Canasil Resources Inc.
TSX VENTURE : CLZ

Canasil Resources Inc.

March 25, 2008 09:15 ET

Canasil Options Salamandra and Victoria Projects in Durango State, Mexico, to Blackcomb Minerals

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 25, 2008) - Canasil Resources Inc. ("Canasil") (TSX VENTURE:CLZ) is pleased to announce the signature of a letter agreement with Blackcomb Minerals Inc. (Blackcomb) providing for Blackcomb to earn a 60% interest in Canasil's Salamandra and Victoria projects for $7 million exploration expenditures and $375,000 in cash or share payments over 6 years. As part of the agreement, Blackcomb will have the option to acquire up to 1.5 million shares of Canasil in 3 placements over a period of 2 years. A formal agreement, which is subject to acceptance by the TSX Venture Exchange, will follow.

The Salamandra and Victoria projects cover a large prospective area of over 100,000 hectares, located on a mineral rich trend, stretching from the northwest to the southeast, through Durango and Zacatecas States. There are numerous mines and large silver, gold and base metal deposits located on this trend. Geophysics and diamond drilling completed by Canasil to date has identified significant zinc-silver mineralization at Salamandra, with preliminary metallurgical tests showing high zinc and silver recoveries to clean concentrates. Initial reconnaissance in the Victoria project area has outlined 12 prospective target zones for further evaluation.

Blackcomb is a private Vancouver based mineral exploration company with significant working capital and the same principals, management and technical team as Orko Silver Corp. (Orko). This well established technical and operating team, based in Vancouver and Durango, has extensive operating capabilities and technical knowledge in Durango State. These capabilities will provide significant leverage towards creating value from the planned exploration expenditures on the Salamandra and Victoria projects, which are located immediately to the southeast of Orko's La Preciosa silver project. Blackcomb plans an active exploration program on these projects, including an airborne geophysical survey of the extensive Victoria claim area, and further ground geophysics and diamond drilling at Salamandra.

Mike Devji, President of Blackcomb, commented: "Blackcomb Minerals Inc. is very pleased to have the opportunity to earn a 60% interest in the Salamandra and Victoria concessions. We regard these properties as highly prospective and feel they have the potential to host large economic deposits."

Bahman Yamini, President and CEO of Canasil, commented: "We are very excited about the future prospects for the joint venture with Blackcomb. We believe these projects have exceptional potential. The Blackcomb team's very successful track record at the neighboring La Preciosa project and their financial, technical and operating capabilities provide significant opportunities for an active exploration program to create shareholder value for both companies."

The Salamandra and Victoria projects are located 30 kilometres to the northeast of the city of Durango in central Mexico. The claim area covers a large strategic land position within an area which has generated a number of important recent discoveries, and benefits from excellent access and infrastructure for mineral exploration and development. The projects are located on the mineral-rich Fresnillo geologic trend, approximately 80 km northwest of the San Martin mine of Grupo Mexico, which is the largest underground zinc-copper-silver mining operation in Mexico, producing at approximately 6,000 tonnes per day.

About Canasil:

Canasil is a Canadian mineral exploration company with interests in precious and base metal properties in Durango, Sinaloa and Zacatecas States, Mexico, and in British Columbia, Canada. The Company's directors and management include industry professionals with a consistent track record of identifying and advancing successful mineral exploration projects. The Company is actively engaged in the exploration of mineral properties and evaluating additional acquisition opportunities.

This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects to occur, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Investors are cautioned that any such statements are not guarantees of future performance. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made.

To view the map accompanying this release please click on the folllowing link: http://media3.marketwire.com/docs/0325clz.pdf

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

Contact Information

  • Canasil Resources Inc.
    Bahman Yamini
    President and C.E.O.
    (604) 709-0109
    Email: info@canasil.com
    or
    Canasil Resources Inc.
    Doug Kerr
    Corporate Communications - Vancouver
    (604) 315-4400
    Email: dkerr@shaw.ca
    or
    Canasil Resources Inc.
    Garth McTavish
    Corporate Communications - Calgary
    (403) 618-7327
    Email: garthmctavish@shaw.ca
    Website: www.canasil.com
    or
    Pro-Edge Consultants Inc. - Toronto
    Tracy Weslosky
    (416) 581-0177 or Toll Free: 1-866-544-9622
    Email: tracy@pro-edge.com
    or
    Pro-Edge Consultants Inc. - Toronto
    Fred Cowans
    (416) 581-0177 or Toll Free: 1-866-544-9622
    Email: fred@pro-edge.com