SB: TSX Venture Exchange Issued: 42,484,168 shares
CALGARY, June 1 /CNW/ - Stratabound Minerals Corp. is pleased to announce
that it has entered into a three-year option agreement with Castle Resources
Ltd. whereby Castle can acquire a 60% interest in Stratabound's 100% owned
Elmtree Gold Property by:
- Spending $2,500,000 on drilling and exploration before June 1, 2012,
including a minimum of $750,000 in each of the first two years
- Paying Stratabound $100,000 and 200,000 shares of Castle upon signing
of the agreement, subject to regulatory approval
- Making additional payments of $50,000 to Stratabound on June 1, 2010
and June 1, 2011
Castle can acquire another 10% by paying Stratabound $1,000,000 within 90
days of earning the initial 60%.
Castle intends to fast-track exploration at Elmtree, beginning with a
substantial drilling program with the objective of significantly expanding the
Consisting of 85 claims (1,375 hectares, 3,400 acres) and situated near
the port city of Bathurst, New Brunswick, the Elmtree property contains at
least three gold-bearing zones, the higher grade West Gabbro Zone (WGZ),
original Discovery Zone (DZ) and the larger tonnage, lower grade South Gold
Zone (SGZ). The DZ and a portion of the SGZ contain significant stringer
mineralization with appreciable zinc-lead-antimony-gold-silver-indium values.
A National Instrument 43-101 mineral resource estimate was completed in
2008. The resource comprises 525,000 Indicated tonnes grading 2.45 g/t gold
(41,000 ounces gold) plus 4,624,000 Inferred tonnes at an average grade of
1.25 g/t gold (185,500 ounces gold), plus 41,000 Inferred tonnes containing
201,000 ounces of silver, 7.0 million lbs zinc and 2.4 million lbs lead.
Contained metals reported were in situ. Ten subsequent drill holes have not
been factored into the resource estimate.
The technical information contained in this release has been reviewed by
John Duncan, P.Geo. and Stan Stricker, P.Geol., Qualified Persons as defined
in NI 43-101.
Stratabound Minerals Corp. is a Canadian natural resource company
exploring and developing 100%-owned gold and base metal properties in eastern
Canada. It is currently focused on building a resource base in the
infrastructure-rich, world-class Bathurst Mining District of New Brunswick.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Certain information regarding the Company contained herein may constitute
forward looking statements. Forward looking statements may include estimates,
plans, expectations, opinions, forecasts, projections, guidance or other
statements that are not statements of fact. Although the Company believes that
the expectations reflected in such forward looking statements are reasonable,
it can give no assurance that such expectations will prove to have been
correct. These statements are subject to certain risks and uncertainties and
may be based on assumptions that could cause actual results to differ
materially from those anticipated or implied in the forward looking
statements. The Company is under no obligation to update or alter any forward
looking statement. These risks include operational and geological risks and
the ability of the Company to raise necessary funds for exploration. The
Company's forward looking statements are expressly qualified in their entirety
by this cautionary statement.
For further information:
For further information: Stan Stricker, P. Geol, President, (403)
258-3630, email@example.com, www.stratabound.com