MINERAL MOUNTAIN TO EARN 70% IN BLOCK A AT SHINING TREE

VANCOUVER, May 9 /CNW/ - Golden Harp Resources Inc. (GHR:TSXV) is pleased to announce that Mineral Mountain Resources Ltd. has fulfilled all conditions and has met all terms to earn a 60% interest in Block A of Golden Harp's Copper Hill Property at Shining Tree under the option agreement originally entered into with Benton Resources Corp. on June 1, 2009. Mineral Mountain assumed the rights under this agreement from Benton in October, 2010.

The claims included under Block A represent 351 claim units of Golden Harp's 855 claim units covering several historical gold occurrences including the Cook Zone and the MC Zone. Under the terms of June 2009 option agreement, Benton had the right to earn a 60% interest in the project by making cash payments totaling $75,000, issuing a total of 550,000 common shares of Benton to Golden Harp and making expenditures totaling $2 million within three years.

Mineral Mountain has also given notice that it intends to acquire a further 10% as permitted under the option agreement. Mineral Mountain is required to make a cash payment of $50,000 and make expenditures on the property of $1 million within 2 years from the date of notice to earn the additional 10% in Block A.

Once Mineral Mountain has earned its 70% interest, the Block A property will be subject to a joint venture agreement between Golden Harp and Mineral Mountain, with Mineral Mountain as the initial operator.

Under a separate option agreement, Mineral Mountain continues toward earning a 60% in the Main Block of Golden Harp's Copper Hill Property (see news release dated August 31, 2010).

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 the forward looking statements. Although we believe that the expectations in the forward-looking statements are reasonable, actual results may vary, and future results, levels of activity, performance or achievements cannot be guaranteed.

The information contained in the press release is a verbatim extract of the press release issued by Mineral Mountain Resources Ltd. Although Golden Harp believes the information included in the press release to be generally reliable, the data has not been independently verified and Golden Harp does not assume any liability for the accuracy or completeness of such information.

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.

SOURCE Golden Harp Resources Inc.

For further information:

For further information about Golden Harp Resources Inc., please visit www.goldenharpresources.com or contact:
Seamus Young, President and CEO Tel: 604-688-4277

Organization Profile

Golden Harp Resources Inc.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890