SOURCE: Harris Exploration, Inc.

January 05, 2007 16:05 ET

Harris Exploration Signs Letter of Intent

ENCINO, CA -- (MARKET WIRE) -- January 5, 2007 -- Harris Exploration, Inc. (PINKSHEETS: HXPN) advises shareholders it has authorized a Letter of Intent with Minera Cristal of Ecuador, regarding the opportunity to acquire up to a 100% position in their Balsapamba property, located in the Bolivar Province, Ecuador, South America.

Initial corporate due-diligence indicates a positive metallurgy structure of both precious and base metals. Due-diligence of recent documented activity is currently underway. Upon positive conclusion of this document inspection and verification, the Company has proposed to conclude on this agreement within the next several days.

The Balsapamba property is located near the city of San Miguel, in the Province of Bolivar and has to date been exploited and explored. Trenching and sampling have been performed previously and the property has now been subdivided into four mineralized zones. Several initial targets within these zones have been identified as highly mineralized and the Company is continuing to verify the corresponding documentation.

The Balsapamba property is recognized as a predominant (Au) Gold, (Cu) Copper and (Zn) Zinc mineralized deposit. Current exploitation and exploration has also identified possibilities of Cadmium and Molybdenum mineralization.

About Minera Cristal

Minera Cristal partners currently hold license to several base and precious metals exploration and mining opportunities throughout Ecuador.

About Harris Exploration

Harris is a Nevada-registered exploration Company. The Company has recently initiated a program to evaluate, exploit and explore undervalued assets and to establish an Ecuador mineral claim portfolio.

FORWARD-LOOKING STATEMENTS

This press release contains statements that plan for or anticipate the future, called "forward-looking statements." These forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements about: our market opportunity; revenue generation; our strategies; competition; expected activities and expenditures as we pursue our business plan; the adequacy of our available cash resources; our ability to acquire properties on commercially viable terms; challenges to our title to our properties; operating or technical difficulties in connection with our exploration and development activities; currency fluctuations; fluctuating market prices for precious and base medals; the speculative nature of precious and base medals exploration and development activities; environmental risks and hazards; governmental regulations; and conduct of operations in politically and economically less developed areas of the world.

Many of these contingencies and uncertainties can affect the actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Harris Exploration, Inc. Forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Harris Exploration, Inc. management 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 to the extent required by applicable laws.

This press release is for informational purposes only and is not and should not be construed as an offer to solicit, buy, or sell any security.

Contact Information

  • Investor Relations:
    818-325-3849