TORONTO, ONTARIO--(Marketwired - Jan. 30, 2014) - Rupert Resources Ltd. ("Rupert" or "the Company") (TSX VENTURE:RUP) today announced that it has increased the land holdings and furthered the longevity of certain claims in and around the former producing Surf and Pugsley Mines at its Surf Inlet Property.
The Surf Inlet property is located on Princess Royal Island, British Columbia, and is comprised of 21 Crown Grants and eight mineral tenures covering a new total area of 874 hectares. The property is home to the former producing Surf and Pugsley Mines which were last operated in 1929 by Surf Inlet Consolidated Gold Mines Limited. Total reported production from the Surf Inlet Property is 1,091,131 tons at a reported average grade of 13.5 grams gold per ton (0.425 oz/ton) (Vulimiri 1986). The Surf and Pugsley Mines combined historical metal production is estimated at: 463,731 gold ounces, 201,207 silver ounces and 6,248,853 pounds copper. Of the two mines, Surf produced the majority of gold ore, 921,245 tons or approximately 84% (BC Minfile Report 103H027). Mineralization is hosted in quartz veining associated with fault structures.
Rupert believes the Surf Inlet property has significant exploration potential as evidenced by its former producer status and several exploration programs conducted between 1980 and 2000. Although no exploration has been undertaken since a limited diamond drill program in 2000, Rupert has yet to act on the recommendations and plans for exploration made in an NI 43-101 compliant report titled "Technical Review, Surf Inlet Gold Project", 2004.
Rupert owns the 21 Crown Grants that encompass the two former producing areas of the property. The Crown Grants have no expiry dates, but an annual tax on each claim is payable to the British Columbia Provincial Government to retain ownership.
Rupert has increased the land holdings to 874 contiguous hectares from 565 hectares in order to more completely contain the areas beyond the two former producing mines and to consolidate the land holdings of the district. These mineral tenured areas, which include the 21 Crown Grants, are important for future exploration potential and for access to the mines. In addition, longevity of the tenure ownership has increased as the ownership period of four of the mineral tenures have been extended to 2020. The remaining four tenures can also be extended through exploration activities or through payment in lieu of such activities. Please see www.rupertresources.com.
About the Company
Rupert Resources is a Canadian based gold exploration company. Rupert's objective is to evaluate the developmental potential of its two assets - the Surf Inlet property in British Columbia and the Gold Centre property in Ontario - in parallel with the objective of finding other investment opportunities in near term producing assets through active searches for development projects. Rupert holds a 100% interest in the Gold Centre property, which has the distinction of being one of the best-positioned exploration land packages within the entire Red Lake gold mining camp. The Gold Centre property is immediately adjacent to and on trend with the world's richest gold mine, Goldcorp, now working within 600m of Rupert's boundary.
In 2004, Rupert commenced an 11,900m drill program on the Gold Centre property consisting of two main holes and several daughter holes. Although, at the 2008 conclusion of this program no significant gold was found in that small area in the South West portion of the property, strong geological features were encountered. On the heels of a recent $510,000 private placement, the new Summer 2013 exploration program has been completed. A geophysical program delineated three strong I.P. anomalies, with two located in the northwestern portion, and one in the eastern portion of the property. They have been recommended as diamond drill targets. See press release, November 14, 2013.
Michael Sutton, P.Geo., a Director of Rupert Resources Ltd., and a Qualified Person ("QP"), has reviewed and approved the technical content of this news release.
ON BEHALF OF THE BOARD
M. Kostuik, President and CEO
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Cautionary Note Regarding Forward-Looking Statements
This Press Release contains statements which constitute "forward-looking statements", including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to the future business activities and operating performance of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the general risks of the mining industry, as well as those risk factors discussed or referred to in the Company's annual Management's Discussion and Analysis and Annual Information Form for the year ended October 30, 2013 available at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.