Northaven Resources Corp.

April 19, 2011 15:01 ET

Northaven Resources Corp.: Option to Purchase Luxor Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 19, 2011) - NORTHAVEN RESOURCES CORP. (TSX VENTURE:NTV) is pleased to announce that it has entered into an option to purchase 1,056 hectares of prospective mineral claims known as the "Luxor Property", located approximately 15 kilometers south of Stewart, BC in the highly productive "Stewart Gold Camp". Mineralization in the area is characterized by apparently continuous island arc structures, including the Hazelton Group contained in a mineralized belt that extends for more than 200 kilometers in a north-westerly arc sub-parallel the west coast of BC, along the Gulf of Alaska. The entire belt has been subject to intensive structural deformation.

The Hazelton Group, which is composed largely of meta-volcanics and meta-sediments that have been intruded by granodiorites, has hosted a number of important historic mines. These include the former Eskay Creek Mine, which produced more than 100,000 kg of gold and 5,000,000 kg of silver (making it the 5th highest silver producer, in the world), the Silbak-Premier mine, which produced over 62,000kg of gold and 1.399 million kg of silver, and the Granduc mine which produced more than 190 million kg of copper.

The area is also host to a number of significant developing mineral deposits including Seabridge's KSM property, which Seabridge describes as "one of the largest undeveloped gold projects in the world" (with reported measured and indicated resources of 1.21 million kg of gold and 4.5 billion kg of copper), Pretium's Snowfields property (reported measured and inferred resources of 615,800 kg of gold and 1,580 thousand kg of silver), and Pretium's Brucejack property, with reported measured and indicated resources of 124 thousand kg of gold and 2.03 million kg of silver. All of these properties are located within 80 kilometers of the Luxor Property, within the same island arc environment.

The Luxor Property displays mineralization characteristic of the area, including several north-west trending shear zones in a volcanic massive sulphide (VMS) environment. Samples taken by the Vendor from the sulphide rich 'Jo' zone assayed background up to 188 g/t gold, 52.8 g/t silver and 22.6% copper. Vendor samples on the east side of the property, also in veins and shears, contained grades from background of up to 127.5 g/t gold and 1,174 g/t silver. The property is highly prospective for the discovery of VMS or Reduced Intrusion-Related (RIR) polymetallic mineralization which is capable of hosting large bulk tonnage gold/silver/copper deposits.

Under terms of the Option, Northaven is entitled to acquire a 100% interest in the property by making cash payments of up to $50,000 and issuing up to 300,000 shares over a three year period and completing work commitments totaling $350,000 over four years. The property is also subject to a 3% NSR royalty which may be repurchased for $500,000 for each 1%. The Option agreement is subject to acceptance for filing by the TSX Venture Exchange, which remains outstanding.

Northaven is also pleased to announce it has staked 86 claims covering an area of approximately 36,636 hectares commencing about 3.0 km immediately south of the Luxor Property. This new area, together with the Luxor property, expands Northaven's holdings to a total of approximately 37,692 hectares and represents one of the largest remaining unexplored areas in the prolific Stewart region.

The Luxor Property and the additional claim area have only been lightly explored in the past and have not been subject to modern geophysical and geochemical evaluation. Northaven plans a helicopter-borne geophysical survey to assist in a preliminary understanding of the structure and areas of interest early this summer. Full details will be announced as they become available.

On behalf of the Board of Directors of NORTHAVEN RESOURCES CORP.


This news release has been reviewed by Andrew Gourlay, P. Geol., a Qualified Person under National Instrument 43-101. All technical data herein is based on information contained in geological reports or summaries prepared by or on behalf of the Vendor which has not been independently verified by Mr. Gourlay or Northaven, and which remains subject to confirmation by subsequent exploration. This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond Northaven's control, that may cause actual results or performance to differ materially from those currently anticipated in such statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information