Habanero Resources Inc.

Habanero Resources Inc.

December 03, 2009 03:01 ET

Habanero to Acquire Silver Project in the Yukon

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 3, 2009) - Habanero Resources Inc. ("Habanero") (TSX VENTURE:HAO) (PINK SHEETS:HBNRF) (FRANKFURT:HRJ) wishes to announce that it has entered into an option agreement with Misty Creek Ventures Ltd. ("Misty Creek") to acquire 100% of the Haldane Silver Prospect located in Yukon Canada. The Haldane Silver Property consists of 99 contiguous quartz mineral claims comprising approximately 1,950 ha. (4,818 ac.)

The Haldane Property is a structurally controlled, silver vein prospect located within the Keno Hill silver district in the central Yukon. Between 1921 and 1988, the Keno Hill silver district produced more than 217 million ounces of silver with average grades of 40.5 ounces per ton silver, 5.6 per cent lead and 3.1 per cent zinc (Yukon government's Minfile database). The historical production grades would rank Keno Hill in the top 3 per cent by grade of today's global silver producers. The Keno Hill district is the second-largest historical silver producer in Canada. The Haldane property is well situated about 25 kilometres west of the main Keno Hill deposits. Mineralization is controlled by northerly trending structures, and consists of galena, sphalerite and tetrahedrite-tennantite in quart- siderite gangue. The best mineralization found to date occurs where the mineralized structures cut the Keno Hill quartzite unit, below the Robert Service Thrust. This is almost identical to the setting for mineralization at the main Keno Hill deposits. Any historical data presented here is not necessarily representative of this prospect itself. Habanero plans to file a 43-101 report once completed.

Jason Gigliotti, President of Habanero stated, "This project offers Habanero an opportunity to enter into one of the most prolific silver producing regions in Canada. Silver prices are currently near historic highs and management is optimistic regarding what this prospect may mean for Habanero in the future."

In order to exercise the option, Habanero shall make the cash payments to Misty Creek, issue common shares to Misty Creek and complete the required exploration expenditures:

Cash Payments:

$10,000 on the Closing Date

$250,000 on the 4th Anniversary of the Closing Date ("Closing Date" means the date of final acceptance from the Exchange with respect to the Transaction);

Share Payments:

100,000 Habanero shares on the Closing Date 100,000 Habanero shares on 1st Anniversary of the Closing Date

200,000 Habanero shares on 2nd Anniversary of the Closing Date 200,000 Habanero shares on 3rd Anniversary of the Closing Date 1,000,000 Habanero shares on 4th Anniversary of the Closing Date Exploration Expenditures:

Habanero shall complete a cumulative total of $4,000,000 in exploration expenditures over the Option period, according to the following schedule:

$150,000 in exploration expenditures prior to the date that is the 1st Anniversary of Closing;

a further $350,000 in cumulative exploration expenditures prior to the date that is the 2nd Anniversary of Closing;

a further $1,500,000 in cumulative exploration expenditures prior to the date that is the 3rd Anniversary of Closing; and

a further $2,000,000 in cumulative exploration expenditures prior to the date that is the 4th Anniversary of Closing.

Upon completion of the Option, Misty Creek will retain a three percent (3%) NSR on the Property. Habanero can purchase up to two-thirds (2%) of the NSR at any time prior to commercial production by paying Misty Creek $1.5 million for each one-third (1%) of the NSR it purchases.

This option is subject to regulatory approval.

Qualified Person Statement

This news release has been reviewed and approved for technical content by Murray Jones, P. Geo. Mr. Jones is a Qualified Person as defined under the terms of National Instrument 43-101.

Habanero is a diversified junior company with the following prospects: acreage in the Alberta Oilsands; land in the Yukon, bordering Underworld; a sizable land holder within the land prospective for lithium in Alberta; two prospects in the Stewart Mining Region of BC, one bordering Canasia's Clone Prospect and the other in the vicinity of the recent discovery made by Decade Resources Ltd.; land in the Barkerville Gold Camp of BC bordering International Wayside Gold Mines Ltd, and now the Haldane Silver Prospect in the Yukon.

If you would like to be added to Habanero's email updates list, please send an email to ir@habaneroresources.com requesting to be added.

Habanero Resources Inc.

Jason Gigliotti, President

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Habanero Resources Inc.
    Jason Gigliotti
    604 646 6900