Driven Capital Corp.

May 03, 2011 03:01 ET

Driven Capital Options Lyn Silver Project, Yukon

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 3, 2011) - Driven Capital Corp. (TSX VENTURE:DVV) ("Driven" or the "Company") is pleased to announce that it has entered into an option agreement with 7606 Yukon Ltd. and Panarc Resources Ltd. (together the "Optionors") to acquire a 100% interest in the Lyn Silver Project ("Lyn") in Yukon, Canada.

"This exciting property diversifies Driven by location and commodity," said Toma Sojonky, Driven's CEO. "Lyn is positioned in what has the potential to become a high-grade silver district in the Yukon."

Located approximately 13km southeast of the Town of Faro and within the Whitehorse Mining District, Lyn is comprised of 85 contiguous quartz claims totaling approximately 1,775 hectares. The property is accessible via the Robert Campbell Highway approximately 4km north, and is located 5km southwest of the Grew Creek epithermal gold-silver discovery.

The Lyn Silver Project

The area comprising and surrounding Lyn has been explored intermittently for high grade silver-lead-zinc veins mineralization since 1969. Mineralization occurs as a swarm of galena-tetrahedrite-sphalerite-quartz-carbonate veins hosted within a major NW-SE trending shear zone which is part of the regional Tintina Fault system.

Historic rock chip samples assayed up to 4,328 g/t Ag, 53% Pb and 11% Zn. Trenching exposed a NW-SE striking network of veins over a distance of at least 275m, which remains open along strike at both ends. Individual veins measured up to 15m long and 2m wide, and returned silver assays including 0.3m@ 4,328 g/t, 0.9m @ 575 g/t, 2.0m @ 284 g/t and 10.0m @ 120 g/t.

A total of 18 shallow drill holes were reportedly completed in the general area of high-grade silver mineralization; however, only summary data is available. All 18 holes drilled in 1988 are reported to have intersected mineralization. The best drill intercepts included 7.9m @ 4,354 g/t Ag and 32% Zn, 3.0m @ 2,400 g/t Ag, and 2.4m @ 1,397 g/t Ag, 48% Pb and 15% Zn.

Numerous geophysical surveys completed on and around Lyn identified a swarm of northwest trending EM conductors, magnetic highs and gravity highs on the property. The cause of these geophysical anomalies is still unknown and requires follow-up. Historical results mentioned in this news release are not NI 43-101 compliant and should not be relied upon.

While a small portion of the property has undergone minor historical trenching and drilling, Lyn does not appear to have been systematically explored. Driven plans to compile all publically available historic exploration data into GIS format prior to beginning 2011 field work. Detailed prospecting, geologic mapping, rock and soil sampling and geophysics will be used to confirm and trace silver mineralization along strike to the northwest and southeast, with drilling intended in the latter part of the field season to delineate the main showing area.

The Option Agreement

Under the terms of the option agreement, Driven can acquire a 100% interest in and to Lyn by paying to the Optionors the sum of $500,000 and issuing 1,000,000 common shares in installments over a five-year period, and incurring expenditures on Lyn in the aggregate amount of $1,000,000 over the same term.

Of the consideration due and payable, $10,000 has already been paid, and an additional $15,000 and 75,000 Driven shares are payable to the Optionors upon TSX Venture Exchange acceptance of the terms of the agreement. On the first anniversary of Exchange acceptance, an additional $40,000 and 125,000 Driven shares are payable; by the same time, Driven is required to have incurred minimum exploration expenditures on Lyn of $75,000.

The interest being acquired by Driven is subject to a 2 percent net smelter return royalty (of which 1 percent can be purchased for the sum of $1,500,000), and a 2km area of interest from Lyn's perimeter. The terms of the agreement are subject to acceptance by the Exchange.

Geologist U. Peter Kurisoo, a Director of the Company, is the Qualified Person under National Instrument 43-101 responsible for the technical information in this news release.

Driven is a publicly traded exploration company focused on the discovery of high-value precious metals deposits in North America. Please visit the Company's web site at

On Behalf of the Board of Directors of Driven Capital Corp.

Toma Sojonky, President & CEO

Cautionary Statement Regarding Forward-Looking Information: All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.

Neither the 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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