SOURCE: Chancery Resources, Inc

November 20, 2008 12:40 ET

Chancery Resources Announces Acquisition of Mineral Exploration Property in B.C., Canada

VANCOUVER, BC--(Marketwire - November 20, 2008) - Chancery Resources, Inc. (Chancery) (OTCBB: CCRY) is pleased to announce the completion of the Acquisition of an undivided one hundred percent (100%) interest in certain mineral interests located in British Columbia, Canada known as the HCL Property (the HCL Property is comprised in part by our formerly owned Hunter Property), according to terms of an acquisition agreement dated November 6th, 2008, between Chancery Resources and CB Resources Ltd.

The HCL Property is a mining claim located in Merritt, British Columbia, Canada, and comprised of 20 contiguous cells in 415.04 hectares or 1,026 acres approximately. The claim is motor vehicle accessible from the Town of Merritt, B.C. by traveling 19 miles east along Highway #5 beyond the Village of Quilchena, B.C. to the Minnie Lake cut-off and then for 18 miles south by gravel ranch roads to the mineral claim.

The geology of the HCL mineral claim may be described as being underlain by units of the Nicola Group. Some or all of these units may be found to host economic mineralization. The deposit types that historically predominate in the general area are a porphyry-type base metal (copper-gold-palladium or copper-molybdenum) occurrence with peripheral base and precious metal occurrences as veins and/or contact zones of mineralization. The most prolific host in this area is the Nicola Group andesitic tuffs that are often skarned or altered.

Commenting on the transaction, Rafael Pinedo, President, stated: "We are excited about the completion of the acquisition. This property has significant potential with the additional benefit of the Company being able to draw on experienced local expertise to the exploration project, and to acquire additional mineral claims in the project area. As we grow and expand our asset portfolio, we will be well positioned to add further shareholder value. This acquisition also provides us with geographical diversification within the precious metal sector and will support the Company's goal of realizing the full potential of a stronger portfolio of assets."

Notice Regarding Forward-Looking Statements

Forward-Looking Statements: With the exception of historical information contained in this press release, this press release may include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, including but not limited to, the effect of economic conditions, the impact of competition, and the results of financing efforts. The words "plans to," "possible," and "seeking" and similar expressions identify forward-looking statements, which speak only to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, because of new information, future events, or otherwise. Future events and actual results may differ materially from those set forth herein, contemplated by, or underlying the forward-looking statements.

2008 Chancery Resources, Inc. The information herein is subject to change without notice. Chancery Resources, Inc. shall not be liable for technical or editorial errors or omissions contained herein.

Contact Information

  • Contact:

    Carisa Newsom
    Vitae Investor Relations
    Email: Email Contact
    Tel: 1-214-484-9333