Newmac Resources Inc. (TSX-V: NER) has received approval from the TSX Venture Exchange for two agreements, one property option agreement and one agreement to purchase claims in two areas southeast and north of The Company`s Raft Molybdenum project, which is located approximately 35 kilometers northeast of Clearwater, British Columbia.
Pursuant to the terms of the option agreements, the company has issued a total of 200,000 common shares shares to the optionors, which are subject to a hold period expiring September 29, 2010, 2010.
The Company has entered into an option agreement, where the company has the right to earn a 100% interest in the Ready Mix Property, which is located to the southeast of the Company’s Raft Molybdenum project. The Company views the Ready Mix project as an excellent target for intrusion related gold mineralization because of several tungsten skarns, anomalous gold, tungsten, molybdenum, and arsenic in stream sediments, and the Shuswap metamorphic terrain intruded by Cretaceous granites. Prospecting in 1999 uncovered a highly oxidized boulder of intrusive breccias that assayed 29.3 g/tonne gold and 202 g/tonne silver. In 2003 this same area was found to contain strong crossover VLF_EM anomalies along 6 lines, each spaced 100 m apart. A soil program over this same area in 2004 uncovered a correlating Au-Ag geochem anomaly.
The Company has the right to earn a 100% interest in the Ready Mix claims by making an initial payment of $5,000 and issuing 150,000 common shares. Within two years the company will need to pay an additional $25,000 and issue 500,000 common shares, in two stages. The property will also be subject to a 2% Net Smelter royalty, where the full 2% may be purchased by the company for $1 million at any time. 150,000 common shares have been issued, which are subject to a hold period expiring September 29, 2010.
The second property is located to the north of The Company’s RAFT Molybdenum project and covers possible extensions of massive sulphide mineralization from the adjacent CK property. The property was purchased for $5,000 and the issuance of 50,000 common shares. This group of claims will become part of the Raft Molybdenum project. The CK property which is located to the east of these new raft claims has zinc - lead - silver with minor gallium and germanium sedimentary exhalative mineralization exposed over a strike length of approximately 3 kilometers. Drilling on a portion of this zone in 2007 returned in 16 drill holes assays ranging over 0.03 to 7 meters thick, 3 to 24 % zinc, 0.2 to 4.5% lead and trace to 7g/t silver - gallium and germanium were not assayed for in these samples. The CK property also hosts numerous other zinc - lead showings throughout it. 50,000 common shares have been issued, which are subject to a hold period expiring September 29, 2010.
Technical content of this news has been reviewed by David J. Bridge, P.Geo, a qualified person within the definitions of National Instrument 43-101.
ON BEHALF OF THE BOARD
Telephone (604) 688-3113
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.
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