KIRKLAND LAKE, ON, July 31 /CNW/ - RJK Explorations Ltd. (RJX.A: TSXV)
("RJK") announces that it has signed an Earn-In Option Agreement with Altai
Resources Inc. ("Altai") for a 100% interest in oil and gas Permit No.
2008PG6988 totaling 24,042 hectares held by Altai at Sept Iles, on the Upper
St. Lawrence, Quebec. The Altai Earn-In Permit contains a well drilled in 1970
that hit gas and initially blew out the cement used to plug the hole. The gas
was analyzed at the time as being composed of 94.6% methane, 4.9% nitrogen,
0.4% ethane and 0.04% oxygen.
RJK also added an additional permit totaling 12,400 hectares tying on to
the west side of the current Sept - Iles permits and when all the RJK Sept -
Iles permits are combined, they cover the entire geological structure that RJK
considers to be prospective for gas and oil. RJK also announces that it has
acquired approximately 36,300 hectares in new permits at Havre - Saint -
Pierre in order to cover another potentially prospective geological structure.
In order to fulfill the terms of the Earn-In Option Agreement with Altai,
RJK will issue 500,000 shares to Altai on signing, drill a minimum of 1200
meters and, if the results of this initial 1200 meters of drilling are
satisfactory to RJK, issue a further 500,000 shares of RJK to Altai. At that
point, RJK will have earned a 100% interest in the Altai Permit with Altai
retaining a 15% Gross Royalty. The Agreement will remain subject to regulatory
RJK has located a drill rig capable of drilling to 2000 meters, drilling
permits are currently being applied for and RJK has had ongoing communications
with the local government in Sept - Iles. It is RJK's intention to drill the
first well as a twin to the 1970 gas well and expects to drill to the basement
rocks for geological information to be used for further drilling.
A new map showing the Altai Earn-In Permit area, the new RJK add-on
Permit and the Havre - Saint - Pierre Permits is now available at the company
Forward Looking Statements: This news release contains certain
forward-looking statements. These forward-looking statements are subject to a
variety of risks and uncertainties beyond RJK's ability to control or predict
which could cause actual events or results to differ materially from those
anticipated in such forward-looking statements. Although RJK believes that the
assumptions inherent in the forward-looking statements are reasonable, undue
reliance should not be placed on these forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept the
responsibility for the adequacy or accuracy of this release.
Web Site: http://www.rjkexplorations.com
For further information:
For further information: Glenn Kasner, President, Telephone: (705)
567-5351, Mobile: (705) 568-7567, E-Mail: firstname.lastname@example.org