(via Thenewswire.ca)
Vancouver, B.C. June 6, 2012 - La Quinta Resources Corporation (TSX-V: LAQ / Frankfurt: LQK / OTCBB: LQRCF) ("La Quinta" or "the Company ") announces that is has scheduled an Annual and Special General Meeting to be held June 29, 2012. At the meeting, in addition to the election of Directors, appointment of the Auditor and approval of renewal of the Company's Stock Option Plan, the Shareholders will be asked to approve if required, a consolidation of the Company's share capital ("Share Consolidation") on a minimum 5 to 1 and a maximum of 10 to 1 basis, the final consolidation ratio to be determined by the Directors in their discretion. The issued capital of the Company is currently 90,575,385 shares issued and outstanding which, if the consolidation proceeds on a maximum 10 to 1 basis, will result in 9,057,539 shares outstanding, less fractions where applicable, following the consolidation.
In addition to the Share Consolidation, Shareholders will be asked to approve a name change of the Company to La Quinta Exploration Corporation, or to such other name as may be acceptable to management, the Registrar of Companies for the Province of British Columbia and the TSX Venture Exchange.
Management of the Company believes that the proposed Share Consolidation will better position the Company to raise the funds it requires to finance its ongoing business activities including the acquisition of mineral properties and exploration and development of its existing properties.
The Share Consolidation is subject to the acceptance for filing of the TSX Venture Exchange and receipt of Shareholder approval.
About La Quinta Resources Corporation
La Quinta is a junior precious metals exploration company actively seeking mineral opportunities for the benefit of its stakeholders. Currently the Company is focused on exploring for gold and silver on the Easter Project, and gold, silver and base metals on its Black Jack property, both located in Nevada. The Easter Project is underlain by an epithermal quartz-adularia vein stockwork system hosted within Tertiary volcanic rocks of the Caliente Caldron Complex of southeastern Nevada. Numerous drill programs were conducted over the past 27 years by several operators. The resultant 121 holes and five adits were used to outline a 43-101 compliant resource of 2.6 million tons at 1.3 g/t gold (0.038 oz/t) and 14 g/t silver (0.4 oz/t) within an area of gold mineralization with a strike length of at least 6,450 feet (1,966 m) and drill-defined widths up to 90 feet (27.4 m). Significant prior intercepts include up to 0.194 oz. Au / ton over 90 feet (6.6 g/t over 27.4m true thickness), including 0.549 oz. Au / ton over 15 feet (18.8 g/t over 4.5m) and 0.084 oz. / ton over 110 feet including 0.534 oz. Au / ton over 5 feet (2.88 g/t over 33.5 m w/internal 18.3 g/t in 1.52 m). The Black Jack property, an early-stage exploration target in NE Nevada, consists of old mine workings that contain silver-gold-base metals veins hosted in Ordovician limestones that overlie nearby Cambrian shale. The Carruthers Pass property, located in British Columbia, is a massive sulfide project with copper, gold and silver located 70km south of Kemess copper-gold mine. The project consists of 8 claims covering 3,250 hectares. No resources have been identified in either the Black Jack or Carruthers Pass properties.
On behalf of the board
Glen Watson
CEO and Director
For further information, please contact:
Glen Watson, CEO and Director: 1(604) 803-5229
Walter Martin, President and Director: 1(775) 225-8514
La Quinta Resources Corp.
1(604) 943-1199 - Email: glen@laquintaresources.com - Web Site: www.laquintaresources.com
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release." This document includes forward- looking statements. When used in this document, the words "potential", "plan", "could", "estimate", "expect", "intend", "may", "should", and similar expressions are intended to be among the statements that identify forward-looking statements. Although La Quinta believes that their expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements."
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