Takara Resources Inc.
TSX VENTURE : TKK

Takara Resources Inc.

November 11, 2011 08:35 ET

Takara Identifies Seventeen New Targets on the Tassawini Gold Project, Guyana and Terminates GoldQuest Transaction

TORONTO, ONTARIO--(Marketwire - Nov. 11, 2011) - Takara Resources Inc. ("Takara" or the "Company") (TSX VENTURE:TKK) announces that it has reached a mutual agreement with GoldQuest Mining Corp. to terminate the previously announced proposed business combination transaction (dated September 19, 2011), in order that the parties can mutually investigate the potential for a more amenable transaction at a later date, one that may more suitably satisfy the shareholders of both companies. In the meantime, Takara shall continue to conduct its business in the normal course.

Results Airborne Survey – Tassawini

Takara is pleased to announce that it has received a detailed interpretation of its airborne geophysics on the extended Tassawini Block, which consists of the Tassawini Gold Deposit and 3 additional recently acquired Prospecting Licences ("PL's"): St Bede's, Chinese Landing and Koriabo in Mining District No5 located in North West, Guyana, South America.

The airborne geophysical survey has confirmed the presence of seventeen target areas with favourable structural and alteration patterns. These geological structures provide potential for significant fracturing and mobilization of mineralized fluids, and are seen to occur in high strain zones proximal to the Teki granite, similar to the Tassawini Gold Deposit. In many cases the local ENE-WSW structural trends are cut or folded by NE-SW structures forming zones of structural complexity, which overlay previous artisanal workings and promising geochemical anomalies mapped by an earlier geochemical survey.

The most prospective areas occur adjacent to regions of magnetic discontinuity that are related to lithological contacts, regional shear zones and fold structures. Gold mineralization in the area is known to occur near major crustal breaks manifesting as large-scale shear zones, which act as conduits for mineralising fluids. The 'structurally complex zones' occur in foliated volcaniclastic and sedimentary Barama Group rocks and appear to be distinguished by anomalous potassic alteration, which may in turn be related to gold mineralization.

The company is planning to follow up with geological prospecting, sampling and ground geophysics to identify satellite gold deposits in Tassawini area.

The airborne magnetic and gamma-ray spectrometry survey is comprised of ~6,975 line-kilometres acquired on a 50 x 500 m grid pattern. Firefly Aviation Ltd, who deployed a twin-engine Piper Navajo aircraft, carried out the primary survey acquisition in 2011; the data was processed and interpreted by Christopher Campbell of Intrepid Geophysics Ltd.

Environmental and Social Impact Assessment

The Environmental and Social Impact Assessment Report at the Tassawini Gold Project is pending a final site assessment visit by the Guyana Environmental Protection Agency. The site visit represents a milestone in the process to obtain an Environmental and Social Impact Assessment Report, and if in order, a notice will subsequently be published in the daily newspaper in Guyana informing the public of the proposed project plan for the Tassawini Gold Project, and for any ensuing comments prior to final approval.

Further, the Company is seeking amendments or extensions to the various forms of title at the Tassawini Gold Project, in an effort to consolidate key land packages and to ultimately transition more seamlessly into a proposed application process for upgrading to large scale mining permits. There is no assurance that such amendments and extensions may be granted. As part of this process, the Company is working with interested parties in negotiating an impact benefit agreement as it relates to the local Amerindian Communities in proximity to the Tassawini Gold Project as well as other impacted and interested parties.

Dr. Tania Ilieva, P.Geo., Vice President, Exploration, is the Qualified Person who has reviewed and approved the contents of this news release for and on behalf of Takara.

About Takara

Takara Resources Inc. is a Canadian based 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 Tassawini Gold Project (100% interest); and (ii) the Arakaka Project (100% interest).

The Tassawini Gold Project hosts a National Instrument ("NI") 43-101 compliant mineral resource estimate (disclosed in a press release dated March 18, 2010) containing 437,000 ounces gold (Indicated resource 10,766,000 tonnes having an average grade of 1.3 g/t) and 62,000 ounces gold (Inferred resource 1,926,000 tonnes having an average grade of 1.0 g/t.)

Statement Regarding Forward Looking Information

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. Any factor could cause actual results to differ materially from Takara's expectations. 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.

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