Ring of Fire Resources Inc. Acquires Mineral Claims in Lucas, Duff & Tully Twps, Timmins, Ontario from Metals Creek Resources
(via Thenewswire.ca)
Toronto, Ontario - November 30, 2011. Metals Creek Resources Corp. (Metals Creek)(TSX-V:MEK) is pleased to announce that it has agreed to sell to Ring of Fire Resources Inc. (the "Company" or "ROF") (TSX-V: ROF, FRANKFURT: RG5, OTC.PK: HWKPF), a 100% title and interest in 10 mining claims blocks totaling 132 claim units (approximately 5,280 acres- 2,136.7 hectares) in Lucas, Duff and Tully Townships and is contiguous to ROF's Project 81 Lucas Township primary gold target recently acquired from AbiBow Canada Inc (now Resolute Forest Products) in the Timmins area of Northern Ontario.
The Lucas Township gold claims were the subject of exploration programs in the early 1960's, 70's and 80's and exhibited some very encouraging and interesting gold intercepts. There has been no significant mineral exploration work done in the project area since the 1980's.
Deal Terms:
-Under its agreement with Metals Creek, ROF has agreed that the purchase price for the property would consist of 750,000 shares, 375,000 issuable at closing and 375,000 issuable on or before June 1, 2012 and $50,000 in cash, with $25,000 payable on closing and $25,000 payable on or before June 1, 2012.
-In addition, Metals Creek would be granted a 2% Net Smelter Return royalty (NSR) or a 10% Net Profits Interest (NPI) at their election in connection with the property, with ROF having the right to buy back up to 1% of the NSR or 5% of the NPI (whichever is applicable) at a price of $1,000,000
The transaction is subject to the approval of the TSX Venture Exchange.
About Metals Creek Resources Corp.
Metals Creek Resources Corp. is incorporated under the laws of the Province of Ontario, is a reporting issuer in Alberta, British Columbia and Ontario, and has its common shares listed for trading on the Exchange under the symbol "MEK". Metals Creek can earn a 50 % interest in the Ogden Gold Property, including the former Naybob Gold mine, located 6 km south of Timmins, Ontario and has a 8 km strike length of the prolific Porcupine-Destor Fault (PDF) that stretches between Timmins Ontario and Val'Dor Quebec. The Corporation is also engaged in the identification, acquisition, exploration and development of other mineral resource properties, and presently has mining interests in Ontario and Newfoundland and Labrador. Additional information concerning the Corporation is contained in documents filed by the Corporation with securities regulators, available under the company's profile at www.sedar.com.
"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."
For further information, please contact:
Alexander (Sandy) Stares, President and CEO
Metals Creek Resources Corp
telephone: (709)-256-6060
fax: (709)-256-6061
email: astares@metalscreek.com
WWW.metalscreek.com
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