Crazy Horse Resources to Acquire Advanced-Stage Copper Project

KELOWNA, BRITISH COLUMBIA -- (Marketwired - Apr 28, 2015) - Crazy Horse Resources Inc. (TSX VENTURE:CZH) (the "Company", "Crazy Horse") is pleased to announce that it has entered into a letter agreement with Solfotara Mining Corp. ("Solfotara") to option and acquire, subject to shareholder and regulatory approval, all of Solfotara's ownership interest in the advanced-stage Basay project, the Kilong-Olao/Bayosen projects, and the highly prospective Biliran gold project in the Philippines.


Acquisition Highlights

Basay Copper Project:

• The Basay mine operated from 1979 to 1983 as an open pit and underground copper operation at a rate of up to 24,000 tonnes per day.


• Between March 2011 and June 2012, Copper Development Corp ("CDC") conducted a diamond drilling program for a total drill program of 69 holes for 33,825 meters. Assay highlights from the Southeast zone, a pipe like mineralized body approximately 200 meters in diameter and at least 500 meters in depth, include:
  • Hole BSM006: 261m @ 1.08% Cu
  • Hole BSM009: 408m @ 0.65% Cu

Both of the above holes were drilled at an oblique angle down and across through the mineralized pipe like body. All depths reported of core interval measurements are measured down-hole and mineralization intervals widths are not always representative of true thickness. (See Further Project Details below.)


Kilong-Olao/Bayosen Copper Project:

• At Kilong-Olao, 25 historic drill holes were completed by Marcopper and were drilled within a 500m x 2km copper in soil anomaly above 500 ppm copper.


• The Bayosen copper anomaly (approximately 2.3 km x 1km in dimension assaying over 500 ppm Cu) remains untested by drilling.

Biliran Copper/Gold Project:

• The property is an active magmatic-derived geothermal system and these systems such as Biliran may contain significant metal contents. The area was historically mined for native sulphur.

Dev Randhawa, CEO for Crazy Horse Resources, commented,

"The resource sector is currently a buyers' market for companies with an experienced Management team and a strong track record of success. The acquisition of Solfotara's shares and property rights at such attractive metrics adds considerable value for our shareholders and we look forward to developing these highly prospective projects."


Agreement Details

The company will acquire Solfotara's ownership of the shares of Canex Resources Ltd., Basay Copper Ltd., and Adanacex Resources Ltd. ("interest"). Under the terms of the letter agreement, Crazy Horse may, at its option, acquire the interest by issuing 10,000,000 common shares on exercise of the purchase option. The interest is subject to a one-time single payment amount of 10,000,000 shares in the event of the approval of a mining permit on any of the projects' deemed assets of the companies.


Further Project Details

Basay:

The Basay Project is located approximately 600km southeast of Manila on the island of Negros in the Philippines. The project consists of an EP (currently under renewal application) over an area of 1,808 hectares. The Basay mine operated from 1979 to 1983 as an open pit and underground copper operation at a rate of up to 24,000 tonnes per day.

On April 8, 2011, CDC, an AIM-traded copper mining and development company, acquired an interest in the Basay Project through the acquisition of 70% of the issued share capital of Basay Copper Limited ("BCL"), which legally and/or beneficially holds the entire issued share capital of Adanacex. CDC also holds a 92.5% interest in the near-by Hinoba-an Project located 25 km to the northwest of the Basay Project.

CDC and Solfotara entered into the Basay JV Agreement which sets out the terms of the joint venture for the Basay Project and the management and operations of BCL. Under the terms of the Basay JV Agreement, CDC was required to spend US$5 million within two years of April 8, 2011 on the Basay Project. Otherwise, CDC would relinquish its entire 70% interest in BCL to Solfotara for nil consideration.

Furthermore, if CDC fails to complete a pre-feasibility study on the Basay Project within four years of April 8, 2011, CDC must relinquish a 45% interest in BCL to Solfotara for nil consideration. If CDC completes a pre-feasibility study but fails to complete a feasibility study on the Basay Project within six years of 8 April 2011, CDC must relinquish a 20% interest in BCL to Solfotara for nil consideration.

On February 10, 2015, CDC withdrew from the project and relinquished all rights to Basay, leaving Solfotara a 100% interest in the project. The project is subject to a royalty agreement with Euzkadi holdings Corp. whereby Euzkadi retains a right to a 1% royalty.

Between March 2011 and June 2012, CDC conducted a diamond drilling for a total drill program of 69 holes for 33,825 meters, as detailed below.

LOCATION		METERS DRILLED (m)		NO. OF DRILLED HOLES		% CORE RECOVERY
Southeast		17,032.35		33		98.2
Central		4,658.00		9		98.9
Northwest		9,053.20		19		98.5
Nabore		2,107.60		8		98.3
Bunkville		974.30		2		99.1
TOTAL		33,825.45		69		98.40

CDC announced a JORC inferred resource in September 2012 for the Basay Deposit, consisting of 410MMT at 0.39% Cu based on a 0.2% Cu cut-off, or 262 MMT at 0.47% Cu based on a 0.3% Cu cut-off, both using Surpac software and based on 15 meter composites.

The Company is treating the above estimates as relevant historical estimates, given the technical similarities between JORC and NI 43-101, but they should not be considered as a current mineral resource as a qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves.


Kilong-Olao and Bayosen:

The Kilong-Olao/Bayosen project consists of several EP applications located in the province of Abra.

Marcopper Mining Corp. (Marcopper) concentrated exploration in the Kilong-Olao area in a 1 km x 1 km zone where 25 drill holes were completed.

In the Bayaosen prospect area, a geochemical soil survey conducted by CEC covered an area 2.5 km by 2.0 km, consisted of 538 samples, and resulted in the delineation of a geochemical soil anomaly of greater than 500 ppm measuring 2.3 km N-S by 0.4 to 1.0 km E-W. Thirty-nine samples were assayed for copper, molybdenum, zinc, lead and silver while 499 samples were assayed for copper only. No samples were assayed for gold. Soil geochemical sampling produced copper anomalies of between 500 ppm and >2,000 ppm. The Bayaosen prospect has not been tested by drilling.


Biliran:

The Biliran Project area is underlain by Quaternary volcanics and active fumarole fields which are currently being drilled for geothermal power. There has been very little detailed geologic work done in the area and a careful mapping programme is required to fully understand the volcanic and structural setting of the Biliran Project. The property is an active magmatic-derived geothermal systems and systems such as Biliran may contain significant metal contents.

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Brian Lueck, P.Geol. COO of Crazy Horse Resources Inc., a qualified person.


ON BEHALF OF THE BOARD OF DIRECTORS OF CRAZY HORSE RESOURCES INC.

Dev Randhawa
Chairman, CEO



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.

This release includes certain statements that may be deemed forward-looking statements. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's filings that are available at www.sedar.com.

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Contact

Crazy Horse Resources Inc.
Greg Downey, CFO
1-250-979-7022