Newmac Resources Inc. (TSX-V: NER) is pleased to announce that it has entered into an agreement to option a 100% interest in the Moira Molybdenum project, located 18 kilometers north west of Clearwater, BC for $5,000 and the issuance of 50,000 common shares, subject to a 2% NSR. The property is comprised of 6 claims totaling approximately 2440 Ha or 6003 acres. Newmac Resources Inc. was made aware of the Moira Molybdenum project while it was conducting exploration on its Crazy Fox molybdenum-tungsten project located approximately 20 kilometers south of the acquisition. After recent success on the Crazy Fox project the company found Moira while looking for other under explored molybdenum projects in the area.
Available records indicate that two exploration programs were completed on the Moira property in 1978 and 1980 by Kerr Addison Mines Ltd. The first program was a soil sampling program that outlined a molybdenum soil anomaly 1,500 by 800 meters in size in an area of small creeks. The second exploration program was a frequency effect IP survey that outlined a 500 by 400 meters anomaly.
Management of Newmac Resources Inc. believes that under explored molybdenum targets currently represent a tremendous opportunity in light of the current price for molybdenum and the renewed interest in British Columbia by global mining companies. Although the company is still compiling data it believes that completing a first pass induced polarization survey will be an effective way to initiate exploration on this target.
J. W. (Bill) Morton, PGeo, is the qualified person as defined by National Policy 43-101 who has reviewed the contents of this news release.
ON BEHALF OF THE BOARD
This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Newmac Resources Inc.’s results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof.
THE TSX VENTURE EXCHANGE DOES NOT TAKE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For Further Information Contact David Hjerpe, President at: (604) 461-7211