Tarsis Resources Ltd.

Tarsis Resources Ltd.

April 18, 2012 16:15 ET

Tarsis Extends Warrant Expiry Date and Prospector Mountain Is Returned

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 18, 2012) - Tarsis Resources Ltd. (TSX VENTURE:TCC) ("Tarsis" and "the Company") has received approval from the TSX Venture Exchange to extend the term of the warrants which would have expired on April 1, 2012. Tarsis has also received notice that its optionee on the Prospector Mountain project has decided to hand the project back after completing $2.7 million in exploration work.

Marc Blythe, President and CEO, commented that, "We are maintaining our focus on finding good exploration targets and optioning them out to qualified exploration teams to limit our exploration risk while maintaining exposure to the exploration success for Tarsis shareholders. We view the return of the Prospector Mountain project as a good opportunity for Tarsis and, potentially, a new option partner."

Warrant Extension

4,100,000 warrants granted on October 1, 2010 with the original expiry date of April 1, 2012, are now extended to expire on April 1, 2013, with each warrant entitling the holder to purchase one common share of the Company at $0.50 per share. This will allow Tarsis to have two sets of warrants coming due during the next two years which have the potential, if exercised, to provide most of the funding that Tarsis would need to continue operating under the prospect generator model.

Prospector Mountain

Tarsis optioned out the Prospector Mountain project in the Yukon in 2009 to Silver Quest Resources Inc., lead by a well qualified exploration team. Silver Quest was taken over late in 2011 and the project was transferred to a new company called Independence Gold Corp. which has returned the project. Tarsis is in the process of collecting all of the data on the project and now has the opportunity to re-assess the data and either find better targets on the project or drop the project. We expect our review of the data to be positive and that further exploration work on the project will be warranted. Exploration work costing $2.7 million was done at no cost to Tarsis shareholders and Tarsis thanks the Silver Quest team for their efforts. Management plans to provide further details on the work completed by the optionee once it has received and analysed the data, as well as its future plans for the project.

Annual General Meeting

All shareholders are invited to attend the Annual General Meeting of the shareholders of Tarsis to be held on April 24, 2012 at 10:00 PST at Suite 1103 - 750 West Pender Street, Vancouver B.C., Canada.

About Tarsis Resources

Tarsis is an exploration company following the prospect generator business model, with nine 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, Director and CEO

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