Blue River Resources Ltd. Acquires Highland Valley BC Property
09.02.2012 12:27:05 -
(live-PR.com) -
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/09/12 -- Blue River Resources Ltd. (TSX VENTURE:BXR) ("Blue River" or "the Company") announces that it has acquired a 100% interest in mining claims totaling approximately 800 hectares, directly adjacent to Teck Resources Ltd. Highland Valley Copper Mine property.
Highland Valley Copper is Canada's largest base metal mine, producing 335,000 tons of copper
concentrate and 3,500 of molybdenum concentrate per year. Teck Resources Ltd. recently announced a $475 million mill modernization program at the Highland Valley Mine and has extended the expected mine life to 2025.
Griffin Jones, President of Blue River Resources, states, "This acquisition expands Blue River's property holdings to another proven copper mining area in British Columbia. The Highland Property is located close to all required mining infrastructure and the property is readily accessible. We are currently formulating exploration plans for the Highland property in 2012, in addition to drilling the Company's Castle Copper Project this year."
Under the terms of the agreement, Blue River has agreed to issue 200,000 shares to the vendor upon approval by the TSX Venture Exchange and 100,000 shares every six months for a total of 500,000 shares. On closing, Blue River has also agreed to grant the vendor a 3% net smelter royalty, of which 2% can be purchased back by Blue River for $2.0 million. The closing of the acquisition is subject to certain conditions, including approval from the TSX Venture Exchange. Shares issued to the vendor will include a four month hold period as required in accordance with applicable securities laws.
Blue River Resources Ltd. holds a 100% interest in the Castle Copper Project, located 20 km north of Copper Mountain Mining and 3 km north of Sego Resources' Miner Mountain property.
ON BEHALF OF THE BOARD BLUE RIVER RESOURCES LTD.
Griffin Jones, President, Director
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.
Contacts:
Blue River Resources Ltd.
Griffin Jones
President, Director
(604) 682-7339
www.Blueriv.com
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/09/12 -- Blue River Resources Ltd. (TSX VENTURE:BXR) ("Blue River" or "the Company") announces that it has acquired a 100% interest in mining claims totaling approximately 800 hectares, directly adjacent to Teck Resources Ltd. Highland Valley Copper Mine property.
Highland Valley Copper is Canada's largest base metal mine, producing 335,000 tons of copper
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Griffin Jones, President of Blue River Resources, states, "This acquisition expands Blue River's property holdings to another proven copper mining area in British Columbia. The Highland Property is located close to all required mining infrastructure and the property is readily accessible. We are currently formulating exploration plans for the Highland property in 2012, in addition to drilling the Company's Castle Copper Project this year."
Under the terms of the agreement, Blue River has agreed to issue 200,000 shares to the vendor upon approval by the TSX Venture Exchange and 100,000 shares every six months for a total of 500,000 shares. On closing, Blue River has also agreed to grant the vendor a 3% net smelter royalty, of which 2% can be purchased back by Blue River for $2.0 million. The closing of the acquisition is subject to certain conditions, including approval from the TSX Venture Exchange. Shares issued to the vendor will include a four month hold period as required in accordance with applicable securities laws.
Blue River Resources Ltd. holds a 100% interest in the Castle Copper Project, located 20 km north of Copper Mountain Mining and 3 km north of Sego Resources' Miner Mountain property.
ON BEHALF OF THE BOARD BLUE RIVER RESOURCES LTD.
Griffin Jones, President, Director
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.
Contacts:
Blue River Resources Ltd.
Griffin Jones
President, Director
(604) 682-7339
www.Blueriv.com
