VANCOUVER, Aug. 18 /CNW/ - Bearclaw Capital Corp. (TSX VENTURE:BRL)
("Bearclaw" or the "Company").
The Company has signed an Option to Purchase Agreement with Ruby Red
Resources Corp (RRX-TSX-V) whereby Bearclaw can acquire up to an 80%
interest in Ruby Reds' Lov property, which is located in Southeastern
British Columbia, approximately 30 km West of Cranbrook, B.C.
The Lov Property consists of 197 claim units and covers Lower Cambrian
sediments intruded by Cretaceous granite intrusions. Prior work
identified a 2.5 kilometer long molybdenum copper soil anomaly within
which is a tungsten, arsenic, bismuth anomaly. In addition, a more
linear gold soil anomaly crosses the property. The geology and
geochemistry are indicative of skarn type potential. An aggressive
exploration program is planned for this year.
Bearclaw is pleased to have acquired these prospective claims in this
area. Phase One will comprise follow-up geochemistry and mapping to
better determine mode and extent of mineralization and will also
include airborne or ground EM and MAG surveying in order to define
conductive targets for diamond drilling.
Under the terms of the Option Agreement, Bearclaw can acquire an initial
65% interest in the Lov property by making cash payments of $90,000.00,
issuing 800,000 shares, and incurring $1,190,000.00 in exploration
expenditures over a 39 month period. Bearclaw is not required to make
any initial cash payments but will issue 200,000 common shares of the
Company to Ruby Red, and incur $390,000 in exploration expenditures over
the next 18 months. Bearclaw has a further option to increase its
interest to 80% by delivering to the owner a Positive Pre-Feasibility
Study, making an additional $50,000 cash payment to the owner, and
issuing an additional 200,000 Common Shares to the owner.
Mr. Doug Anderson P.Eng is the qualified person as defined by National
Instrument 43-101 and supervised the preparation of the technical
information in this release.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
About Bearclaw Capital Corporation
Bearclaw Capital Corporation is a Canadian public mining exploration
company which was incorporated in British Columbia, Canada in 1999. The
Company has several significant copper-gold-silver properties that are,
will be, or have been, optioned or joint ventured. Bearclaw Capital
trades under the symbol "BRL" on the Toronto Venture Exchange (TSX-V).
SOURCE BEARCLAW CAPITAL CORPORATION
For further information: For further information:
Bearclaw Capital Corporation
Scott M. Ross
214-3540 West 41st Avenue
Vancouver, British Columbia, V6N 3E6
Telephone: (604)-682-2201 or (604) 803-4883