Jun. 14, 2010 (TheNewswire.ca) --
Chai Cha Na Mining Inc. ("CNN" or "Chai Cha Na" or the "Company") is pleased to announce that by way of an agreement dated June 8, 2010, Strategic Metals Ltd. (TSXV:SMD) (TSX-V: SMD) granted CNN an option to acquire a 50% interest in the Hartless Joe & Byng properties located in east central Yukon Territory, Canada. The Byng project is comprised of 20 mineral claims and the Hartless Joe project is comprised of 48 mineral claims totaling 1440 hectares (or acres). The Hartless Joe & Byng claim blocks of the Hartless Joe property are located 28 kilometers and 44 kilometers northeast of the capital city of Whitehorse, respectively. Chai Cha Na can exercise the option by paying Strategic $150,000 by January 31, 2012, and by incurring expenditures of $1,000,000 by Jan 31, 2013.
Following the "Company's" excerise of the option, Chai Cha Na & Strategic will advance the project as a 50/50 joint venture. One mineral claim forming part of the Hartless Joe project is subject to a 2% net smelter return royalty held by an arms length third party to Strategic Metals. One-half the royalty interest may be purchased at any time by the joint ventures participants for $2,000,000.
"The Company is excited to begin working with the Strategic Metals group as they are well versed with exploration and development in the hot Yukon territory. The Hartless Joe & Byng properties were carefully selected from the Strategic stable of properties for it's upside potential & Yukon location. Previous grab sampling from mineralized veins conducted by ATAC Resources (TSXV:ATC) in 2004 returned grades to 251 g/t gold and between 13.5 to 4540 g/t silver," commented Fred Fisher, President & CEO of Chai Cha Na
Chai Cha Na will conduct a Phase I summer exploration program consisting of additional geochem sampling, geophysics and possibly diamond drilling as recommended in a 43-101 technical report completed in October 2008 and authored by W.A. Wengzynowski, P.Eng of Archer, Cathro & Associates.
Future exploration programs will be based on the results of the Phase I program. The Hartless Joe/Byng property will be Chai Cha Na's key focus moving forward.
For more information contact:
Fred Fisher, President/CEO
Tel (905) 624-2266
Email: info@chaichanamining.com
Website at: www.cnnmining.com
Signed,
CHAI CHA NA MINING INC.
"Fred Fisher"
Fred Fisher,
President & C.E.O.
The Canadian National Stock Exchange (CNSX) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this document.
NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. PERSONS
Forward-Looking Information:
This release may include certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve or resource potential, exploration drilling, exploitation activities and events or developments that Chai Cha Na Mining (CNQ:CNN) (the "Company") expects to occur, are forward-looking statements. Such statements are identified in this release by the use of words such as "will" and "expected" as well as the use of the future or conditional tense. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
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