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VANCOUVER, B.C. - Tower Resources Ltd. is pleased to announce it has entered into an option agreement with RebelEX Resources Corp., dated October 18, 2011, to acquire up to a 100% (subject to a 2% NSR) interest in the historic Waterloo silver - gold property, located near Vernon, British Columbia.
The Waterloo Property consists of 3130 ha located in the historic Lightning Peak silver and gold camp in the Vernon Mining District. The property is host to numerous high grade silver and gold showings exposed over an area of 3.5 by 0.7 kilometers. Central to the property is the historic Waterloo Mine that has seen sporadic production of high-grade silver with gold since 1903, resulting in numerous shipments of ore to the Trail, BC smelter in 1954, 1967 and 1983. The Waterloo Mine is centered on a structurally controlled easterly striking zone (Waterloo structure) of high grade silver, lead and zinc mineralization associated with quartz and carbonate vein material. This zone is apparently mineralized along its mined length (550 meters in the #4 adit) including numerous higher grade sections. Previous operators on the property speculate that this structure extends below thick cover, with a total strike length of up to 2 kilometers. The structure has never been systematically drill tested over its proposed length or at depth. Gold dominant showings (e.g., the AU showing located 550 meters north of Waterloo Mine) are hosted in north trending sulphide and quartz veins with associated iron carbonate wallrock alteration
President & CEO Mark Vanry comments, "Tower is very excited to add the Waterloo property to its BC portfolio. We believe the historic Waterloo Mine and surrounding optioned claims have the potential to host high grade silver mineralization similar to that which has been mined in the area for over 100 years."
Under the option agreement dated October 18, 2011, Tower may earn an initial 75% interest in the properties by making cash payments of $70,000 and issuing 400,000 common shares to RebelEX, in addition to funding aggregate exploration expenditures of $2,000,000 over a 41-month period. The Company also has an exclusive right and option to earn an additional 25% interest in the properties (for an aggregate of 100%, subject to a 2% NSR) by funding and delivering a Feasibility Study.
Tower expects to soon receive assay results from 39 samples taken during RebelEX's 2011 summer field program which focused on silver and gold showings surrounding the historic Waterloo Mine.
Technical information contained in this release is historical in nature and has been compiled from sources believed to be accurate.
The technical content of this news release has been reviewed and approved by Kenneth Thorsen, BSc, P.Eng, a consultant of the company and qualified person for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Properties of the Canadian Securities Administrators.
Tower Resources Ltd.
Mark Vanry - Director, CEO & President
(604) 558-2565
mvanry@towerresources.ca
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statement Caution
This news release contains certain "forward-looking statements", as defined in the United States Private Securities Litigation Reform Act of 1995, and within the meaning of Canadian securities legislation. Such statements include, without limitation, statements regarding the proposed use of proceeds and anticipated date of closing. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change, except as required by law. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include, the Company's inability to secure subscriptions from investors to complete the proposed financing in whole or in part, a management decision to change the use of proceeds based on changing circumstances, the volatility of metals prices, volatility in the market for the Company's securities and market for equities generally, and other risks associated with mineral exploration. The reader is urged to refer to the Company's public disclosure which is available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.
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