KIRKLAND LAKE, ON, Dec. 2 /CNW/ - RJK Explorations Ltd., (RJX.A: TSV) ("RJK") wishes to announce that it has entered into a property option agreement whereby RJK can acquire an undivided 100% interest in 18 claims covering 8,250 hectares in the prolific Nechako Plateau, called the "West Blackwater Gold Property." The West Blackwater Gold Property is located in central British Columbia, approximately 110 km by road southwest of Vanderhoof. The optioned claims lie to the west-southwest and are contiguous to the Blackwater Project of Richfield Ventures Corp. (RVC).
Investor interest in the Richfield Blackwater gold discovery has resulted in the blanket staking of the Nechako plateau area surrounding Richfield. This was triggered by a Richfield news release on Jan.5/2010 that announced -"The entire hole averaged 1.25 g/t Au over a sampled length of 329.2 metres from bedrock to the bottom of the hole." Recently, on Nov.23/2010, Richfield issued another news release with these drill results -"with 171 metres of 3.13 g/t Au, BW 91 is one of our best intersections to date and BW 90 extends the zone to the east, leaving it open in that direction."
RJK Explorations intends to conduct a heli-borne magnetic and electromagnetic survey on the West Blackwater Gold property in order to identify targets for follow-up exploration in the spring. It should be noted that the property lies within the mountain pine beetle affected area of central British Columbia, in which exploration expenses are eligible for an enhanced tax credit rate of 30 per cent.
To exercise the option on the West Blackwater Gold Property, the Company must make cash and share payments over a three year period totaling $255,000 cash ($55,000 on signing) 1,200,000 shares (500,000 on signing) $750,000 in work commitments ($250,000 in year one). The property is also subject to a 2% net smelter return royalty, of which 1% may be purchased from the vendor for $1,000,000.
Forward Looking Statements: This news release contains or refers to forward-looking information. All statements, other than statements of historical fact, that address activities, events or developments that RJK believes, expects or anticipates will or may occur in the future are forward-looking information. Such forward-looking information includes statements contained in this news release regarding discussions in respect of a potential acquisition and funding arrangement and RJK's expectations regarding same and the trading of its shares on the TSX Venture Exchange. This forward-looking information reflects the current expectations or beliefs of RJK based on information currently available to it. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of RJK to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, RJK. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to: the failure of RJK to enter into an agreement in respect of such arrangement; delays in obtaining or failure to obtain any required regulatory and/or shareholder approval; and other factors. Any forward-looking information speaks only as of the date on which it is made. Although RJK believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Neither 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.
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