TORONTO, July 10 /CNW/ - Silk Road Resources Ltd. (TSXV-SIL)(the
"Company" or "Silk Road") is pleased to announce that it has completed its due
diligence and has entered into definitive option agreements in respect of
three contiguous exploration properties located in Wabikoba Lake, Thunder Bay,
which is located approximately 15 km northeast of Hemlo, Ontario. Pursuant to
the terms of the option agreements, the Company has agreed to pay an aggregate
of $120,000 in cash and issue, in the aggregate, 750,000 common shares of the
Company, in accordance with annual payment schedules ending on or before the
third anniversary date of the execution of the definitive option agreements.
Additionally, the Company has granted the Optionors a 2% net smelter royalty
Mr. Barry Price, QP, and Mr. David Bell, Chairman of the Company visited
the properties and reviewed the historic exploration results as well as recent
work carried out which have returned favourable Ni-Cu-Ag assays in contact
with an gabbro intrusive which appears to cross the property east-west for
approximately four kilometres. This is an early stage exploration target and
will require trenching and sampling to better define drill targets.
David R. Bell, Chairman of the Company has had extensive experience in
the Hemlo region earning him the Prospector of the Year award (1982) in
recognition of his discoveries in the Hemlo Gold Camp, Ontario.
The common shares issued to the Optionors pursuant to the terms of the
option agreements will subject to a hold period expiring November 10, 2008.
Forward Looking Statements
Certain information regarding the Company set forth in this press
release, including management's assessment of the Company's future plans and
operations contains forward looking statements that involve substantial known
and unknown risks and uncertainties. These forward looking statements are
subject to numerous risks and uncertainties, some of which are beyond the
Company's and management's control, including but not limited to, the impact
of general economic conditions, industry conditions, fluctuation of commodity
prices, fluctuation of foreign exchange rates, imperfection of reserve
estimates, environmental risks, industry competition, availability of
qualified personnel and management, stock market volatility, timely and cost
effective access to sufficient capital from internal and external sources. The
Company's actual results, performance or achievement could differ materially
from those expressed in or implied by, these forward looking statements and
accordingly, no assurance can be given that any of the events anticipated to
occur or transpire from the forward looking statements will provide any
benefits to the Company.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this press release.
For further information:
For further information: Silk Road Resources Ltd., David R. Bell,
Chairman, Telephone: (416) 363-4280