Archive for May, 2011

CENTRAL ANNOUNCES $750,000 FINANCING

Central Resources Corp. has negotiated a non-brokered private placement of $750,000 through the sale of 3.75 million flow-through units at a price of 20 cents per unit.

Each flow through unit will consist of one flow-through common share and one-half of one non-flow-through share purchase warrant. Each whole warrant will entitle the holder to purchase one additional non-flow-through common share of the company for a period of 12 months from closing at an exercise price of 40 cents. The company may accelerate the expiry of the warrants (following the expiry of the four-month hold period) if the 20-day volume-weighted average trading price of the shares on the TSX Venture Exchange (or such other exchange on which the shares may be listed) exceeds 60 cents in which event the warrant will expire 30 calendar days after the date that the company provides notice to the holders.

The company will pay a cash finder’s fee equal to 6 per cent of the gross proceeds raised in the private placement. The company will also issue that number of finder’s warrants equal to 10 per cent of the number of units sold under the private placement. Each finder’s warrant will entitle the holder to purchase one non-flow-through common share of the company for a period of 12 months from closing at an exercise price of 40 cents. The finder’s warrant will be subject to the same acceleration provisions as the flow-through units sold in the private placement.

The proceeds from the private placement will be used for exploration work on the company’s Yukon mineral properties. The 2011 exploration program is planned to consist of soil sampling and trenching to follow up gold soil anomalies identified last year. A follow-up diamond drill program is planned for fall.

Closing is subject to a due diligence condition and the acceptance of the TSX-V. All securities issued under the private placement will be subject to a four-month hold period.

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PACIFIC RIDGE MARIPOSA PROGRAM STARTS IN WHITE GOLD DISTRICT

Pacific Ridge Exploration Ltd. has commenced exploration activities for 2011 on the Pacific Ridge Mariposa gold property in the Yukon’s White Gold district. A Phase 1 program, budgeted at $3 million, will include 4,000 metres of diamond drilling to test several significant gold-in-soil anomalies and gold values in trenches identified in 2010. Field crews have mobilized to the site and diamond drilling will commence in mid-June.

During the month of April a detailed airborne magnetometer survey was flown over the 2010 Mariposa soil grid area, to identify geologic structures with potential to host lode gold mineralization. A preliminary interpretation of results suggests that the Mariposa grid area lies within a major, 3 kilometre wide structural corridor of converging arrays of more discrete northeast, northwest and north-south trending structures.

The 3500 metre long x 600 metre wide Skookum Jim gold-in-soil anomaly is to date, the most prominent gold trend on the Mariposa property. A compilation of airborne magnetic, soil and trenching results indicate that in the trenched area of this geochemical anomaly, there is a strong spatial correlation of converging linear magnetic lows with elevated soil results ranging from 100 to 1,570 ppb gold. These geophysical and geochemical trends correspond with trench exposures of strongly fractured, brecciated and oxidized rock which returned results of up to 1.25 g/t gold over 30 metres. A strongly oxidized hematitic rock sample in the trenching area also returned 8.1 g/t gold.

In light of these encouraging results, the company has scheduled a detailed ground magnetic and electromagnetic survey in advance of diamond drilling. This geophysical survey will be conducted over priority areas of geochemical anomalism on the Mariposa grid, including the Skookum Jim, Hackly Gold and Maisy May targets, as well as selected airborne geophysical trends. Simultaneous with the geophysics,in-fill soil samples will be collected in these areas and analyzed on-site with an XRF analyzer, in advance of analysis with a commercial laboratory. This instrument can provide daily qualitative results which may detect pathfinder elements highlighting areas of interest for immediate follow-up.

In summary, the 2011 exploration program is designed to quickly evaluate and drill test exploration targets defined last season within the Mariposa soil grid area, as well as to continue exploration of the overall 190 square kilometer property through reconnaissance soil sampling that should lead to grid controlled sampling of newly defined areas of prospectivity.

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ARCUS DEVELOPMENT GROUP INC.: DAWSON GOLD AIRBORNE SURVEY COMPLETED

A high-resolution airborne magnetometer survey over Arcus Development Group Inc.’s Dawson gold project area has been completed. The aeromagnetic survey consisted of approximately 7,800 flight-line kilometres at 100-metre line spacing and was flown by Precision GeoSurveys Inc. of Vancouver, B.C. Data interpretation will be completed by Condor Consulting Inc. of Lakewood, Colo.

Arcus expects to receive the final data interpretation in mid-May to late May and will commence its 2011 field program in early June. The 2011 exploration program will consist of diamond drilling, detailed ground geophysics and auger soil sampling, with a focus on the Dan Man and Touleary claim blocks. The 2011 exploration program and the results from the airborne magnetometer survey will be available on the Arcus website once both have been finalized.

Arcus also announces that the board of directors has established a technical committee to plan and supervise all of the company’s exploration activities. The technical committee will consist of Eric Tweedie, William Wengzynowski, Marc Blythe and Ian Talbot, all current directors of Arcus. For personal reasons, Mr. Tweedie has resigned as vice-president of exploration, but will continue his association with Arcus as both a director and a member of the technical committee.

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NORTHERN TIGER RESOURCES ANNOUNCES $7 MILLION YUKON EXPLORATION PROGRAM

Northern Tiger Resources Inc. has provided information about a planned $7.2-million exploration program, including 12,500 metres of diamond drilling, on its Yukon properties in 2011. The exploration programs are designed to follow up high-grade gold drill discoveries made in 2010 at both the 3Ace and Sonora Gulch projects. Drilling is expected to begin in late May at the company’s 3Ace and Sprogge projects in the southeast Yukon (10,000 metres planned) and in early August at Sonora Gulch in the central Yukon (2,500 metres planned).

“We are planning an aggressive program to follow up on 3Aces’s exceptional 2010 exploration results,” says Greg Hayes, president of Northern Tiger. “With 3Ace already hosting multiple high-grade gold targets, the addition of Sprogge’s significant gold-in-soil anomaly, and a Sonora Gulch program focused on our new drill discovery — a large geochemical and geophysical target tested with only a single hole so far — we believe the potential for multiple discoveries in 2011 to be high.”

3Ace and Sprogge

Northern Tiger has budgeted $6-million for exploration at 3Ace and the adjacent Sprogge property, as the company focuses on the southeast Yukon where it had exceptional early exploration results at 3Ace. The short 2010 program produced drill intercepts including 4.3 grams per tonne (g/t) gold over 30.3 metres and 14.8 g/t gold over 10.9 metres in the Main zone (see news release dated Nov. 4, 2010) and also outlined a number of compelling high-grade gold targets over an area in excess of four square kilometres. The recently optioned Sprogge property is adjacent to 3Ace and also hosts a significant gold geochemical anomaly in a similar geological setting (see news release dated April 12, 2011).

The company is planning 10,000 metres of diamond drilling and will focus on the Main zone, where two diamond drill holes have already intersected significant gold mineralization, and on Green zone west (a 1,000-metre-by-500-metre anomaly averaging 115 parts per billion gold in soils). Up to five additional targets on 3Ace and Sprogge will also see preliminary drill testing this year. In addition to the drilling, an extensive surface exploration program is planned for the properties, including: soil, silt and rock sampling, airborne and ground geophysical surveys, trenching, prospecting, and mapping. It is anticipated that some of the new targets generated from this work will be drill tested as part of the 2011 program. The program is expected to commence in late May, after the construction of a new 45-man camp to accommodate the significantly increased activity level.

Sonora Gulch

Northern Tiger has budgeted $1-million for exploration drilling at Sonora Gulch. The primary focus of this 2,500-metre diamond drill program will be on the Gold Vein zone — a 1.4-kilometre-long geochemical anomaly averaging 161 parts per billion gold in soils. A single drill hole testing the anomaly in 2010 returned a discovery intercept of 7.6 g/t gold and 155.5 g/t silver over six metres (see news release dated Oct. 28, 2010). It is anticipated that the Sonora Gulch drill program will commence in early August.

DEL and BOND

Northern Tiger has also budgeted $200,000 for programs at the DEL and BOND properties. The programs will involve additional prospecting, sampling and ground geophysical surveys to follow up on anomalous copper samples. DEL and BOND were acquired from Capstone Mining Corp.’s wholly owned subsidiary, Minto Explorations Ltd., in June, 2008, and encompass exploration targets where previous prospecting encountered copper mineralization similar to that hosting Capstone’s Minto mine.

This news release has been reviewed and approved by Dennis Ouellette, BSc, PGeol, a qualified person as defined by National Instrument 43-101.

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