Tartisan Resources Signs Definitive Agreement to Option La Victoria Polymetallic Property, Ancash, Peru
03.07.2014 | Newsfile
Toronto, July 3, 2014 - Tartisan Resources Corp. (CSE: TTC) ("Tartisan", or the "Company") is pleased to announce it has signed a Definitive Option and Joint Venture Agreement (the "Definitive Agreement") with Eloro Resources Ltd. (TSXV: ELO) ("Eloro"), granting Eloro an option to acquire a 50% interest in La Victoria property ("La Victoria" or the "Property"), consisting of nine (9) mineral concessions totalling 43.6 km2, the details of which were previously announced by Tartisan on February 14, 2014. The Property is held by Tartisan's Peruvian-based subsidiary, Minera Tartisan Perú S.A.C., and is located in Huandoval District, Pallasca Province, Ancash Department, in the North-Central Mineral Belt of Perú.The Definitive Agreement
Under the terms of the Definitive Agreement, Tartisan has granted Eloro the right to earn a 50% interest in the Property, at Eloro's option, by expending $CDN 1.5 million in staged exploration and work expenditures on the Property and by making cash payments to Tartisan totalling $CDN 150,000, all over a 4-year period. The Company has received the initial cash payment of $CDN 50,000.
The Definitive Agreement is subject to any required approval from the Canadian Securities Exchange for the Company and the TSX Venture Exchange for Eloro.
La Victoria Property, Peru
La Victoria is Tartisan's wholly owned royalty-free flagship project located in northern Ancash Department and comprises nine (9) claims totalling 4,360 ha in size. The Property has good infrastructure with access to road, water and electricity and is located at an altitude that ranges 3,100 m to 4,200 m above sea level.
La Victoria is located within 50 km of several producing mines including: La Arena owned by Rio Alto Mining Ltd., Lagunas Norte (Alto Chicama) owned by Barrick Gold Corporation and Santa Rosa owned by Compañia Minera Aurífera Santa Rosa (COMARSA). Rio Alto has also recently struck a merger deal with Sulliden Gold Corp. Ltd. which should accelerate putting Sulliden's Shahuindo gold deposit, also in the vicinity, into production.
Tartisan has spent over $US 800,000 to date on the Property in connection with exploration and infrastructure development. This exploration work includes: topographic, ground magnetic and Induced Polarization geophysical surveys; over 600 samples taken for geochemistry; construction of access roads; and, completion of a National Instrument 43-101-compliant Technical Report. The Property has numerous historical adits and surface workings.
The Technical Report concludes that La Victoria possesses excellent potential for finding high-grade oxide and sulphide epithermal Au-Ag vein systems and low-grade, large-tonnage, disseminated Cu-Au-Ag (porphyry-type) mineralization.
As Operator during Eloro's earn-in option period, the Company is undertaking the necessary steps to commence the planned exploration on the Property as recommended by a joint Exploration Committee comprised of technical representatives of Tartisan and Eloro.
Tartisan Resources Corp. common shares are listed on the Canadian Securities Exchange (CSE). Currently, there are 35,358,882 shares outstanding (40,421,739 fully diluted).
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
Not for distribution to U.S. news wire services or dissemination in the U.S.
Contact
Tartisan Resources Corp.
Mr. D. Mark Appleby, CEO and a Director of the Company
416-804-0280
mark@tartisanresources.com
Mr. John M. Siriunas, P.Eng., Director
416-710-9392
john@tartisanresources.com
Mr. Phillip Shum, Investor Relations (Ubika Corp.)
647-352-0687
phillip@ubikacorp.com
Additional information about Tartisan can be found at the Company's website at www.tartisanresources.com or on SEDAR at www.sedar.com.