VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 21, 2012) - Entourage Metals Ltd. (TSX VENTURE:EMT) (the "Company" or "Entourage Metals") is pleased to announce that Ocean Park Ventures Corp. (TSX VENTURE:OCP) has signed a letter agreement to enter into a comprehensive option agreement with Entourage Metals, whereby Ocean Park can earn up to a 75% interest in the Rous Lake and Toothpick West Properties, subject to receipt by Ocean Park of approval from the TSX Venture Exchange.
The Properties are located immediately West of the famous Hemlo Mines complex, and have excellent road access and infrastructure with close proximity to rail, air and power.
The 2012 drill program will commence immediately and will include up to 1,000 meters of diamond drilling and will focus on targets identified based on geological, geophysical, and geochemical work during the extensive work completed in the 2011 season. This drilling will test the main Hemlo trend in two precollared drill holes eight kilometers west of Hemlo Mines Property boundary.
The geological understanding of the Hemlo belt and its mineralization has improved in the decades since Hemlo was discovered in 1981. A majority of these targets lie below 500 meters vertical depth; limited historical exploration has been accomplished at these depths.
The Hemlo gold deposit has produced over 20.3 million ounces of gold to date (Ministry of Northern Development and Mines report 6182 and 6246). Compared to other greenstone belts, the Hemlo belt area has remained very underexplored. Gold was first discovered in the Hemlo area in 1981, leading to a staking rush and exploration work in the early 1980's. Current producing mines include Barrick's David Bell, Golden Giant, and the Williams Mine defining a large 2.5 km continuous body of gold mineralization.
Entourage Metals has an option agreement with Barrick Gold Inc. to acquire a 100% interest in the Rous Lake and Toothpick West Properties located in the Hemlo belt along the mineralized trend of Barrick's Hemlo gold deposit.
Ocean Park will have a first option to earn a 65% interest in the Properties by funding exploration expenditures totaling $2,900,000 in stages on or before June 30, 2015, with $300,000 required to be funded on or before December 31, 2012. In addition Ocean Park must make cash and share payments to Entourage Metals, totaling $30,000 and 1,000,000 common shares to exercise the first option. Ocean Park can exercise a second option earn an additional 10% interest, allowing Ocean Park to reach a 75% interest in the Properties, by completing a National Instrument 43-101 resource estimate and issuing to Entourage Metals an additional 1,500,000 common shares. Entourage Metals will be the operator of the Properties during the currency of the first and section options.
The 2012 exploration program for the Properties are under the supervision of John C. Florek, P.Geo., Vice-President Exploration for Entourage Metals; who is a Qualified Person as defined by NI 43-101. Mr. Florek prepared and approved the information contained in this release.
The Company also announces that the President of the Company, Jeff Sundar, has been appointed as Chief Executive Officer of the Company. The board has accepted Adrian Fleming's resignation as CEO so that he can focus more time on his Primary Ventures. Mr. Fleming will remain an active director of the Company and Entourage looks forward to Mr. Fleming's continued contributions and wealth of gold exploration experience.
ON BEHALF OF THE BOARD OF DIRECTORS
Jeff Sundar, President and Director
Certain disclosure in this release, including statements regarding the entering into of an option agreement and the intended 2012 work program, constitute forward-looking information or statements (collectively, "forward-looking statements") for the purpose of applicable securities laws. In making the forward-looking statements, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company, including that the Company is able to obtain any government or other regulatory approvals required to enter into the option agreement or to complete the Company's planned exploration activities, that the Company is able to procure personnel, equipment and supplies required for its exploration and development activities in sufficient quantities and on a timely basis and that actual results of exploration activities are consistent with management's expectations. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, that the Company will be unable to obtain required regulatory approvals on a timely basis or at all, that actual results of the Company's exploration activities will be different than those expected by management and that the Company will be unable to obtain or will experience delays in obtaining any required government approvals or be unable to procure required equipment and supplies in sufficient quantities and on a timely basis. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
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.