Britannica Resources Corp.

Britannica Resources Corp.

August 01, 2006 10:05 ET

Britannica Resources Corp.: New Property Acquisition

MALARTIC, QUEBEC--(CCNMatthews - Aug. 1, 2006) - Britannica Resources Corp. (TSX VENTURE:BRR)(PINK SHEETS:BRRRF) is pleased to announce that it has acquired a new exploration project in the Abitibi Gold Belt of Northwestern Quebec.

The Chassignole-Eagle project consist of 14 claims for 213 hectares located immediately north of Agnico Eagle's Laronde mine property.

The property lies on a belt of volcanic rocks that host gold and base metal mineralization in the form of semi-massive to massive sulphide volcanogenic mineralization. Previous Quebec ministry of Natural Ressources surveys show overlapping magnetic and gravimetric anomalies along a roughly east-west trending formation of altered volcanics on the property. (Ref. MRN 32D/11)

Britannica is very pleased with this new acquisition as it adds to an already significant portfolio of properties located in the Abitibi Gold Belt and centered on the Destor Porcupine/Blake River horizons, important base metal and gold bearing structures that include (among others) the following producers and producing mines: Laronde Agnico Eagle, Doyon, Bousquet, O'Brien, Kewagama, etc, in Quebec; and Dome, Holliges, Porcupine, etc, in Ontario.

With the present acquisition, Britannica now owns and controls 9 properties covering approximately 5800 hectares generally centered on the Destor Porcupine/Blake River structure.

In addition, the Company recently announced two joint ventures, that allows it to acquire up to 50% in each property.

The first, with Northern Star Mining Corp, (TSX VENTURE:NSM), contains the Kewagama/Blake River formation horizon, and the second with J.A.G Mines Ltee., is located on the same horizon immediately to the east of the Northern Star joint venture.

Both joint venture acquisitions allow the Company to cover approximately 8 km strike length of the eastern Blake River formation which to the west hosts the Cadillac mining camp and the Laronde Agnico Eagle mine.

The Company has just begun exploration on the Northern Star joint venture project and already has announced a previously unknown, new surface gold discovery (see press release July 18, 2006).

The Company can acquire 100% of the property by making payments totaling 190,000 common shares and cash payments of $22,500.00 prior to Dec.31 2007. The present owner Malartic Goldfields Corp retains a 1.5% net smelter return royalty on any production from the property.

The Company continues an aggressive exploration program on its new gold discovery on the Northern Star Mining Corp joint venture project, and has begun initial exploration programs on its other projects.

Further results will be released as available.


Lee A. Balak, President

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

Contact Information

  • Britannica Resources Corp.
    Lee A. Balak
    (819) 825-8088
    (819) 825-1199 (FAX)