Citation Resources Inc.

Citation Resources Inc.

April 01, 2014 09:00 ET

Drilling Permits Granted for Citation's Guerrero Gold Belt Project

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 1, 2014) - Citation Resources Inc. (the "Company" or "Citation") (TSX VENTURE:CTT) is pleased to announce that it has received formal written approval from The Ministry of Environment and Natural Resources (SERMARNAT) that its permit applications for its planned drill program at its Biricu Project have been approved and permits have now been issued. The permits, along with the previously announced permissions from the local community, allow Citation to immediately commence drilling at its previously announced high-priority exploration targets. The initial drill program will test the priority high-drill targets in Punto Rojo and Northern Target areas with an initial exploratory drill program of a minimum of 5,500 metres and 11 proposed holes. Each of the target areas contain the geophysical, geochemical and geological characteristics consistent with other discoveries in the area, including the neighboring Torex properties, Morelos and Media Luna, and Goldcorp's Los Filos.

"With the drill permits now in place, we are moving expeditiously to conclude discussions with potential financing and strategic partners as we look to advance exploration activity at Biricu into this next exciting phase," said Matthew Watson, current CEO and Chairman. In parallel, the Company is moving towards finalizing the selection process for a CEO.

About Citation Resources

Citation Resources Inc. is a growth-oriented, Canadian mining company dedicated to the exploration and development of precious and base metal resources. Citation is based in Vancouver, British Columbia and aims to create shareholder value through the acquisition, exploration, and development of profitable mineral properties, in a manner that is consistent with best practice in environmental stewardship, safety and stakeholder engagement. The Company has an option agreement with Esperanza Resources Corp. to acquire a 100% interest in the Biricu Project mineral exploration concession located in Guerrero State, Mexico. The Biricu Project comprises more than 41,000 hectares of highly prospectable ground and management believes that the Biricu Project is the direct on-strike extension of five skarn deposits in the Guerrero Gold Belt (El Limon-Los Guajes - Torex Gold Resources Inc.; Bermejal, Los Filos, and Nukay - Goldcorp Inc.; Ana Paula - Newstrike Capital Inc.).

Forward-Looking Statement

Some statements in this report contain forward-looking information. These statements include, but are not limited to, statements with respect to future exploration, expenditures, transactions and financings. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, risks related to actual results of exploration activities, the timing and amount of expenditures and the completion of transactions and financings.



Nigel Kirkwood, CFO

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