Tarsis Capital Corp.
TSX VENTURE : TCC

Tarsis Capital Corp.

June 10, 2008 09:00 ET

Tarsis Acquires Prospector Mountain Gold-Silver-Copper Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 10, 2008) - Tarsis Capital Corp. (TSX VENTURE:TCC) ("Tarsis") is pleased to announce that it has signed a letter agreement with Almaden Minerals Ltd. (TSX:AMM)(AMEX:AAU) ("Almaden") to acquire a 100% interest in the Prospector Mountain gold-silver-copper property, located in central Yukon.

The Property

The Prospector Mountain property consists of 239 mineral claims (Approximately 4,996 hectares), located 90 kilometres north-west of Carmacks, Yukon. Other significant properties in the area include Sherwood Copper's operating Minto copper mine, 30 kilometres to the north-east and Western Copper's Carmacks project, currently in the permitting phase for mine operation, 55 kilometres to the south-east. In addition, Northern Freegold Resources is now undertaking a 25,000 metre diamond drill program on its Freegold Mountain property, located 15 kilometres to the south-east.

The property lies within the Dawson Range portion of the Tintina Gold Belt and covers an area of hydrothermal alteration and mineralization indicative of both a porphyry copper-gold and epithermal gold-silver mineralizing environment. Copper-gold mineralized and K-silicate altered Cretaceous intrusive rocks outcrop on the project as well as banded quartz veins that have returned high silver and gold values from samples taken in historic work programs.

The Agreement

Tarsis will issue Almaden 100,000 fully paid shares and make a cash payment of $30,000 for an 100% interest in the property. Almaden will retain a 2% net smelter royalty (NSR) over any minerals produced from the property, however half of the NSR may be purchased at any time after production commences for fair value as determined by an independent valuator.

Tarsis also agrees to issue Almaden 500,000 fully paid shares upon receipt of a positive Bankable Feasibility Study for the property.

The acquisition is subject to acceptance for filing by the TSX Venture Exchange.

Exploration Plans

Tarsis plans to conduct early stage exploration, including prospecting, mapping, geophysics and geochemical rock and soil sampling on the property, prior to seeking a joint venture partner for further exploration.

Tarsis Grants Bonus Shares To Almaden

Pursuant to a property acquisition agreement dated 16 July, 2007, Tarsis announces that a bonus share issue clause has been triggered. Under the terms of the acquisition agreement, Tarsis is required to grant Almaden 500,000 fully paid shares if a property optionee spends $200,000 prior to 16 July 2009 and intends to spend a further $100,000 on any of the properties acquired by Tarsis from Almaden on 16 July, 2007.

International KRL Resources (TSX VENTURE:IRK) ("KRL") has advised that expenditures on the Tim property, which they have renamed Wolf, exceed $300,000, which meets the conditions set out for the share issuance to Almaden.

KRL recently completed a five hole diamond drill program on the property and assay results are pending.

Tarsis is an exploration company following the prospect generator business model, with six mineral properties in Yukon, Canada and one in Mexico. The Company has two key properties, Goz Creek and MOR, which it is exploring itself while seeking joint venture partners for its other properties.

The Company currently has 11,767,970 shares issued and outstanding.

The qualified person responsible for the technical content of this news release is Mr. Marc G. Blythe, P.Eng.

On behalf of the Board of Directors,

Tarsis Capital Corp.

Marc G. Blythe, P.Eng., MBA., President and Chief Executive Officer

The TSX Venture Exchange does not Accept Responsibility for the Adequacy or Accuracy of this Release.

Contact Information

  • Tarsis Capital Corp.
    Marc G. Blythe, P.Eng., MBA.
    President and Chief Executive Officer
    (604) 689-7644
    or
    Tarsis Capital Corp.
    Mark T. Brown, C.A.
    Chief Financial Officer
    (604) 687-3520
    Email: info@tarsis.ca
    Website: www.tarsis.ca