TORONTO, Oct. 30 /CNW/ - Volta Resources Inc. ("Volta" or the "Company") (TSX: VTR) announced today that it has signed an earn-in agreement with ACC Resources ("ACC"), a private company with a registered subsidiary in Burkina Faso, whereby ACC must spend a minimum of $350,000 over three years in order to earn a 100% interest in Volta's Bansié property, subject to a royalty. Volta has the option to choose a $0.65 per tonne royalty or a 2% NSR royalty upon any future production from the Bansié permit.
The Bansié property was the subject of an exploration program, carried out by Volta Resources in September of 2008. The Company found that there was continuity of gold mineralization along a structure over the 1 km strike extent tested (Please see Volta release dated October 17, 2008). Recognizing that the strike potential within Bansié's boundaries is limited (see figure No. 1), as well as that the mineralization extends predominantly onto ACC's contiguous Dossi property, the Company believes that the maximum potential will be achieved by having the package explored as a whole.
ACC has identified multiple gold exploration targets on its Dossi permit. Bansié contains an extension of ACC's most advanced target, the Dossi Zone 1 discovery. Zone 1, which will include Bansié, is being explored by an additional 8,000 meters of RC drilling and 4,000 meters of diamond core drilling in November and December.
Kevin Bullock, Volta's President & CEO stated, "We are happy to have ACC advance exploration on the Bansié property within the larger context of their ongoing exploration program at Dossi. This fulfills our strategy to rationalize our current property portfolio and allow Volta to concentrate on aggressively exploring and developing our more advanced projects."
The transaction is conditional upon receipt of regulatory approvals including the approval of the Toronto Stock Exchange.
Under the guidelines of National Instrument 43-101, the qualified person for the Bansié project is Mr. Guy Franceschi, Vice President, Exploration for Volta Resources Inc. Mr. Franceschi is a member of the European Federation of Geologists and has reviewed and approved the contents of this news release.
Volta is a mineral exploration company primarily focused on becoming a leader in the identification, acquisition and exploration of gold properties in West Africa. The Company is committed to West African exploration and is Canadian-based with its head office in Toronto, Ontario and operations offices in Accra, Ghana and Ouagadougou, Burkina Faso.
Forward Looking Information Caution:
This press release presents "forward-looking statements" within the meaning of Canadian securities legislation that involve inherent risks and uncertainties. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold and other minerals and metals, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the capital expenditures, costs and timing of the resources, the realization of mineral reserve estimates, the capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Volta to be materially different from those expressed or implied by such forward looking statements, including but not limited to: risks related to international operations, risks related to the integration of acquisitions; risks related to joint venture operations; actual results of current exploration activities; actual results of current or future reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold and other minerals and metals; possible variations in ore reserves, grade or recovery rates; failure of equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the management and officers of Volta believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Volta Resources does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
To view Figure 1 please visit the following URL:
SOURCE Volta Resources Inc.
For further information: For further information: please refer to our website www.Voltaresources.com or contact: Kevin Bullock, P.Eng., President & CEO, Tel: (647) 388-1842, Fax: (416) 867-2298, Email: email@example.com