Tarsis Capital Corp.
TSX VENTURE : TCC

Tarsis Capital Corp.

March 12, 2008 09:00 ET

Tarsis Capital Corp.: Drilling to Commence on Tim/Wolf Silver Lead Zinc Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 12, 2008) - Tarsis Capital Corp. (TSX VENTURE:TCC) ("Tarsis") is pleased to announce that International KRL Resources Corp. (TSX VENTURE:IRK) ("KRL") has notified Tarsis of the imminent commencement of a 1,500 metre drill program on the Tim/Wolf Property in southern Yukon. KRL have advised that site preparation has begun and drilling is expected to start within the next few days.

KRL has an option to earn a 60% interest in the property by making agreed exploration expenditures on the property.

About the Property

The Wolf Property, formerly known as the Tim Property is located 72 kilometres west of Watson Lake, Yukon and is road accessible from the paved Alaska Highway. The property consists of 289 claims (14,926 acres).

The Wolf Property covers a sequence of Lower Cambrian and Cambrian rocks, with the potential for carbonate replacement or manto style deposits. Previous work on the property in the late 1980's established anomalous soil geochemical results with elevated silver, lead, zinc and manganese values. Two large geochemical anomalies were defined, measuring 1,500 metres by 300 metres and an induced polarization (IP) survey recorded results that are coincident with the geochemical anomalies.

Trench chip samples taken on the property returned 352.4 g/t silver, 9.12% lead over 4 m and two grab samples taken from another trench returned assays of 1,248.1 g/t silver and 49.5% lead and 978.7 g/t silver and 32% lead respectively. In 1988, a 20 hole, 2,000 metre diamond drill program was recommended, however drilling has never been carried out on the property.

The drill target for the program is a large induced polarization (IP) anomaly with coincident geochemical response from soil and trench samples.

The Wolf Property is located close to the Silvertip/Midway deposit, owned by Silver Standard Resources, reported to contain 1.12 million tonnes grading 378 g/t silver, 7.7% lead and 9.5% zinc in the indicated resource category and 1.45 million tonnes grading 284 g/t silver, 5.4% lead and 8.3% zinc in the inferred resource category (Source: Silver Standard Resources website). The Wolf Property is located in a similar geological setting to the Silvertip deposit.

About the Option Agreement

Under the terms of the agreement with Tarsis, Intl. KRL can earn a 60% interest in the Property by issuing to Tarsis 1,000,000 shares (200,000 issued to date) and completing $3 million in exploration expenditures before September 10, 2011. The agreement includes a commitment to complete $250,000 in exploration expenditure before September 10, 2008.

Grant of Incentive Stock Options

Tarsis has granted stock options to certain directors, officers, employees and/or consultants of the company to purchase a total of 170,000 common shares in the capital of the company, each at an exercise price of 70 cents per share for a period of 5 years pursuant to the company's stock option plan.

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

Tarsis is a junior exploration company with six mineral properties in Yukon, Canada and one in Mexico. The Company currently has 11,667,970 shares issued and outstanding.

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