VANCOUVER, June 19 /CNW/ - Logan Resources Ltd. (TSX-V:LGR) and
International KRL Resources Corp. (TSX-V:IRK) today announced that an option
agreement dated April 2, 2007 with Longview Capital Partners Incorporated has
been cancelled. The agreement granted Longview Capital an option to earn a 50%
interest in their jointly-owned Turn River uranium-nickel project in the Yukon
by spending $15 million in exploration expenditures over five years. Pursuant
to the option agreement (detailed in Sept. 18, 2007 news release), Longview
was required to expend $2 million on exploration before April 2, 2008 and did
not meet this commitment.
The Turn River project consists of 3,377 claims in twelve non-contiguous
blocks, covering an area of 706 km(2) (174,432 acres). The claims will remain
in good standing until 2009 - 2010. The property is located 95 km northeast of
Whitehorse and is serviced by the Canol Road. Significant nickel and uranium
silt stream sediment geochemical anomalies occur in the area. The elevated
nickel geochemical data is associated with ultramafic intrusive rocks.
Late in the 2007 field season, a helicopter magnetic and radiometric
survey totalling 3,157 line km was flown over the Turn River claim blocks on
behalf of It's Your Nickel Exploration Ltd. (a private company partially owned
by Longview Capital). Three high priority and 24 secondary priority
radiometric anomalies were identified with potential for uranium
mineralization. Numerous magnetic anomalies also warrant further exploration
for nickel mineralization. International KRL and Logan Resources plan to seek
a joint venture partner to further explore the Turn River Property.
Peter T. George, P.Geo., Consulting Geologist is the Qualified Person as
per NI43-101, responsible for the technical information contained herein.
Logan Resources Ltd. and International KRL Resources Corp. are mineral
exploration companies engaged in the acquisition, exploration and advancement
of Canadian mineral properties. For further information on the Companies'
diversified exploration property portfolio, please visit
www.loganresources.ca, www.krl.net, www.sedar.com and www.sec.gov websites.
Statements contained in this news release that are not historical facts
are forward-looking statements, which are subject to a number of known and
unknown risks, uncertainness and other factors that may cause the actual
results to differ materially from those anticipated in our forward looking
statements. Although we believe that the expectations in our forward looking
statements are reasonable, actual results may vary, and we cannot guarantee
future results, levels of activity, performance or achievements.
The TSX Venture Exchange has neither approved nor disapproved the
information contained herein.
For further information:
For further information: Earl Hope, Investor Relations, (604) 689-0299 x
232; Seamus Young, President and CEO, (604) 689-0299 x223