VANCOUVER, Jan. 18 /CNW/ - Amarc Resources Ltd. ("Amarc" or the
"Company") (TSX Venture: AHR; OTCBB: AXREF) has completed the $9.9
million private placement financing announced on December 23, 2010.
Approximately 13.9 million common shares have been issued, of which
some 42% are flow-through shares at a price of $0.80 per share and the
remainder are non-flow-through shares at a price of $0.65 per share.
All shares issued are subject to a four-month hold period under
applicable Canadian securities legislation. Insiders of the Company
have participated. A cash fee of up to 6% is payable with respect to a
portion of the financing.
"Amarc is well funded," said Robert A. Dickinson, Amarc Chairman.
"Proceeds from the $9.9 million financing will be used to advance
ongoing core drilling at the Newton bulk tonnage gold project and to
test compelling copper-molybdenum porphyry targets defined within the
Plateau Gold-Copper Belt."
A comprehensive 2010 surface exploration program at Newton, located in
south-central British Columbia (BC), defined an exceptional bulk
tonnage-type gold target covering some eight square kilometres. Within
this target zone, previous drilling in approximately two square
kilometres returned potentially ore-grade gold intercepts over broad
intervals, with other holes hosting wide intervals of gold grades
proximal to a potential cut-off grade (see Amarc news releases dated
November 30, 2010 and January 19, 2010). Two rigs are currently
drilling at Newton to establish the configuration and tenor of this
extensive potential bulk tonnage gold mineralized system. Amarc is
acquiring an 80% interest in the Newton property and is the operator of
In addition to its interests at Newton, Amarc holds a 100% interest in
approximately 3,000 square kilometres of mineral claims that comprise
the Plateau Gold-Copper Belt, extending to the north and south of the
Newton property. The Company believes the Plateau Gold-Copper Belt
holds excellent potential for the discovery of gold-copper porphyries
and epithermal gold deposits. Exploration activities in 2010 have
defined three compelling copper-molybdenum porphyry targets for drill
testing in 2011.
Amarc Resources Ltd. is a Vancouver-based exploration and development
company affiliated with Hunter Dickinson Inc. (HDI) - a diversified,
global mine development company with a 25-year history of mineral
development success. Previous HDI projects in BC include Golden Bear,
Mt. Milligan, Kemess, Gibraltar, Prosperity and Harmony. From its head
office in Vancouver, Canada, HDI applies its unique strengths and
capabilities to acquire, develop, operate and monetize mineral
properties to provide consistently superior returns to shareholders.
Mark Rebagliati, P.Eng., a Qualified Person as defined under National
Instrument 43-101, is supervising the exploration and quality assurance
and quality control programs on behalf of Amarc and has reviewed the
technical content of this release.
ON BEHALF OF THE BOARD
Ronald W. Thiessen
President & CEO
Neither the TSX Venture Exchange nor any other regulatory authority
accepts responsibility for the adequacy or accuracy of this release.
Forward Looking and other Cautionary Information
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts that address exploration drilling,
exploitation activities and other related events or developments are
forward-looking statements. Although the Company believes the
expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance and actual results or developments may differ materially
from those in the forward looking statements. Factors that could cause
actual results to differ materially from those in forward-looking
statements include market prices, exploration and exploitation
successes, continuity of mineralization, uncertainties related to the
ability to obtain necessary permits, licenses and title and delays due
to third party opposition, changes in government policies regarding
mining and natural resource exploration and exploitation, continued
availability of capital and financing, and general economic, market or
business conditions. Investors are cautioned that any such statements
are not guarantees of future performance and actual results or
developments may differ materially from those projected in the
forward-looking statements. For more information on Amarc Resources
Ltd., investors should review the Company's annual Form 20-F filing
with the United States Securities and Exchange Commission at www.sec.gov and its home jurisdiction filings that are available at www.sedar.com.
SOURCE Amarc Resources Ltd.
For further information:
For further details on Amarc Resources Ltd., please visit the Company's website at www.amarcresources.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114.