/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, June 22 /CNW/ - CMQ Resources Inc. (TSXV: NV) ("CMQ") is pleased
to announce that the Exploration Agreement with Option to Form a Joint Venture
("the Agreement") has been finalized between Montezuma Mines Inc.
("Montezuma"), a subsidiary of CMQ Resources Inc., and C3 Resources Inc.
("C3") on C3's North Sleeper gold exploration project. This exploration
agreement replaces the letter of intent announced April 21, 2009.
The North Sleeper property is located 2 miles north of the Sleeper
Deposit in Humboldt County, Nevada, within the western part of the Northern
Nevada Rift. The project consists of 52 lode mining claims covering 1.5 square
The target at the North Sleeper property is a low sulfidation, bonanza
gold-silver vein target enveloped by bulk-tonnage, low-grade disseminated ore
covered by alluvial gravels.
The Sleeper deposit produced 1,685,500 ounces of gold and 2,334,400
ounces of silver from high-grade veins and lower grade stockwork and breccia
ores. Ninety percent of the ore mined was hosted by the Sleeper Rhyolite, a
volcanic unit that is covered by alluvial gravels. At the present time XCal
Resources Ltd. is evaluating a renewed geological interpretation. Published
geological maps and publicly available data strongly suggest that the
favorable mine stratigraphy and structure trends northeastward from the
Sleeper pit onto the North Sleeper property. Specifically, the gold-silver
veins of the original Sleeper mine, a prominent magnetic low, and Landsat TM
lineaments all trend towards the North Sleeper, which is covered by alluvial
gravels along the western range front. A magnetic anomaly and two resistivity
anomalies are known to occur on the North Sleeper property.
CMQ may earn up to a 55% joint venture interest in certain mining claims
controlled by C3, located in Humboldt County, Nevada (the "North Sleeper
Claims"), by spending a total of USD$3,000,000 on certain exploration
expenditures over a six-year period. CMQ is committed to expend a minimum of
USD$50,000 in the first year. Any additional amounts are at the election of
CMQ but no interest is earned until the entire USD$3,000,000 is expended. CMQ
may also elect, in due course, to earn an additional 10% interest in the North
Sleeper Claims by funding the cost of a feasibility study in respect thereof.
The operator, following completion of a feasibility study, may elect to earn
an additional 5% by arranging financing at its expense for the project through
to commercial production. Alternatively, CMQ and C3 may form a Joint Venture
to further explore the project.
CMQ currently has 6,534,670 Common Shares issued and outstanding. CMQ's
website is located at www.cmqresources.com.
John Hogg, CEO, CMQ Resources Inc., is the qualified person, as defined
by National Instrument 43-101, who has reviewed and verified the data
disclosed in this press release.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
This press release contains certain forward-looking statements and
forward-looking information (collectively referred to herein as
"forward-looking statements") within the meaning of Canadian securities laws
regarding the drilling and potential of the North Sleeper Property. Undue
reliance should not be placed on forward-looking statements, which are
inherently uncertain. There can be no assurance that the plans, intentions or
expectations upon which forward-looking statements are based will in fact be
realized. Forward-looking statements are based on management's current beliefs
as well as assumptions made by, and information currently available to,
management. Though management considers these assumptions to be reasonable
based on information currently available to it, they may prove to be
incorrect. The forward-looking statements contained in this press release are
made as of the date hereof and CMQ does not undertake any obligation to update
publicly or to revise any of the included forward-looking statements, except
as required by applicable law.
For further information:
For further information: John Hogg, Chief Executive Officer, CMQ
Resources Inc., Tel: (775) 778-3693, E-mail firstname.lastname@example.org