Duncan Park Holdings Corporation

Duncan Park Holdings Corporation

March 30, 2011 11:07 ET

Duncan Park Announces Completion of Geophysical Field Work, and Signing of Definitive Agreement With Respect to McManus Property at Red Lake

TORONTO, ONTARIO--(Marketwire - March 30, 2011) - Duncan Park Holdings Corporation (TSX VENTURE:DPH) (the "Company" or "Duncan Park") announced today that it is pleased to report that field work of the geophysical survey by Abitibi Geophysics on its Red Lake Property has been completed on schedule. Results of the analysis of the geophysical data gathered and recommended targets are expected by the end of April. Following that, the Company is planning a diamond drilling program to test selected targets.

The drilling program of targets on the land-based claims is planned to commence this summer, and drilling of targets on the lake-based claims is planned to commence as soon as ice conditions on the lake permit next winter. Complete details of the property, the exploration agreements, and the exploration program are available on the Duncan Park website at www.duncanpark.com.

The Company also announced the signing of the definitive option agreement with Sphere Resources Inc. ("Sphere") and Camp McMan Red Lake Gold Mines Inc. ("Camp McMan") pertaining to the earn-in of the McManus property contemplated by the letter of intent Duncan Park entered into with Sphere earlier this year. (See press release dated January 5, 2011.) The agreement remains subject to, among other things, completion of satisfactory due diligence by Duncan Park, and receipt of all requisite regulatory and other approvals, including stock exchange approvals.

In brief, Sphere has granted Duncan Park its option to acquire a 100% interest in the McManus property by the payment of $210,000 in option payments to Camp McMan, incurring $1,200,000 in exploration expenses over the next four years, and, in certain circumstances, the possible issue of up to 632,400 shares, subject to Sphere's right to claw back a 51% interest by paying Duncan Park four times the amount spent by Duncan Park.

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information with respect to the Company's exploration program and plans as well as the option agreement regarding the McManus property and the Company's future plans related thereto. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Duncan Park to be materially different from those expressed or implied by such forward-looking information, including risks related to option and joint venture arrangements, receipt of all requisite regulatory and other approvals, completion of satisfactory due diligence, the Company's ability to obtain necessary financing and as well as risks associated with the exploration, development and mining industry such as economic factors, future commodity prices, market conditions, government regulation, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with exploration and development activities, availability of skilled labour and equipment, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in Duncan Park's management's discussion and analysis for the year ended November 30, 2010, available on www.sedar.com. Although Duncan Park has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Duncan Park does not undertake to update any forward-looking information contained herein, except in accordance with applicable securities laws.

Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Duncan Park Holdings Corporation
    Ian McAvity
    President & CEO
    (416) 203-0860