Tarsis Provides Update on Gold Exploration at Erika, Mexico
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/26/13 -- Tarsis Resources Ltd. (TSX VENTURE: TCC) ("Tarsis" and "the Company") is pleased to announce that option partner Osisko Mining Corporation (TSX: OSK) ("Osisko") has advised that its exploration team commenced work in May 2013 at the Erika property.
The Erika property is located in the Guerrero Gold Belt and covers approximately 16,000 hectares, located in Guerrero State, Mexico. The property is accessed by paved road via Federal Highway 95, which crosses the eastern boundary of the claims. Acapulco is 150 km south and Iguala is 47 km north of Erika.
The exploration being carried out will consist of detailed geological mapping and supplemental geochemical sampling. This work is designed to identify drill targets that will likely be tested during Q4, 2013.
Under the terms of the option agreement, Osisko must spend $500,000 on exploration at Erika before February 2014 as part of its earn-in commitment.
To earn an initial 51% interest in the Erika project, Osisko must make staged cash payments to Tarsis of $1,000,000 ($50,000 paid to date) and spend $4,000,000 on exploration over four years. Subsequent to their initial earn-in, Osisko may increase their ownership to 75% by completing a feasibility study on the project.
About Tarsis Resources
Tarsis is an exploration company following the prospect generator business model. The Company acquires prospective exploration projects by acquisition or through its own grass roots generative exploration, adds value and then vends or options out projects to partners for advancement.
On behalf of the Board,
Marc G. Blythe, P.Eng., MBA, President and Chief Executive Officer
This news release was prepared by Company management, which takes full responsibility for content. Neither the 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 release.
Contacts:
Tarsis Resources Ltd.
Marc G. Blythe, P.Eng., MBA
President and Chief Executive Officer
(604) 689-7644
Tarsis Resources Ltd.
Mark T. Brown, C.A.
Chief Financial Officer
(604) 687-3520
info@tarsis.ca
www.tarsis.ca