Jul. 14, 2011 (TheNewswire.ca) --
July 14, 2011 - Great Bear Resources Ltd. (OOTC:GTBDF) (TSXV:GBR) ("Great Bear") and Ansell Capital (TSXV:ACP) (OOTC:ANCCF) Corp. ("Ansell") are pleased to announce that they have entered into a letter of intent pursuant to which Ansell has granted Great Bear the right to acquire a 65% interest in and to 50 mineral claims comprising the "Etzel" property located in the Yukon.
In order to acquire a 65% interest in and to the Etzel claims, Great Bear must pay Ansell the sum of $500,000 in five (5) annual installments of $100,000 each of which $100,000 is payable on Exchange acceptance of the terms of the agreement and the remainder is payable in annual installments of $100,000 each and every 12 months thereafter; issue 2,500,000 shares of Great Bear to Ansell in five (5) installments at 500,000 each of which 500,000 shares are due to be issued on Exchange acceptance and thereafter 500,000 shares must be issued every 12 months thereafter until the total share consideration has been paid; and complete work programs in the aggregate amount of $9,750,000 on the Etzel claims of which $750,000 is to be completed within 12 months of Exchange acceptance; an additional $1,500,000 within 24 months thereafter, an additional $2,000,000 within 36 months thereafter, an additional $2,500,000 within 48 months thereafter and an additional $3,000,000 within 60 months of Exchange acceptance of the terms of the agreement.
The due dates for the completion of the work programs will be delayed for a period of one year if permits and weather conditions prohibited Great Bear from completing its first annual program.
Following payment of the cash, shares and completion of the work programs, Great Bear will have acquired a 65% interest in and to the Etzel property.
Etzel Property
The Etzel Property comprises 50 mining claims, strategically located in the prolific Tintina belt. The claims are immediately to the north of, and contiguous with, Ansell's Charlotte Property. In addition, the claims are contiguous with, and directly along strike from, Rockhaven Resources (TSXV:RK) (OOTC:RKHNF) ' Klaza Property. According to published information on Rockhaven's website, strong gold-in-soil anomalies trend directly from the Klaza of property on to the Etzel claims.
On Ansell's adjacent Charlotte property, gold mineralization is typically found in northwest trending quartz-sulphide veins, steeply plunging quartz-sulphide rich breccia bodies and east-west trending quartz-vein stockwork zones with locally intensive clay alteration. These zones are spatially related to the central Mount Nansen porphyry complex, and associated Late Cretaceous stocks and dykes. A similar geological setting is interpreted for the Etzel claims.
The terms of the earn-in are subject to settlement of a definitive agreement and Exchange approval.
The terms agreed to by and between Great Bear and Ansell follow Ansell's acquisition of the Etzel claims which closed on July 11th, 2011. The terms of Ansell's acquisition were announced by Ansell in its news release of June 24, 2011.
Chris Healey, P. Geo, a Director of Ansell, is the Qualified Person, as defined in NI 43-101, and is responsible for the preparation of the technical information contained in this News Release.
------------------------------------------------------ | | | | |On behalf of the Board of Directors | | | | | | | |Jevin Werbes, President | |Ansell Capital Corp. | | | |----------------------------------------------------| |For further information, please visit the website at| |www.sedar.com to view the | |Company’s profile or | |contact Jevin Werbes at 604-921-1810. | | | ------------------------------------------------------
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