TSX-V: SGZ
VANCOUVER, July 19 /CNW/ - Sego Resources Inc. announces that subject to regulatory approval, the Company has acquired a porphyry copper/gold/palladium property, the Miner Mountain project, optioned from the Messers Hopper, Brandys, and Omega Exploration Services. The property lies immediately NNE of Princeton, BC in the prolific porphyry copper camp that runs from Copper Mountain (approximately 50 years of open pit production) along the Allison Fault to Aspen Grove, BC. The project is approximately 15 km northeast of the former producing Copper Mountain Mine and is within the Traditional Territory of the Upper Similkameen Indian Band.
A Review and Recommendations Report has been received from Ronald Nethery, P.Eng., a Qualified Person, within which he states: "the aforementioned claims are essentially drift covered and offer good exploration potential due to the fact that they both border known mineralization." The claims mentioned are a part of the Miner Mountain Project. He continues, "The mineral claims, owned by Hopper on the south side of the project area, are seen to be structurally prepared, as is evidenced by the frequency of quartz veinlets, some of which are copper-gold bearing and offer exploration targets." In his summary he states, "The object of the exploration search on the property could lead to the discovery of a large zone of copper-gold (palladium) mineralization that may be conducive to open pit mining."
The agreement entails staged payments of a total of $165,000.00 and 300,000 shares with a further 300,000 shares due upon the preparation of a positive feasibility study on the property. The property is subject to a 3% NSR of which 1.5% can be purchased for $1,500,000.00. This agreement is subject to regulatory approval.
J. Paul Stevenson, CEO
Sego Resources Inc.
"No regulatory authority has approved or disapproved the information contained in this news release. This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statement of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, statements are not guarantees of future performance and actual results or developments may differ materially from 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, continued availability of capital and financing, general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements."