International KRL Resources Corp.
TSX VENTURE : IRK

International KRL Resources Corp.

December 07, 2006 09:35 ET

International KRL Resources Acquires White River Copper Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 7, 2006) - International KRL Resources Corp. (TSX VENTURE:IRK) today announced that it has entered an option agreement with Shawn Ryan of Dawson City, Yukon Territory (the "Agreement"), whereby the Company has been granted an option to acquire a 100% interest in the White River Copper property which consists of 32 mineral claims covering 1,652 acres (669 hectares) located in the Whitehorse Mining District of the Yukon Territory.

The White River Copper claims were discovered in 1905. Although native copper chalcocite and bornite found in the area have long been known about by First Nations people in the Yukon and identified by other exploration companies, the source has not been identified. The promising geology has been prospected. Three adits have been driven in prospective zones which were rich in native copper. Sporadic exploration continued up to 1987. Of the historical drill holes, the highest-grade drill hole assayed 2.14% copper over 20.7 meters from diamond drilling (Yukon MINFILE 115FO59). Numerous other copper values have been collected in trenches, underground adits and surface showings (Yukon MINFILE 115FO59). International KRL Resources will verify the historical data and evaluate the project with the benefits of modern exploration techniques during the 2007 field season.

Under the terms of the agreement with Mr. Ryan, in order to exercise the option the Company must pay the sum of $160,000, issue 750,000 common shares and incur $500,000 of exploration work on the property over a period of five years. Mr. Ryan has retained a 2% net smelter return royalty, one-half of which may be purchased by the Company for the sum of $1,000,000, and the Company holds a right of first refusal on the balance of the royalty. The Agreement is subject to the acceptance of the TSX Venture Exchange.

Michael Hibbitts, P.Geo, Vice President Exploration is the Qualified Person for this property.

International KRL Resources Corp. is a mineral exploration company engaged in the acquisition, exploration and advancement of Canadian mineral properties. The Company is currently exploring for uranium, copper, and gold in the Yukon Territory, Saskatchewan, Ontario and British Columbia. For more information on the properties and International KRL Resources Corp. please visit www.krl.net, www.sedar.com and www.sec.gov websites.

ON BEHALF OF THE BOARD

Seamus Young, President and CEO

Statements contained in this news release that are not historical facts are forward-looking statements, which are subject to a number of known and unknown risks, uncertainness and other factors that may cause the actual results to differ materially from those anticipated in our forward looking statements. Although we believe that the expectations in our forward looking statements are reasonable, actual results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.

The TSX Venture Exchange has neither approved nor disapproved the information contained herein.

Contact Information

  • International KRL Resources Corp.
    Seamus Young
    President and CEO
    604-689-0299 x 223
    syoung@krl.net
    or
    International KRL Resources Corp.
    Michael Hibbitts
    Vice President, Exploration
    604-689-0299 x 228
    mhibbitts@krl.net