VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 28, 2012) - Tajiri Resources Corp. (or the "Company") (TSX VENTURE:TAJ) is pleased to report that it has entered into a Letter of Intent ("LOI") with Arrowhead Gold Corp. ("Arrowhead") whereby Tajiri will acquire the remaining 49% interest, not already under option to the Company, in the hard rock mining rights of the Kaburi PL, Mazuruni District, Guyana, South America. Under the terms of the letter and upon approval by the TSX Venture Exchange, Tajiri will issue to Arrowhead a total of 3 million common shares and make a one-time payment of $50,000CDN. Assuming approval and completion of the definitive agreement, Tajiri will hold directly and via option a 100% undivided interest in the Kaburi PL, a property that the Company has long considered to be of strategic importance with respect to ongoing developments in Guyana's gold exploration sector. The Company and its Board are of the opinion that consolidating interest in this highly prospective gold exploration asset will create greater value for all stakeholders as work begins to evaluate its mineral potential.
Additionally, Tajiri is pleased to announce the appointment of Mr. Paul D. Gray BSc., P.Geo. to the position of Project Manager for the Kaburi Project. Mr. Gray will be responsible for the planning, management, and execution of all Kaburi related exploration activities. Mr. Gray is a registered member of the Association of Professional Engineers and Geoscientists of British Columbia, holding a BSc. (Hons.) Degree from Dalhousie University, and has more than 18 years mineral exploration experience, having worked throughout the Americas and Central Asia, as well as actively on projects in Guyana since 2008. The Company welcomes his involvement and believes his experience will be invaluable in moving forward with exploration efforts at Kaburi.
The Kaburi PL occupies 2,598 hectares (6,421 acres) of the Guiana Shield Greenstone Belt, one of the least documented Precambrian terrains in the world, and locally is within the Mazaruni Mining District of Guyana, South America. This area has long been a source of gold production for the Country and its local mining interests and more recently has gained awareness in the international exploration community due to the underexplored and highly prospective nature of the geology present in the area. Located approximately 70km North-West of the past producing Omai Gold Mine, the Kaburi PL is also surrounded on all sides by the West Omai Tenements of Azimuth Resources Ltd. which hosts an NI43-101 compliant inferred resource* of 1.22 million ounces gold. Due to similarities in geological environments, as noted in the Company's newly published N.I. 43-101 Technical Report, Tajiri believes that the Kaburi Project has the potential to host similar gold mineralization to Azimuth's West Omai Prospects and warrants systematic mineral exploration programs to advance to project.
Paul D. Gray, B.Sc, P.Geo. has reviewed and approved the technical information in this release, and acted as a qualified person for the Company as defined by NI 43-101.
On Behalf of the Board,
Graham Keevil, President, CEO
Tajiri Resources Corp.
*Tajiri was unable to verify the resource estimate presented above, which is available publically on ASX/TSX filings and from within Azimuth's public disclosures. The information presented herein on the West Omai Project and the related Prospects are not necessarily indicative of the mineralization on the Kaburi Property. The information is included to highlight the mineralization identified to date in the region in relation to the Kaburi Project Boundaries and does not necessarily indicate gold mineralization is present on the Kaburi Project. Paul D. Gray, PGeo, is the company's qualified person with respect to the Kaburi project, and has reviewed and approved 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.