Central Resources Corp.
TSX VENTURE : CBC

Central Resources Corp.

December 09, 2011 13:51 ET

Central Resources Corp.: TAC Property Amendment to Option Agreement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 9, 2011) - Central Resources Corp., (TSX VENTURE:CBC) ("Central" or the "Company") is pleased to announce that it has negotiated an amendment to the option agreement, previously announced by Central on March 30, 2011, for the TAC property, located 15 kilometres north of the historic Mt. Skukum Gold Mine, near Whitehorse, Yukon.

Revised Option Terms

Under the revised option terms, Central can earn 100% ownership of the TAC property, subject to a 2% Net Smelter Royalty ("NSR"), by making staged payments to the private owners of $255,000 (originally $270,000) cash, 1,200,000 (originally 1,000,000) common shares of the Company, and a work commitment of $240,000, over 5 years. Central has the right to purchase 1% of the NSR at any time for a cash payment of $1,000,000. The foregoing is subject to acceptance by the TSX Venture Exchange.

About the TAC Property

The TAC property hosts an epithermal gold - silver target that was explored by Kerr Addison Mines in the 1980's. There are two known zones of gold mineralization on the property. The No Name Creek Zone is characterized by moderately altered and silicified granodiorite in close proximity to a quartz-feldspar porphyry. During the 2011 field season, nine grab samples were collected from an area of about 200 metres by 200 metres. Of the nine samples collected, five samples exceeded 100 ppb gold, two samples exceeded 500 ppb gold and one sample exceeded 1,000 ppb gold. The highest value obtained was 3,887 ppb (3.9 grams per tonne) gold (see news release dated September 15, 2011).

The Rhyolite Zone is characterized by a large gossanous (iron-oxide stained) quartz-sericite alteration zone measuring 500 by 800 metres, hosted by rhyolite tuffs. Within this area, a 180 metre wide body of sheared and silicified rhyolite, exposed in a creek drainage, has returned multiple grab samples consistently running 500 to 1,500 ppb gold. Results from the 2011 field program show that mineralization extends in to the surrounding granodiorite.

Elsewhere on the property, historic samples of quartz vein-breccia float returned values as high as 8,400 ppb (8.4 g/t) gold and 108 g/t (3.5 opt) silver. The outcrop source of these mineralized samples has yet to be identified. Central is encouraged by the geological setting of the TAC claims and the tenor of gold mineralization found to date.

Paul Reynolds, P. Geo., President of Central and a qualified person as defined by National Instrument 43‐101 has reviewed and approved the technical disclosure made in this press release.

About Central Resources

Central Resources Corp. is a junior exploration company created to leverage the extensive knowledge and experience of a dedicated group of financial and resource industry professionals. The Company has acquired options on several highly prospective mineral properties in the Yukon and British Columbia and continues to pursue additional opportunities to build shareholder value.

This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing efforts, the results of exploration activities -- that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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.

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