Newmac Resources Inc. (TSX-V: NER) is pleased to announce that it has entered into a property option agreement to acquire up to a 100% interest in the Bluff property, located 175 kilometers west of the community of Williams Lake, BC. The property covers a number of copper mineralized showings that were recently discovered by the owners of a ranch on which they are centered and which are not believed to have previously been known. The new property, the Bluff claim, is contiguous with the company’s Newmac project, where the company continues to explore for copper and gold mineralization in a porphyry setting. The mineralized showings, which cluster within an area of approximately 900 by 600 metres, consist of strong malachite and azurite stained subvolcanic rocks accompanied with pervasive tourmaline alteration. A photo image of one of these showings is appended to this release and is posted on the company’s web page www.newmacresources.com.
An application for a Notice of Work was recently submitted to the Mining and Minerals Division of the government to complete approximately 30 line kilometres of induced polarization survey and to complete a preliminary drill test. It is anticipated that this work will start in early November.
To earn an initial 80% interest in the Bluff property, subject to TSX Venture Exchange approval, Newmac Resources Inc. must make payments totaling $185,000 and issue the vendors $600,000 in value of common shares over a 5 year period. An initial $10,000 in value of common shares is to be issued upon TSX Venture Exchange approval, payments are yearly from that point on for the duration of 5 years. An additional 20% interest in the property can be earned by paying an additional $1,000,000. 25,000 common shares will be issued as a finder’s fee relating to this acquisition.
J.W. (Bill) Morton P.Geo 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