ROSCAN MINERALS CORPORATION
TSX VENTURE : ROS

October 10, 2008 09:00 ET

RosCan Enters Option Agreement to Acquire Interest in Gold Properties in Turkey

TORONTO, ONTARIO--(Marketwire - Oct. 10, 2008) -

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ROSCAN MINERALS CORPORATION ("RosCan") (TSX VENTURE:ROS), is pleased to announce that it has, through its wholly-owned subsidiary, Roscan Minerals (BVI) Corp., signed an option agreement with Merrex Gold Inc. (TSX VENTURE:MXI) and AgeanGold Madencilik Ltd. STI. to acquire an undivided 50% interest in four gold properties in the Republic of Turkey. Under the option agreement, RosCan can acquire the 50% interest in the properties by making operating and exploration expenses in the aggregate amount of $1 million dollars over a three-year period, with a firm work commitment of $300,000 in the first year, and $350,000 in the two subsequent years. Merrex will be the operator during the earn-in period.

Upon the exercise of the option by RosCan, the parties shall finalize and execute a joint venture agreement or similar arrangement for the continued development of the properties.

The properties are comprised of twelve mineral concessions in four regions: Efencukuru (two permits of 1830 hectares), Odemis (four contiguous permits totaling 7450 hectares), Ordu-Ulubey-Sayaca (one permit of 887 hectares) and Kure (five contiguous permits totaling 8588 hectares).

The Efencukuru permit is contiguous to the south of Eldorado Gold's 30 square kilometre Efencukuru Project which has a reported proven and probable reserve of 3,875,000 tonnes grading 10.04 grams per tonne gold totaling 1,221,000 in-situ ounces of contained gold and has reported drill intersections as high as 41.54 g/t gold over 35.3 meters and 218.6 g/t gold over 5.6 meters.

The Efencukuru permit is located in Izmir province on the south-west coast of Turkey approximately 20 kilometers from the City of Izmir, the provincial capital. The Kure and Odemis permit areas are also in Izmir province; Kure approximately 83 kilometres from the City of Izmir and Odemis approximately 64 kilometres from the City of Izmir. The Ordu-Ulubey-Sayaca permit is located in Ordu province in the north-east of Turkey near the Black Sea approximately 22 kilometres from the provincial capital Ordu.

The initial program during the first year of the option period will consist of geological research, data compilation, prospecting, sampling, trenching and pitting, mapping, assaying and report preparation and will include an initial evaluation of all concessions with greater emphasis on those concessions showing greatest early promise. The objective will be to identify those concessions with superior prospects and identify future drill targets on those concessions.

The directors and officers of RosCan have been granted an aggregate of 550,000 options to purchase common shares of RosCan at a price of $0.15, for a period of five years. Half of the options vest immediately, and the balance vest on the first anniversary of the date of grant.

RosCan is focused on the exploration and development of mineral projects and continues to assess additional potential acquisitions to enhance shareholder value.

Shares Outstanding: 26,699,573

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 the Company's control that may cause actual results or performance to differ materially from those currently anticipated in such statements. Such forward-looking statements include comments regarding acquisitions, mineral resource statements and exploration program performance.

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

Contact Information

  • RosCan Minerals Corporation
    Chris Irwin
    (416) 293-8437
    (416) 293-3957 (FAX)
    Email: info@roscan.ca
    or
    Cobblestone Communications Inc.
    William Chymyck
    (519) 851-2242
    (519) 642-0839 (FAX)
    Email: wchymyck@rogers.com