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RJK Explorations Signs Earn-In Option on Altai Resources Shale Gas Permit at Sept - Iles, Quebec; Adds New Permits; Drill Rig is Located
KIRKLAND LAKE, ON, July 31 /CNW/ - RJK Explorations Ltd. (RJX.A: TSXV) ("RJK") announces that it ...
About this update from Rjk Explorations Ltd. Class A
[{"type":"text","content":"\n\n\n\nKIRKLAND LAKE, ON, July 31 /CNW/ - RJK Explorations Ltd. (RJX.A: TSXV)\n("RJK") announces that it has signed an Earn-In Option Agreement with Altai\nResources Inc. ("Altai") for a 100% interest in oil and gas Permit No.\n2008PG6988 totaling 24,042 hectares held by Altai at Sept Iles, on the Upper\nSt. Lawrence, Quebec. The Altai Earn-In Permit contains a well drilled in 1970\nthat hit gas and initially blew out the cement used to plug the hole. The gas\nwas analyzed at the time as being composed of 94.6% methane, 4.9% nitrogen,\n0.4% ethane and 0.04% oxygen.\n\n\nRJK also added an additional permit totaling 12,400 hectares tying on to\nthe west side of the current Sept - Iles permits and when all the RJK Sept -\nIles permits are combined, they cover the entire geological structure that RJK\nconsiders to be prospective for gas and oil. RJK also announces that it has\nacquired approximately 36,300 hectares in new permits at Havre - Saint -\nPierre in order to cover another potentially prospective geological structure.\n\n\nIn order to fulfill the terms of the Earn-In Option Agreement with Altai,\nRJK will issue 500,000 shares to Altai on signing, drill a minimum of 1200\nmeters and, if the results of this initial 1200 meters of drilling are\nsatisfactory to RJK, issue a further 500,000 shares of RJK to Altai. At that\npoint, RJK will have earned a 100% interest in the Altai Permit with Altai\nretaining a 15% Gross Royalty. The Agreement will remain subject to regulatory\napproval.\n\n\nRJK has located a drill rig capable of drilling to 2000 meters, drilling\npermits are currently being applied for and RJK has had ongoing communications\nwith the local government in Sept - Iles. It is RJK's intention to drill the\nfirst well as a twin to the 1970 gas well and expects to drill to the basement\nrocks for geological information to be used for further drilling.\n\n\nA new map showing the Altai Earn-In Permit area, the new RJK add-on\nPermit and the Havre - Saint - Pierre Permits is now available at the company\nweb site:\n\n\nForward Looking Statements: This news release contains certain\nforward-looking statements. These forward-looking statements are subject to a\nvariety of risks and uncertainties beyond RJK's ability to control or predict\nwhich could cause actual events or results to differ materially f...