VANCOUVER, Sept. 18 /CNW/ - International KRL Resources Corp. (TSXV:IRK) and Logan Resources Ltd. (TSXV:LGR) are pleased to announce that they have signed an agreement with Longview Capital Partners Incorporated (TSXV:LV) granting Longview Capital Partners the option to earn a 50% interest in their Turn River uranium-nickel project in the Yukon for CDN$15 million in staged exploration expenditures.
The project has considerable potential for uranium and nickel, with a significant land package consisting of 3,531 claims over twelve independent blocks, covering 743 square kilometres (183,567 acres). The property is located approximately 95 km northeast of Whitehorse and may be serviced from the Canol Road. The highest known uranium silt geochemical values in the Yukon are found in the Cassiar Plateau region. The uranium silt geochemical values from Turn River sampling are consistently high, with significant values of up to 291 ppm, which is 21 times higher than the 95th percentile (13.6 ppm) for uranium silt geochemical samples in the Yukon. In addition, a 2003 regional stream geochemical survey conducted by the Geological Survey of Canada on the property returned values up to 545 ppm nickel which are coincident with an ultramafic intrusive package. The elevated nickel values as well as the coincident ultramafic intrusive package make this a prime target area for nickel exploration.
Longview Capital Partners has assigned its option to It's Your Nickel Exploration Ltd., a private company partially owned by Longview Capital. If, as currently planned, It's Your Nickel Exploration spends $2 million in year 1, $2 million in year 2, $3 million in year 3 and $4 million in years 4 and 5 for a total of $15 million, then It's Your Nickel Exploration will own 50% of the Turn River Project and both International KRL Resources and Logan Resources would own 25% respectively. The Agreement is subject to the acceptance of the TSX Venture Exchange.
Seamus Young, President & CEO of both International KRL and Logan said, "We are delighted to have advanced the project to the next level by partnering with Longview Capital Partners, who have a very successful track record for building strong companies. Their newly created It's Your Nickel Exploration Ltd. has started its corporate life with an option on an enviable property position for any exploration company."
Michael Sanguinetti, P.Eng, Consulting Geologist, is the Qualified Person responsible for the technical content of this news release.
On Behalf of the Board of International KRL Resources Corp. & Logan
Resources Ltd.
"Seamus Young"
--------------------
Seamus Young
President and CEO
Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute Forward-looking statements. Such statements are based on numerous assumptions and are subject to all the risks and uncertainties inherent in the Company's business, including risks related to mineral exploration and development. Consequently, actual results may vary materially from those described in the forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy
and accuracy of this release.