Tarsis Resources Ltd.

Tarsis Resources Ltd.

March 23, 2010 14:02 ET

Tarsis Announces $500,000 Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 23, 2010) - Tarsis Resources Ltd. (TSX VENTURE:TCC) ("Tarsis" and "the Company") is pleased to announce that it has agreed to complete a non-brokered private placement of 1.25 million units (a "Units") at $0.20 per Unit for gross proceeds of $250,000, subject to acceptance by the TSX Venture Exchange. Each Unit is comprised of one common share and one non-transferable common share purchase warrant. Each warrant entitles the holder to purchase one additional common share for a period of 18 months at a price of $0.40 per common share.

In addition, the Company will issue 1.25 million flow-through shares at $0.20 per flow through share for gross proceeds of $250,000.

The financing proceeds will be used for mineral exploration in the Yukon and Mexico as outlined in the news release issued on March 3, 2010, the review of new projects, and general corporate purposes. Finder's fees of 7% cash and 7% warrants will be paid on a portion of these offerings. These offerings will be closed in separate tranches.

Marc G. Blythe, President and CEO, commented that "We continue to keep our administrative costs low, and this additional funding, will enhance our continued evaluation of potential acquisitions and early stage exploration to advance our mineral properties to make them more attractive to potential partners."

About Tarsis Resources
Tarsis is an exploration company following the prospect generator business model, with eight mineral properties in the Yukon, Canada and one in Mexico. The Company acquires prospective exploration projects when metal prices are low or of strategic value, and vends or options out projects to partners for advancement.

On behalf of the Board,

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

This news release was prepared by Company management, which takes full responsibility for content.

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.

Contact Information

  • Tarsis Resources Ltd.
    Marc G. Blythe, P.Eng., MBA.
    President and Chief Executive Officer
    (604) 689-7644
    Tarsis Resources Ltd.
    Mark T. Brown, C.A.
    Chief Financial Officer
    (604) 687-3520