These
forward-looking statements are made as of the date of this news
release, and we assume no obligation to update the forward-looking
statements, or to update the reasons why actual results could
differ from those projected in the forward-looking statements.
Although we believe that the beliefs, plans, expectations and
intentions contained in this press release are reasonable, there
can be no assurance that such beliefs, plans, expectations or
intentions will prove to be accurate. Investors should consult all
of the information set forth herein and should also refer to the
risk factors disclosure outlined in our annual report on Form
10-KSB for the last reported fiscal year, our quarterly reports on
Form 10-QSB and other periodic reports filed from time-to-time with
the Securities and Exchange Commission.
Contact: For further information please contact: Investor
Relations Tel. (303) 552.0480 Extension 104 Fax. (303) 552.0481
Email: info@supatcharesources.com
http://www.supatcharesources.com
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