Sep. 14, 2010 (Filing Services Canada) -- Champlain Resources Inc. (CPL.H - TSX Venture), ("Champlain" or the "Corporation"), listed on the TSX Venture NEX Exchange (the "Exchange") under the trading symbol "CPL.H", is pleased to announce it has finalized its change of business transaction with Boxxer Gold Corp. ("Boxxer") with respect to the Gordon Lake property (the "COB") previously announced on September 16, 2009 and February 9, 2010.
Acceptance of the COB by the Exchange remains conditional upon the Corporation filing all Post-Approval Documents (as defined under Exchange Policy 5.2) with the Exchange.
Champlain and Boxxer have entered into a formal Earn-in Option Agreement with respect to the COB, the principal terms and conditions of which are summarized below:
(a) Champlain has the option to earn a 55% interest in the Gordon Lake Gold Project over a three year period;
(b) In year one, Champlain will make a cash payment to Boxxer of $50,000, issue to Boxxer 250,000 common shares of Champlain and commit to spend a minimum of $200,000 of exploration expenditures on the property within such year;
(c) In year two, Champlain will make a cash payment to Boxxer of $25,000, issue to Boxxer 500,000 common shares of Champlain and commit to spend a minimum of $800,000 of exploration expenditures on the property within such year; and
(d) In year three, Champlain will make a cash payment to Boxxer of $25,000, issue to Boxxer 500,000 common shares of Champlain and commit to spend a minimum of $1,000,000 of exploration expenditures on the property within such year.
The Earn-in Option Agreement does not allow for any partial earning of interest.
"Finalizing the Gordon Lake transaction is a significant and positive step forward in transitioning Champlain into a Canadian focused gold exploration company" commented Mr. Troy Mochoruk, President & CEO. "In additional to Gordon Lake, we are also actively pursing additional gold exploration properties with a focus towards projects in Canada in order to diversify risk and to add additional opportunities for the Corporation."
About Gordon Lake
The Gordon Lake Property is host to a minimum of seven (7) auriferous quartz veins which have been documented to extend over a 2 km strike length.
Historically 59 mineralized diamond drill holes, which includes the following:
* 19.40 g/t over 7.40 metres
* 21.00 g/t over 7.20 metres
* 34.10 g/t over 4.80 metres
* 11.30 g/t over 6.45 metres
Historical drilling on the property has identified three discrete zones, the Main, South and Union. The South Zone contains the most prolific intersections to date but all three zones have encouraging intersections. For example, the drilling in 1988 on the South Zone pierced three mineralized lenses ranging in grade from 14.1 g/t to 145 g/t Au over widths are ranging from 0.9 meters to 4.2 meters.
Follow-up drilling during the 2005 campaign intersected such grades and widths as 4.12 g/t Au across 1.45 meters in the Main Zone, 5.6g/t Au across 6.65 meters and 20.35 g/t Au across 2.7 meters in the South Zone and 3.42 g/t Au across 5.37 meters in the Union Zone.
There are numerous other quartz veins occurring as surface targets which have not yet had any extensive exploration. A program is being planned to channel sample and geophysically survey the relatively unexplored quartz veins on the Gordon Lake Property in order to organize for a drill program in 2010.
For further information contact:
Mr. Troy Mochoruk
Chairman & CEO:
#1614, 246 Stewart Green SW
Calgary, AB T3H 3C8
Tel: (403) 618-8989
www.champlainresources.com
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Source: Champlain Resources Inc. (CPL.H - TSX-V)
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