VANCOUVER, Feb. 15, 2012 /CNW/ - Amarc Resources Ltd. ("Amarc" or the
"Company") (TSXV: AHR) (OTCBB: AXREF) announces that further to its
news release on February 14, 2012 the Company has reached agreements in
principle to increase the private placement financing from $10 million
to approximately $16.25 million on the same terms. Approximately 17% of
the financing will be comprised of flow-through shares at a price of
$0.50 per share and the remainder will be non-flow through units at a
price of $0.45. Each non-flow through unit will consist of one common
share and one half warrant, with each whole warrant exercisable to
purchase one additional common share at a price of $0.60 for 18 months
from the closing of the financing, which is expected on or about
February 27, 2012. Fees may be payable on a portion of the financing.
The financing is subject to TSX Venture Exchange acceptance.
Proceeds from the financing will be used to continue to advance
exploration of Amarc's properties, including on-going delineation
drilling at the Newton gold discovery in south-central British
Columbia, and for general corporate and working capital purposes.
Delineation drill results from Newton continue to confirm an extensive
and robust gold system over an area that currently measures 900 metres
by 600 metres and is open to expansion in several directions. The age
and geological characteristics of the gold mineralization at Newton
demonstrate striking similarities to the mineralization at New Gold's
seven million ounce-plus bulk tonnage deposit at Blackwater located to
the north (New Gold news release February 2, 2012).
Amarc Executive Chairman Robert Dickinson said, "We are increasingly confident that ongoing drilling at Newton will
confirm this deposit as the next major gold discovery in BC's emerging
Blackwater-Newton gold belt."
About Amarc Resources Ltd.
Amarc is a Vancouver-based mineral exploration and development company
focused on making the next major gold discovery in BC. Its exploration
activities are focused on the Newton gold discovery through a Joint
Venture with Newton Gold Corp. (Amarc 80%: Newton Gold Corp. 20%) and
its 100% owned Galileo and Hubble properties.
Amarc is associated with Hunter Dickinson Inc. (HDI) - a diversified,
global mining group with a 25-year history of mineral development
success. Previous HDI projects in BC include Golden Bear, Mt. Milligan,
Kemess, Gibraltar, Prosperity and Harmony. From its head office in
Vancouver, Canada, HDI applies its unique strengths and capabilities to
acquire, develop, operate and monetize mineral properties to provide
consistently superior returns to shareholders.
Mark Rebagliati, P.Eng., a Qualified Person as defined under National
Instrument 43-101, is supervising the exploration and quality assurance
and quality control programs on behalf of Amarc and has reviewed the
technical content of this release.
ON BEHALF OF THE BOARD
Ronald W. Thiessen
President & CEO
Neither the TSX Venture Exchange nor any other regulatory authority
accepts responsibility for the adequacy or accuracy of this release.
Forward Looking and other Cautionary Information
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 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, continuity of
mineralization, uncertainties related to the ability to obtain
necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining
and natural resource exploration and exploitation, 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 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 continuous disclosure filings
that are available at www.sedar.com.
SOURCE Amarc Resources Ltd.
For further information:
For further details on Amarc Resources Ltd., please visit the Company's website at www.amarcresources.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114.