Metals Creek Resources Corp. Commences Drilling on the Tillex Copper Deposit, 45 Km East of the Kidd Creek Metalurgical Siteadmin
Tuesday, August 19th 2008
Metals Creek Resources Corp. announce the commencement of a 400 meter drill program on its Tillex property, located in Currie Township, 65 km east of Timmins, Ontario. The planned drilling will include two confirmation holes focused on the Tillex Copper Deposit, which was originally discovered in 1973 by Westmin Resources Ltd. At the time, 17 drill holes were completed and the claims were taken to lease. A near-surface mineral resource of 1,338,000 tonnes grading 1.56% Cu was calculated in 1990 for the deposit (Pacifica Resources Ltd., 2005-6 Canadian Mines Handbook, page 318) however management notes that this calculation does not meet the standards as outlined in National Instrument 43-101, “Standards of Disclosure for Mineral Projects,” has not been independently validated or verified by the Corporation, and should not be relied upon. Since acquiring the Tillex property, the available data has been compiled and an EM and magnetic survey was completed on a recently established grid. The mineralization targeted by the Corporation’s drilling can be described as chalcopyrite and minor bornite within a mixed sequence of andesite, graphitic argillite, dacitic tuff and feldspar porphyry. Of particular note is that the Tillex mineralization is near surface and within 45 km of Xstrata Canada Corporation’s Kidd Creek metallurgical site. The Currie Township land package controlled by the Corporation now totals 152 contiguous patented and unpatented claim units covering 2400 hectares along the volcanic horizon which hosts the deposit.
The Corporation also announces today the entering into of an engagement letter with M Partners Inc. pursuant to which the Corporation intends to complete a non-brokered private placement to raise gross proceeds of up to $2,000,000 through the issuance of units, comprised of both flow through and non-flow through common shares and common share purchase warrants. The Corporation will pay a finders fee to M Partners Inc., and the pricing of the securities to be offered will be determined by the board of directors of the Corporation depending on market prices and the determination of fair market value. This offering will be subject to approval by the TSX Venture Exchange.
Management of the Corporation would also like to clarify that the 200,000 options granted to First Canadian Capital Corp. pursuant to a contract for investor relations services and previously announced by the Corporation in a press release on June 4, 2004, have an exercise price of $0.35.