Kent Exploration Inc.
TSX VENTURE : KEX

Kent Exploration Inc.

March 01, 2011 14:53 ET

Kent Exploration Inc.: Archean Star Resources Inc Received Conditional Listing Acceptance

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 1, 2011) -

NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES

Kent Exploration Inc. (the "Company or "Kent") (TSX VENTURE:KEX) announces that Archean Star Resources Inc. ("Archean") which was recently spun off from Kent through a Plan of Arrangement that took effect January 28, 2011, reports that it has received conditional approval from the TSX Venture Exchange (TSX-V) for listing as a Tier 2 Mining Issuer.

Final acceptance of Archean's submission is subject to a number of conditions, which Archean announces it expects to be able to complete in a reasonable time frame.

In conjunction with the proposed listing, Archean announced it is conducting a non-brokered private placement for 1 million Units at $0.25 cents per Unit. Each Unit consists of one common share of Archean and one common share purchase warrant, with each warrant exercisable for 12 months into one common share of Archean at $0.35 per common share. Archean states that the private placement is subject to TSX-V acceptance and is not conditional on completion of a TSX-V listing.

Archean Star Resources Inc is a junior exploration company that, through its wholly owned subsidiary, Archean Star Resources Australia Pty Ltd, has entered into an Option Agreement, subject to a 75% back in right, to earn 100% of Teck Australia Pty Ltd's ("Teck") interest in Chalice Gold Mines Limited's Gnaweeda Gold Project in West Australia.

With an approximate 35% interest, Kent is the major shareholder of Archean.

Kent Exploration Inc is a junior exploration company that has an approximately 35% interest in, and is the controlling shareholder of, Archean Star Resources Inc, which has an Option Agreement, subject to a 75% back in right, to earn 100% of Teck's interest in Chalice Gold Mines Limited's Gnaweeda Gold Project in West Australia. The Company has also acquired the Alexander River, Paparoa and Lyell gold projects in the highly prolific Reefton gold field in New Zealand.

The Company has an option to earn a 100% interest in the Silver Hills property, a silver/lead/zinc prospect in south-eastern British Columbia, The Company has a 100% interest in Coal Prospecting Permits covering approximately 92,000 ha in east-central Saskatchewan, a 100% interest in a mining lease option on the Flagstaff Mountain property, a fully permitted mine which is approved to produce up to 100,000 tons of barite per year, a gold/silver/zinc/barite prospect in eastern Washington state, a 100% interest in the mining lease option on the Ivanhoe Creek property, a Midas-style gold/silver target in Nevada's Carlin Trend, and 50% of a 100% interest in the Ivanhoe Creek placer claims covering a bentonite deposit.

This News Release has been prepared on behalf of the Kent Exploration Inc. Board of Directors, which accepts full responsibility for its contents.

ON BEHALF OF THE BOARD

Graeme O'Neill, President

Neither the TSX Venture Exchange, nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Kent Exploration Inc.
    Graeme O'Neill
    President
    604-684-3394 or Toll free: 1-866-399-6539
    1-888-282-7763 (FAX)
    www.kent-exploration.com