Naples Capital Corp.
TSX VENTURE : NAP

November 14, 2007 10:37 ET

Naples Capital Corp.: Acquisition of Uranium Exploration Project Basket Lake-Northwestern Ontario

TORONTO, ONTARIO--(Marketwire - Nov. 14, 2007) -

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES

Naples Capital Corp. (TSX VENTURE:NAP) ("Naples" or the "Company") announces the acquisition of a new uranium project, the Basket Lake Project, located within an under-explored uranium region in northwestern Ontario, that is believed to host pegmatite associated (Richard Lake Uranium property) and porphyry-style uranium deposits similar to the Rossing deposit, Namibia (Geological Survey of Canada ("GSC") (Ruzicka, 1979)).

The Basket Lake Property, located about 60 km southeast of Dryden and comprising 1,184 mineral claims (18,944 ha), was purchased from vendors who staked the area on the basis of a strong grouping of greater than 98th percentile uranium lake sediment samples (Ontario Geological Survey data) and a high total counts uranium and high U/Th ratio from regional airborne radiometrics data (Ontario Geological Survey). A review of public domain data and reports by the Company, along with re-processing of the regional data internally, suggests that this region in northwestern Ontario has the potential to host significant uranium mineralization (see Press Release of Freewest Resources Canada Inc. (TSX VENTURE:FWR) dated November 1, 2007).

The Property was acquired based on a distinct airborne radiometric anomaly that is coincident with a strong, multi-point lake sediment geochemical uranium anomaly defined by a cluster of anomalous values over a 20 x 15 km area. In addition the Basket Lake Property is situated about 135 km southeast of the historic Richard Lake (New Campbell Island Mines) uranium deposit (historic, non-compliant with NI43-101, resource of 650,000 tons grading 0.10% U3O8; Pryslak, 1976), currently being explored by Delta Uranium Inc. (TSX VENTURE:DUR), which is part of a regional uranium-bearing pegmatite field in the Dryden area.

Known uranium occurrences in this region are primarily associated with pegmatites and/or pegmatitic rocks. No previous exploration work is known to have been conducted on the Property and much of the area has been recently logged providing new bedrock exposures and excellent access. The Property is underlain by coarse-grained to pegmatitic and porphyritic felsic intrusive rocks (monzonite) and quartz-feldspar-mica pegmatites. An exploration program consisting of line-cutting and ground geophysical survey (magnetics) is planned for winter 2007-08 with follow up geological mapping and prospecting in spring 2008.

Subject to the receipt of approval by the TSX-Venture Exchange, Naples has agreed to purchase a 100% interest in the Basket Lake Project, by paying: (i) reimbursement of staking costs of $125,000; (ii) $75,000 in cash on first anniversary of the purchase agreement; and (iii) the issuance of 600,000 common shares, issuable as to 400,000 on Exchange approval, and 200,000 on the first anniversary of Agreement. Additionally, Naples shall pay a finders fee to a party at arms-length of the Company, of 60,000 common shares, and it shall reserve, in favour of the vendors, a yellowcake returns royalty equal to 2 1/2% on all final uranium contained in the uranium concentrate produced from ores derived from the Property, subject to a buy back of 1% of the royalty for $1,000,000 at any time.

Dr. Scott Jobin-Bevans, P. Geo., Vice-President, Exploration, is a "Qualified Person" as defined in National Instrument 43-101 and has reviewed the technical information presented in this news release.

Upon receipt of shareholder approval at Naples' annual and special meeting of shareholders on November 15, 2007, Naples shall change its name to Takara Resources Inc.

The securities of Naples and Takara Resources Inc. have not been registered under the United States Securities Act of 1933, as amended, or the securities laws of any U.S. State, and may not be offered or sold in the United States or to any "US Person" (as defined in Regulation S under the Securities Act of 1933) absent registration or an exemption from registration.

Certain information contained in this press release, including information and statements which may contain words such as "could", "plans", "should", "anticipates", "expect", "believe", "will", and similar expressions and statements relating to matters that are not historical facts are forward-looking information. All of the forward-looking information contained in this press release is qualified by this cautionary statement. There can be no assurance that the actual results or developments anticipated by Naples, as expressed or implied by the forward-looking information, will be realized or, even if substantially realized, that they will have the expected consequences to or effects on Naples or its business operations. Naples disclaims any intention or obligation to update or revise any forward-looking information as a result of new information or future events. Readers should not place undue reliance on forward-looking information.

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Naples Capital Corp.
    Jennifer L. Boyle
    President
    (647) 430-0966 (work)
    or
    Naples Capital Corp.
    Pamela Strand
    Chairperson of the board
    (780) 435-0045 (work)