Blue River Resources Ltd.
TSX VENTURE : BXR

Blue River Resources Ltd.

December 15, 2011 06:30 ET

Blue River Resources Acquires Additional Castle Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 15, 2011) - Blue River Resources Ltd. (TSX VENTURE:BXR) ("Blue River") announces that it has entered into a property acquisition agreement dated December 14, 2011 to acquire 5 claims totaling 1173 hectares. The claim group is contiguous to Blue River's Castle Copper Project near Princeton BC, which is currently awaiting assays from the recently completed 2011 diamond drill program.

Griffin Jones, President, states, "This proposed acquisition, which will expand Blue River's Castle property to approximately 8,453 hectares (20,800 acres), is a strategic move to continue to consolidate its land position and presence in the Castle Project area, 25 km north of Copper Mountain Mining's operating copper mine."

Under the terms of the agreement, Blue River has agreed to issue 100,000 shares to the vendor upon approval by the TSX Venture Exchange and 100,000 shares every six months for a total of 300,000 shares. On closing, Blue River has also agreed to grant the vendor a 2% net smelter royalty, of which 1% can be purchased back by Blue River for $1.0 million. The closing of the acquisition is subject to certain conditions, including approval from the TSX Venture Exchange. Shares issued to the vendor will include a four month hold period as required in accordance with applicable securities laws.

ON BEHALF OF THE BOARD BLUE RIVER RESOURCES LTD.

Griffin Jones, President, Director

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Blue River Resources Ltd.
    Griffin Jones
    President, Director
    (604) 682-7339
    www.Blueriv.com