McLaren Acquires Adjacent Claims to Expand Blue Quartz Property, Doubles Mineralized Strike Length
08.08.2011 | Marketwire
TORONTO, ONTARIO -- (Marketwire - Aug. 8, 2011) - McLaren Resources Inc. ("McLaren" or the "Company") (CNSX:MCL) (FRANKFURT:3ML) is pleased to announce the Company has acquired a 100% interest in 8 contiguous mining claims totalling 240 hectares located directly west of the Blue Quartz Property in East Timmins Ontario. The additional claims more than double McLaren's current strike length on the Blue Quartz Property.McLaren President and CEO commented: "Company management is excited to have opportunity to explore the expanded strike length and follow up on the success of the recent winter drill program."
To view the map associated with this release, please visit the following link: http://media3.marketwire.com/docs/BlueQuartzmap.jpg.
Purchase Agreement
In consideration for 100% ownership in the mining claims, McLaren paid $50,000 cash and issued 100,000 common shares. The claims are subject to a 2% NSR with 1% purchasable for $1,500,000.
About The Blue Quartz
The Blue Quartz property is located 70 km east of Timmins where several current and past producing mines are located. The property consists of 25 patented mining claims, covering 400 hectares (4 square kilometres) of Early Precambrian Geology, situated on gold mineralized geological structures within the Abitibi Greenstone Belt. The Blue Quartz mine is located in the north central part of Beatty Township and is approximately 8 kilometres northwest of the producing Black Fox Mine, 12 kilometres northwest of the producing Hislop Mine and 14 kilometres northwest of the former producing Ross Mine.
On December 7th McLaren and Red Mile Minerals Corp., ("Red Mile") entered into an Option Agreement whereby McLaren can earn a 50% interest in The Blue Quartz gold property, with McLaren having the right of first refusal on the remaining 50% interest. McLaren can earn a 50% interest in the Blue Quartz Property by making a C$10,000 cash payment (paid on signing) and spending C$200,000 in exploration and development expenditures on this property on or before September 1, 2011. Any shortfall in expenditure below $200,000 can be made up with a cash payment to Red Mile.
McLaren Resources Inc. is a Canadian based junior exploration company engaged in acquiring, exploring, and developing resource properties with a focus on Canada.
Contact Information
McLaren Resources Inc.
Ivan Buzbuzian
President and CEO
416-203-6784
416-368-1539 (FAX)
ibuzbuzian@mclarenresources.com
www.mclarenresources.com
Certain statements contained in this press release constitute "forward looking statements". These statements are based on current expectations of management, however are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this news release. Readers are cautioned not to place undue reliance on these statements. The Company does not undertake any obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.
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The Canadian National Stock Exchange has neither approved, nor disapproved on the contents of this press release.