Goliath Resources to Acquire Three Canadian Mineral Propertiesadmin
Goliath Resources Inc (Other OTC:GHRI.PK) is pleased to announce it has signed a Letter of Intent to acquire three Canadian Mineral Properties.
Goliath’s main focus will be the Mazenod Lake project which is located in the North West Territories. Under the terms of the LOI, Goliath will have the right to earn a 75% interest in this project. Geophysics an the IP survey at Mazenod Lake have identified several areas, prospective for large-scale gold and copper and possibly uranium, mineralization at this iron oxide -copper -gold (IOCG) style prospect. The initial stage of a drilling program conducted by Phelps Dodge on part of the property has produced intersections of potentially economic grade. Phelps Dodge Canada will retain a 25% interest in this project.
The other mineral properties consist of the Flume License in the Yukon, over which Phelps Dodge retains a royalty, the Flume is adjacent to Teck’s Ten property, and is prospective for gold. Java is a copper -molybdenum porphyry prospect located in British Columbia formerly owned by Kennecott.
Under the terms of the Letter of Intent, Goliath will issue common shares to the present owners the Bellmin group for the acquisition of these properties.
Goliath will be commencing its due diligence immediately in respect to this acquisition and upon satisfactory results execute a final agreement, which will be subject to shareholder approval.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words “believes,” “expects,” “anticipate” or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone’s past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
Goliath Resources Inc Suite 616 – 475 Howe Street Vancouver, British Columbia Canada V6C 2B3 Contact: Scott Rose
Tel: 604 688 2280
Source: Goliath Resources Inc