Habanero Resources Inc.

Habanero Resources Inc.

October 22, 2013 03:01 ET

Habanero's Oilsand Acreage to be Cancelled with Compensation by the Alberta Government

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 22, 2013) - Habanero Resources Inc. ("Habanero" or the "Company") (TSX VENTURE:HAO)(PINKSHEETS:HBNRF)(FRANKFURT:HRJ) wishes to announce that the Company has been notified by the Province of Alberta that Habanero has property that falls within the Fort McMurray Urban Development Subregion ("UDSR") and that this acreage will be cancelled. These lands have been requested to be 100% cancelled for compensation under the UDSR terms of the Alberta Government.

According to the Mineral Rights Compensation Regulation (MRCR), compensation payable to the Company is calculated as the sum of the following:

  • the amount of money paid to the Crown such as bonus bid, rental amount, application fees;
  • a development allowance;
  • a reclamation allowance; and
  • an interest allowance.

Habanero is in the process of submitting all information requested under the UDSR terms and hopes to have financial compensation in place before yearend.

Habanero is a diversified junior company with the following prospects: the White Gold Prospect in the White Gold Region Yukon, bordering Kinross' Golden Saddle discovery; the Haldane Silver Prospect in the Keno Hill Silver Region of the Yukon b ordering Alexco Resources Corp.'s Bellekeno property; the Lezai Multi-Element Prospect located approximately 100 km north of Chibougamau Quebec; and the Grande-Vallée North Aluminous Clay Prospect near Murdochville Quebec, bordering Orbite Aluminae Inc.'s deposit.

If you would like more information please email ir@habaneroresources.com or call 604 646 6900.

Habanero Resources Inc.

Jason Gigliotti, President

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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