SOURCE: Geocom Resources Inc.

August 02, 2005 09:30 ET

Geocom Amends Iliamna Agreement, Plans Drilling

BELLINGHAM, WA -- (MARKET WIRE) -- August 2, 2005 -- Geocom Resouces Inc. (OTC BB: GOCM) is pleased to announce that it has amended the option agreement with TNR Gold Corp. regarding the Iliamna Project, Alaska.

Having earned its interest at the H Claims and provided notice of such to BHP Billiton, Geocom and TNR are in the process of establishing the formal joint venture to govern the continued exploration of the H Claims.

Geocom has now spent in excess of the requisite amounts of money set forth for the D and H claims in the original agreement, and as a result Geocom and TNR have amended their option agreement to provide for the establishment of a joint venture on the D Claims as well. Geocom agrees to reduce its potential earned interest from 75% to 51%, in return for which TNR agrees to begin funding its 49% interest immediately. This allows Geocom to maintain a majority interest, but share the ongoing exploration costs with TNR.

Geocom is pleased to have earned its interest at the H claims, and awaits BHP Billiton's decision regarding its back-in right. Regardless of BHP Billiton's action, Geocom and TNR are negotiating a formal venture in respect of future exploration at the H claims. Geocom is further pleased to establish a venture for the exploration of the D claims with TNR.

Permits have been filed with the Bureau of Land Management, and it is anticipated that drilling will occur in late August or early September 2005 on the D claims.

On behalf of the Board of Directors

John E. Hiner, President & CEO

Safe Harbor Statement:

Statements in this document that are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this release include statements regarding the establishment of joint ventures with TNR in respect of the continued exploration of the D and H Claims of the Iliamna Project, Alaska, and in respect of continued drilling of the property in late August or early September, 2005 on the D claims. Factors that could cause actual results to differ materially include risks and uncertainties such as the Company's inability to negotiate a joint venture with TNR in respect of the project, the inability to finance planned exploration, drilling and work programs, as required from time to time, and any unforeseen difficulties in commencing or completing such program, or the results of the programs not showing any commercially feasible grades of minerals, any of which could, among other things, delay, impede or prevent the planned explorations and harm the viability of the Company

Contact Information

  • Contact:
    Geocom Resources Inc.
    114 West Magnolia Street, Suite 413
    Bellingham, Washington 98225
    Tel (360) 392-2898