VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 29, 2016) - Irving Resources Inc. (CSE:IRV) ("Irving" or the "Company") is pleased to announce that it has entered into an agreement to purchase a 100% interest in a mining right located in Japan. The total purchase price for the mining right is JPY40,000,000 cash (approximately CAD $514,000) and JPY10,000,000 (approximately CAD $128,500) worth of Irving common shares. The shares will be subject to a statutory hold period of four months from the closing date.
The mining right encompasses an area of roughly 298 hectares covering a young, possibly Quaternary-aged hot spring center hosted by Tertiary-aged intermediate and felsic volcanic rocks. Irving thinks the property is prospective for epithermal precious metal vein deposits. The Company plans to conduct initial field work including mapping and sampling later this fall.
Quinton Hennigh (Ph.D., P.Geo.) is the Qualified Person pursuant to National Instrument 43-101 responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is a Technical Advisor and Director of the Company.
About Irving Resources Inc.:
Irving is a junior exploration company pursuing opportunities in Japan. In addition to Japan, Irving, through a subsidiary, holds three Project Venture Agreements with JOGMEC for joint regional exploration programs in the United Republic of Tanzania, the Republic of Malawi and the Republic of Madagascar. JOGMEC is a government organization established under the law of Japan, administrated by the Ministry of Economy, Trade and Industry of Japan, and is responsible for stable supply of various resources to Japan through the discovery of sizable economic deposits of base, precious and rare metals.
Additional information can be found on the Company's website: www.IRVresources.com.
Akiko Levinson, President & Director
Some statements in this news release may contain forward-looking information within the meaning of Canadian securities legislation. Forward-looking statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the mineral resource exploration industry as well as Irving having sufficient cash to fund any planned drilling and other exploration activities.
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