First Pursuit Ventures Ltd.

May 08, 2009 09:30 ET

First Pursuit to Acquire Mexican Mineral Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 8, 2009) - First Pursuit Ventures Ltd. (NEX:FPV.H) (the "Company" or "First Pursuit") announces it has signed a Letter of Intent with arms-length vendors for the acquisition of a claim group covering an area of 16,600 hectares (41,023 acres) located 50 km east of Ciudad Obregon, Sonora, Mexico known as the La Tuna Prospect (the "Prospect").

First Pursuit will acquire a one hundred (100%) per cent interest in the Prospect by making cash payments of US$2 million over 6 years with the larger payments required only after year 4. In addition to the US$2 million, the vendors retain a 2% NSR on the Prospect, subject to the right of First Pursuit to purchase one-half of the NSR (namely a 1% NSR) for US$1,000,000 for five (5) years after signing this contract. There is an additional 1% NSR payable to the initial vendors of the Prospect.

The Prospect is situated in a region endowed with several significant, porphyry copper/gold and epithermal gold/silver deposits. The prospect claims were staked in 2008 and contain physical evidence of historical workings from small scale local mining. There are indications of mineralization on the property from prospecting activity but the claims are not known to contain any known resource. A NI 43-101 report will be filed on SEDAR within 45 days of the date of this news release. The acquisition of the Project is subject to TSX Venture Exchange ("TSXV") acceptance and the completion of definitive agreements. Once completed First Pursuit is expected to be a Tier 2 issuer on TSX Venture. Completion is targeted to occur within the 45 days from this news release and a first year work program of US$208,000 has been recommended for the Prospect. A finder's fee within TSXV guidelines has been agreed to with an arms-length finder.


Terry Fields, President and Director

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.

Contact Information

  • First Pursuit Ventures Ltd.
    Investor Relations
    (604) 682-2928
    (604) 685-6905 (FAX)