VANCOUVER, June 19 /CNW/ - International KRL Resources Corp. (TSX-V:IRK) and Logan Resources Ltd. (TSX-V:LGR) today announced that an option agreement dated April 2, 2007 with Longview Capital Partners Incorporated has been cancelled. The agreement granted Longview Capital an option to earn a 50% interest in their jointly-owned Turn River uranium-nickel project in the Yukon by spending $15 million in exploration expenditures over five years. Pursuant to the option agreement (detailed in Sept. 18, 2007 news release), Longview was required to expend $2 million on exploration before April 2, 2008 and did not meet this commitment.
The Turn River project consists of 3,377 claims in twelve non-contiguous blocks, covering an area of 706 km(2) (174,432 acres). The claims will remain in good standing until 2009 - 2010. The property is located 95 km northeast of Whitehorse and is serviced by the Canol Road. Significant nickel and uranium silt stream sediment geochemical anomalies occur in the area. The elevated nickel geochemical data is associated with ultramafic intrusive rocks.
Late in the 2007 field season, a helicopter magnetic and radiometric survey totalling 3,157 line km was flown over the Turn River claim blocks on behalf of It's Your Nickel Exploration Ltd. (a private company partially owned by Longview Capital). Three high priority and 24 secondary priority radiometric anomalies were identified with potential for uranium mineralization. Numerous magnetic anomalies also warrant further exploration for nickel mineralization. International KRL and Logan Resources plan to seek a joint venture partner to further explore the Turn River Property.
Peter T. George, P.Geo., Consulting Geologist is the Qualified Person as per NI43-101, responsible for the technical information contained herein.
International KRL Resources Corp. and Logan Resources Ltd. are mineral exploration companies engaged in the acquisition, exploration and advancement of Canadian mineral properties. For further information on the Companies' diversified exploration property portfolio, please visit www.krl.net, www.loganresources.ca, www.sedar.com and www.sec.gov websites.
Statements contained in this news release that are not historical facts are forward-looking statements, which are subject to a number of known and unknown risks, uncertainness and other factors that may cause the actual results to differ materially from those anticipated in our forward looking statements. Although we believe that the expectations in our forward looking statements are reasonable, actual results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
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information contained herein.