Irwin Resources Inc. Acquires Additional Fraser Bend Mineral Claimsadmin
Irwin Resources Inc. is pleased to announce that the Company has acquired additional gold and other precious metal mineral claims in the Fraser Bend-Quesnel-Barkerville area. Mr. Donald C. Carter, a well-known and respected professional and expert in the mining industry and advisor to the Company’s Board has agreed to the sale of these additional 53 units, which are contiguous to the 25 unit purchase announced in a news release on February 16, 2007.
Under the terms of the agreements, the Company will pay Mr. Carter a cash payment amounting to about CAN$23,000 (US$19,600), issue a total of 300,000 of its restricted common stock, repay Mr. Carter’s exploration expenditures to date amounting to about CAN$130,000 (US$111,000) and is committed to spend a minimum of CAN$240,000 (US$205,000) in exploration and mining costs on the property over the next two year
Mr. J.R. Gaetz, President of Irwin Resources said, “The Company’s Board made the decision to purchase this additional area prior to engaging in any exploration activities as the Company wanted the acreage, now totaling over 6000 acres, to be large enough to constitute an economic exploration and development property that could be of potential interest to a major gold mining concern.”
The Fraser Bend claims are situated in the legendary Cariboo-Barkerville mining area adjacent to the Fraser River. The 78-unit (about 6000 acres) block of claims central to the famous Gold Rush Trail are located on the high gold bearing structure referred to as the Barkerville, Quesnel and other Terranes. Included in this are the highly sought after placer gold laden gravels of the Fraser Bend Formation and the Tertiary Terranes. A full information circular on the property is area is available at http://www.irwinresource.com
About Irwin Resources Inc.
Irwin Resources is a junior resource company based in Vancouver, B.C. Irwin Resources engages in the acquisition, exploration and development of resources properties with the intent to prove up mineral deposits. Irwin Resources seeks out low-risk opportunities to develop positive cash flow from proven and probable resource properties where prior exploration has been successful. Irwin Resources plans to grow exclusively through the efficient reinvestment of its internally generated cash flow and through limited external financing, which it plans to utilize to build ancillary businesses.
Safe-Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company’s financing plans; (ii) trends affecting the Company’s financial condition or results of operations; (iii) the Company’s growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words “may,” “would,” “will,” “expect,” “estimate,” “anticipate,” “believe,” “intend,” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
Irwin Resources, Inc. D. Smith
Source: Irwin Resources Inc.