Tinka signs option to acquire gold exploration licences in Victoria, Australia

    (TSXv-TK; Frankfurt-TLD (WKN A0B 884); Pinksheets-TKRFF)

    VANCOUVER, June 6 /CNW/ - Mr. Andrew Carter, President, is pleased to
announce that the Company has entered into a Heads of Agreement ("HOA") with
an arm's length private company, that provides Tinka with the right to acquire
an initial 49% and the right but not the obligation, to acquire the remaining
interest in four mineral exploration claims located in north-eastern Victoria,
Australia (the "Strathbogie South Project"). The Strathbogie South Project
claims total approximately 960 square kilometres, situated 150 kilometres to
the north-east of Melbourne, the capital of Victoria.
    The goldfields of central Victoria are the second largest in Australia
with regard to historic production. Victoria is famous for quartz
reef-associated vein mineralization, including the active mining centres of
Bendigo, Ballarat and Stawell. Gold exploration has seen a strong recent
resurgence, following the discovery of extensive sediment hosted gold
mineralization, including the Fosterville (2.5M oz gold resource) and Nagambie
deposits, and the recent discovery of buried mineralization at Lockwood.
    Sediment hosted gold mineralization was not historically identified, due
to the lack of quartz and the fine grained nature of the gold. Gold
mineralization is disseminated within sandstone and siltstone, grade is well
distributed, and mineralization is associated with pyrite and arsenopyrite and
therefore provides a geophysical target. Mineralization is believed associated
with the Devonian age Strathbogie Granite, and is developed around contacts,
cupolas and major structures that link the granite with the overlying sediment
    The Strathbogie South Project covers the southern boundary of the
Strathbogie Granite where mineralization is developed within a
sandstone-bearing sedimentary sequence at the contact of the granite. Numerous
historic small scale workings are recorded within the claims, including the
extensive Merton and Yea goldfields. An example of the potential of the claim
at Yea is indicated by historic records which include a drill intersection of
18m grading 2.75 g/t gold. Historic production is estimated in excess of
500,000 oz of gold from alluvial and hard rock workings within the Strathbogie
South Project area.
    Mr. Carter said: "For the last few years Tinka has focused its
exploration activities in Peru where the Company's Colquipucro silver project,
in particular, shows great promise. We have also been looking at select
opportunities in other countries. We believe that the addition of the
Strathbogie South Gold Project in Australia provides country diversification
as well as a rare opportunity to work on an important project in the famous
goldfields of Victoria. The project area is nearly 1000 square kilometres in
size and contains sediment hosted gold mineralization that was overlooked
historically by the many gold miners active in the region. We believe this to
be an important addition to our property portfolio."
    The Company shall collate all of the historic work undertaken within the
areas and undertake a detailed stream sediment geochemical survey of the
licence areas. Targets identified will be subjected to detailed geological
mapping and sampling and will be advanced to the initial drill stage as soon
as possible.
    Pursuant to the terms of the HOA, the Company may earn 49% interest in
the Claims by making one cash payment of C$6,000 on signing of the HOA and
issuing 200,000 common shares upon TSX Venture Exchange acceptance and a
further 300,000 common shares on the first anniversary of the HOA. The Company
must also incur a total minimum expenditure of C$400,000 within the one-year
option period, including a minimum of C$150,000 expenditure on two of the
licences known as Merton and Yea. The Company will have the option, but not
the obligation, to acquire the remaining 51% interest in the Claims once the
Company has fulfilled all its obligations under the one-year option period of
the HOA. The Company will pay a bonus of 500,000 common shares of the Company
should the Company define a gold resource within the Claims in excess of
1,000,000 ounces of gold in the proven or probable category as defined in the
JORC code. The vendor will also retain a 1% NSR on any production from the
Claims which the Company has the exclusive right to purchase for C$1,000,000.

    On behalf of the Board,

    "Andrew Carter"
    Andrew Carter, President & CEO

    Forward Looking Statements. This Company news release contains certain
"forward-looking" statements and information relating to the Company that are
based on the beliefs of the Company's management as well as assumptions made
by and information currently available to the Company's management. Such
statements reflect the current risks, uncertainties and assumptions related to
certain factors including, without limitations, competitive factors, general
economic conditions, customer relations, relationships with vendors and
strategic partners, the interest rate environment, governmental regulation and
supervision, seasonality, technological change, changes in industry practices,
and one-time events. Should any one or more of these risks or uncertainties
materialize, or should any underlying assumptions prove incorrect, actual
results may vary materially from those described herein. Neither the TSX
Venture Exchange nor the Frankfurt Deutsche Bvrse have reviewed the
information contained herein, and, therefore, do not accept responsibility for
the adequacy or accuracy of this release.

For further information:

For further information: Investor information contact: Nick L. Nicolaas
at (604) 657-4058 or email: nick@mininginteractive.com, website:

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