Takara Resources Inc.
TSX VENTURE : TKK

Takara Resources Inc.

November 12, 2010 11:41 ET

Takara and Guyana Goldfields Subsidiary Become Joint Venture Partners on the BRL/Arakaka Project in Guyana

TORONTO, ONTARIO--(Marketwire - Nov. 12, 2010) -

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Takara Resources Inc. (TSX VENTURE:TKK) ("Takara") announces that Aranka Gold Inc.("Aranka"), a wholly owned subsidiary of Guyana Goldfields Inc. (TSX:GUY), has become the Company's joint venture partner on the BRL Venture (now named the Arakaka Joint Venture) in Guyana, South America. Aranka recently purchased all of the interests in the Arakaka Joint Venture held by Newmont Overseas Exploration Limited, a subsidiary of Newmont Mining Corporation (NYSE:NEM).

The property portfolio comprising the Arakaka Joint Venture is subject to various underlying agreements, and is situated in the North West Mining District of Guyana, in proximity to Takara's 100% held Tassawini Gold project. To date, the Arakaka Joint Venture has had approximately $16 million incurred in exploration expenditures by the former operators.

It is anticipated that an exploration program and budget will be proposed prior to the end of 2010, with a view to commencing activities early in 2011. Takara will then determine to fund its pro-rata 29.90% interest or have its interest diluted.

The Arakaka Joint Venture continues to be governed by the underlying joint venture agreement of September 27, 2005 which provides, among other things, a maximum $2 million on proposed programs and budgets, as well as the right for either party to define a specific project area for concentrated development - whereby if specified, Aranka has the right to increase its interest by funding to feasibility (10%) and funding to commercial production (10%) on the specific project area. The agreement further provides that if either party's interest is reduced to less than 15%, such interest converts to a 5.0% net profits interest.

About Takara

Takara Resources Inc. is a Canadian based (TSX VENTURE:TKK) gold company focused on exploring and developing its Guyana gold assets in the Guiana Shield that are held within a wholly-owned subsidiary, StrataGold Guyana Inc., namely: (i) the 100% owned Tassawini Gold Project; and (ii) a 29.90% interest in the BRL (now named Arakaka) Venture.

Statement Regarding Forward Looking Statements

This news release of Takara contains statements that constitute "forward-looking statements". Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Takara's actual results, performance or achievements, or developments in the industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements in this document include statements regarding Takara's expectations regarding ownership, entitlements, drilling and exploration activities on properties in which Takara has, or believes it has an interest. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Important factors that could cause actual results to differ materially from Takara's expectations include, but are not limited to risks related to working in foreign countries, risks that are coincident with cultural diversities, fluctuations in mineral prices, uncertainties related to raising sufficient financing to fund planned work in a timely manner and on acceptable terms, changes in planned work resulting from legal matters, weather, logistical, technical or other factors, the possibility that results of work will not fulfill expectations and realize the perceived potential of Takara's properties, uncertainties involved in the estimation of resources, the possibility that required permits may not be obtained in a timely manner or at all, and the possibility of cost overruns or unanticipated expenses in the work programs. Takara undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

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 news release.

Contact Information

  • Takara Resources Inc.
    Jennifer L. Boyle, B.A., LL.B.
    (647) 430-0966 (work) or (416) 904-2714 (cell)