Avaranta Resources Ltd.

April 02, 2010 22:00 ET

Avaranta Acquires Rights to Claims From Mishi Syndicate

TORONTO, ONTARIO--(Marketwire - April 2, 2010) - Avaranta Resources Ltd. ("Avaranta" or, the "Company") announces that it has completed an option Agreement covering 16 claim units (the "Mishi property") in the Mishibishu area of Ontario from the Mishi Syndicate. Under the terms of the Agreement, Avaranta will issue 400,000 units to the Mishi Syndicate. Each unit consists of one common share and one common share purchase warrant. Each warrant shall be convertible at $0.10 for five years from the date of issue.

The Mishi property straddles the Mishibishu Lake Deformation Zone, a major structural feature in the area which locally has associated gold mineralization along its 25 km strike. The former Magnacon gold mine which operated in the late 1980's, is also located on this structure some 5 km west of the Mishi property. Gold mineralization at Magnacon is hosted by strongly deformed, folded and dislocated white quartz veins generally confined to sericite schists within the Mishibishu Deformation zone.

Contact Information

  • Avaranta Resources Ltd.
    Anthony Roodenburg
    CEO
    (416) 367-4571 x233