Naples Capital Corp.
TSX VENTURE : NAP

October 19, 2007 13:19 ET

Naples Capital Corp.: Kaibab Joint Venture Acquires an Additional 200 Prospective Uranium Breccia Pipe Targets

CALGARY, ALBERTA--(Marketwire - Oct. 19, 2007) -

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

Naples Capital Corp. (NAP) ("Naples") (TSX VENTURE:NAP) announces that the Kaibab Joint Venture has increased its land position in the Arizona Strip from an initial 48 lode mining claims to 590 lode mining claims, through direct staking. All targets were acquired based on anomalous geochemical samples over identified favourable structural targets. This increased land position covers approximately 217 separate targets (19 square miles) prospective for uranium breccia pipe mineralization, and as a result the Kaibab Joint Venture holds a competitive land position in the Arizona Strip, an under-explored uranium district.

Known Breccia Pipe hosted uranium mineralization within the Arizona Strip occurs on both the north side and on the south side of the Grand Canyon. The 217 Prospects held by the Kaibab Joint Venture are situated on each side of the Canyon, with 99 of the targets (46%) on the north side, and 118 targets (54%) on the south side. Based on historic exploration results, seven of the Prospects are drill-ready breccia pipe targets.

Naples, through its wholly owned subsidiary, Takara Resources Inc., holds an option to earn (from DIR Exploration, Inc.) up to a 90% interest in the Kaibab Joint Venture.

Naples will hold its Annual and Special Meeting of Shareholders on November 15, 2007, and it is proposed that Naples will, among other things, seek shareholder approval to change its name to Takara Resources Inc.

Naples is a new junior explorer, with a team that is continually evaluating opportunities world wide. The Kaibab Joint Venture is the company's key project, and with its ground position now strengthened, the Management Committee of the Kaibab Joint Venture is currently focussed on planning and expediting the initial stages of its Phase II program.

The securities of Naples and Takara 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
    or
    Naples Capital Corp.
    Pamela Strand
    Chairperson of the board
    (780) 435-0045