Darwin Resources to focus on Suriloma; relinquishes Alto Quemado option
VANCOUVER, Sept. 26, 2012 /CNW/ - Darwin Resources Corp ("Darwin" or "The Company") (TSXV:DAR) (OTCPK:DARWF):
Darwin has been undertaking exploration work at its Suriloma gold - silver project located in the Department of La Libertad, northern Peru, where it has been receiving very encouraging results from recent surface sampling. See news releases dated July 9, 2012 and August 20, 2012.
The Company has decided to focus its attention on the Suriloma property as its highest priority project. Exploration is continuing with more detailed surface sampling, in addition, a ground magnetic survey planned for October will assist in structural interpretation, particularly in areas lacking outcrop. In parallel, Darwin is progressing well with strengthening its good relations with surface landholders. This work will lead to access agreements in the near future.
A detailed review and assessment of the technical merits of the Alto Quemado property has been completed and this review has downgraded the economic potential of the Alto Quemado porphyry copper target. In addition, the terms of the deal call for significant payments, including a payment of US$550,000 due once a drill permit is received and a further payment of Euros 5.12 million by July 2014. As a consequence, after careful consideration of all factors, the Board of Directors has determined to terminate the option to acquire the Alto Quemado property, and to withdraw from the project with no retained interest. Darwin has provided notice to the owners that the Company intends to terminate the option. All capitalized costs relating to the project will be written off.
About Darwin Resources Corp (TSXV:DAR) (OTCPK:DARWF):
Darwin Resources Corp is a resource acquisition and development company. The Company has a portfolio of gold and copper projects in Peru.
On behalf of the Board,
Dr Graham Carman, President & CEO
Forward Looking Statements This Company News Release contains certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.
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 news release.
SOURCE: Darwin Resources Corp.For further information:
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