VANCOUVER, May 9 /CNW/ - Golden Harp Resources Inc. (GHR:TSXV) is pleased to announce that Mineral Mountain Resources Ltd. has
fulfilled all conditions and has met all terms to earn a 60% interest
in Block A of Golden Harp's Copper Hill Property at Shining Tree under
the option agreement originally entered into with Benton Resources
Corp. on June 1, 2009. Mineral Mountain assumed the rights under this
agreement from Benton in October, 2010.
The claims included under Block A represent 351 claim units of Golden
Harp's 855 claim units covering several historical gold occurrences
including the Cook Zone and the MC Zone. Under the terms of June 2009
option agreement, Benton had the right to earn a 60% interest in the
project by making cash payments totaling $75,000, issuing a total of
550,000 common shares of Benton to Golden Harp and making expenditures
totaling $2 million within three years.
Mineral Mountain has also given notice that it intends to acquire a
further 10% as permitted under the option agreement. Mineral Mountain
is required to make a cash payment of $50,000 and make expenditures on
the property of $1 million within 2 years from the date of notice to
earn the additional 10% in Block A.
Once Mineral Mountain has earned its 70% interest, the Block A property
will be subject to a joint venture agreement between Golden Harp and
Mineral Mountain, with Mineral Mountain as the initial operator.
Under a separate option agreement, Mineral Mountain continues toward
earning a 60% in the Main Block of Golden Harp's Copper Hill Property
(see news release dated August 31, 2010).
Statements contained in this news release that are not historical facts
are forward-looking statements, which are subject to a number of known
and unknown risks, uncertainness and other factors that may cause the
actual results to differ materially from those anticipated in the
forward looking statements. Although we believe that the expectations
in the forward-looking statements are reasonable, actual results may
vary, and future results, levels of activity, performance or
achievements cannot be guaranteed.
The information contained in the press release is a verbatim extract of
the press release issued by Mineral Mountain Resources Ltd. Although
Golden Harp believes the information included in the press release to
be generally reliable, the data has not been independently verified and
Golden Harp does not assume any liability for the accuracy or
completeness of such information.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE Golden Harp Resources Inc.
For further information:
| For further information about Golden Harp Resources Inc., please visit www.goldenharpresources.com or contact: |
| Seamus Young, President and CEO || Tel: 604-688-4277 |