McLaren Resources Inc. Earns 50 Percent Interest in Blue Quartz Property
22.09.2011 | Marketwire
TIMMINS, ONTARIO -- (Marketwire - Sept. 22, 2011) - McLaren Resources Inc. ("McLaren" or the "Company") (CNSX:MCL) (FRANKFURT:3ML) is pleased to announce the Company has successfully completed its 50% earn in on the Blue Quartz Property located in East Timmins. McLaren acquired a 50% interest by making a $10,000 cash payment on signing on December 12, 2010 and by having met the $200,000 of exploration expenditure requirement by its drilling work on the property.McLaren Enters into Joint Venture Agreement with Red Mile Minerals Corp.
McLaren and Red Mile Minerals Corp. ("Red Mile") are also pleased to announce they have signed a letter of Agreement to form a Joint Venture on the Blue Quartz Property. McLaren shall issue 100,000 shares to Red Mile and become the operator of the property on standard industry terms. A definitive Joint Venture agreement is scheduled to be executed within 6 months.
Exploration
McLaren plans to commence further drilling on the Blue Quartz property this fall to follow up on the exploration success of the recent results released on April 21, 2011.
McLaren President and CEO commented: "The Company is very pleased to earn 50% in to a property that is situated in the world class Timmins gold district."
About The Blue Quartz
The Blue Quartz property is located in the gold producing district 70 km east of the city of Timmins, and is surrounded by several current and past producing mines. The property consists of 25 patented mining claims, covering 400 hectares (4 square kilometers) of Early Precambrian Geology, situated on gold mineralized geological structures within the Abitibi Greenstone Belt. On August 8, 2011 McLaren expanded the size of the property with the acquisition of 8 contiguous mining claims totalling 260 hectares situated on strike to the west of the Blue Quartz Mine property. This acquisition more than doubles the mineralized strike length of the property. The Blue Quartz property is located in the north central part of Beatty Township and is approximately 8 kilometers northwest of the producing Black Fox Mine, 12 kilometers northwest of the producing Hislop Mine and 14 kilometers northwest of the former producing Ross Mine.
McLaren Resources Inc. is a Canadian based junior exploration company engaged in acquiring, exploring, and developing resource properties with a focus on Canada.
For more information visit our web site at www.mclarenresources.com or contact Ivan Buzbuzian, President and CEO of McLaren Resources, at 416-203-6784 x 4850.
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.
Shares: 20,894,281
The Canadian National Stock Exchange has neither approved, nor disapproved on the contents of this press release.
Contact Information
McLAREN RESOURCES INC
Ivan Buzbuzian
President and CEO
416-203-6784
416-368-1539 (FAX)
ibuzbuzian@mclarenresources.com
www.mclarenresources.com