REC Minerals Corp.
TSX VENTURE : REC

REC Minerals Corp.

May 20, 2010 09:00 ET

REC Minerals Receives Regulatory Approval for Option Agreement With Respect to BC Gold/Silver/Copper Project

TORONTO, ONTARIO--(Marketwire - May 20, 2010) - REC Minerals Corp. ("REC" or the "Company") (TSX VENTURE:REC) is pleased to announce that that it has executed a formal Option Agreement with a private vendor for an option (the "Option") to acquire a 100% interest in two mineral claims located in northwestern British Columbia, Canada ("MC Dalhousie" or the "Property"), subject to a 2% net smelter return royalty. The Company has also received the requisite approval from the TSX Venture Exchange with respect to the Option.

Please refer to the Company's press release dated May 4, 2010, which is available on www.sedar.com, for details regarding the terms of the Option.

The Property is comprised of a total area of approximately 903 hectares and is prospective for gold, silver, copper, lead and zinc mineralization. It is located 16 kilometres north of the town of Stewart, British Columbia and situated two kilometers east of the formerly producing gold–silver-copper-lead-zinc Silbak Premier Mine on the west slope of Bear River Ridge. A 2,000 tpd mill designed for the recovery of precious metals adjacent to the Silbak Premier Mine was placed on care and maintenance in the 1990s. The Silbak Premier Mine is currently under option from Boliden Ltd. to Ascot Resources Ltd.

Based on historical exploration results, mineralization on MC Dalhousie is precious-and-base-metal bearing, and closely associated with quartz-pyrite-sericite or siliceous-carbonate-magnetite-rich zones which are concordant with the volcanic succession of flows and tuffaceous rocks. Numerous precious and base metal rich sulphide showings are located throughout the Property situated both near the top of Bear River Ridge in areas recently exposed by the receding local icecap and at lower elevations on its eastern slope. From 1921-1924, a small shipment of bulk-sample material resembling Silbak Premier ore was gathered from the Property and sent to Trail, B.C. This material assayed at 35.2% Pb, 19.2% Zn, 1.5% Cu, 550 Opt Ag and 0.16 Opt Au. More recent results of prospecting at the Property by the current owner led to surface sampling results of 58.9 g/t Au, 294 g/t Ag, 10.0% Zn, 1.79% Pb, and 0.6% Cu over one metre, 3.1% Cu, 254 g/t Ag, 1.9 g/t Au over 0.6 metres and 48.6 g/t Au, 73 g/t Ag and 0.56% Cu over 0.3 metres. These prospecting results are historical in nature and are used for reference purposes only. REC has not verified these records.

Kabir Ahmed, the Chairman, President and CEO of REC stated that, "We are extremely excited about carrying out an exploration program at MC Dalhousie in the very near future that we hope will confirm the Property's historical prospectivity for precious and base metals". Mr. Ahmed added, "By continuing to acquire and develop high quality mineral projects such as MC Dalhousie, REC is committed to building long-term value for its shareholders".

Trevor Boyd, P.Geo., a qualified person as defined by National Instrument 43-101 ("NI 43-101") and a member of the board of directors of REC, supervised the preparation of the technical information contained in this press release in compliance with NI 43-101. Mr. Boyd is also the President and a director and the controlling shareholder of Millennium Minerals Limited which has granted to the Corporation an option to earn a 100% legal and beneficial interest in the North Nonacho Property located in the Northwest Territories.

ABOUT REC

REC is a junior mineral exploration company with an experienced management team engaged in the acquisition, exploration and development of properties for the mining of precious and base metals and uranium. The principal property of REC is the Yukon Olympic Property, comprised of 272 quartz mining claims in the Dawson Mining Division, Yukon Territory, Canada, which is prospective for iron oxide, copper and gold mineralization and in which REC holds an option to acquire up to a 65% interest. The Company also holds an option to acquire a 100% interest in the North Nonacho Property comprised of two mining claims covering 60 units in the vicinity of Nonacho Lake, Northwest Territories, Canada, and an option to acquire a 100% interest in the MC Dalhousie Property comprised of two mineral claims located in northwestern British Columbia, Canada. The common shares of REC trade on the TSX Venture Exchange under the stock symbol "REC". The Company has 16,450,000 common shares issued and outstanding.

FORWARD-LOOKING STATEMENTS

Certain statements in this press release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of REC or the industry in which it operates to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, the words "estimate", "believe", "anticipate", "intend", "expect", "plan", "may", "should", "will", the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current expectations of the management of REC with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those expressed or implied by those forward-looking statements. These risks and uncertainties are detailed from time to time, including, without limitation, under the heading "Risk Factors", in REC's prospectus and in other continuous disclosure documents that will be filed by REC from time to time with the Ontario Securities Commissions which are available at www.sedar.com and to which readers of this press release are referred for additional information concerning REC, its prospects and the risks and uncertainties relating to REC and its prospects. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of REC to be materially different from those contained in forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, REC cannot assure investors that actual results will be consistent with these forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

The forward-looking information contained in this press release is current only as of the date hereof. REC does not undertake or assume any obligation, except as required by law, to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

No securities commission or regulatory authority has approved or disapproved the contents of this press release.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • REC Minerals Corp.
    Kabir Ahmed
    Chairman, President and Chief Executive Officer and Director
    (416) 365-6580
    (416) 946-1951 (FAX)