VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 19, 2012) - Tarsis Resources Ltd. (TSX VENTURE:TCC) ("Tarsis" and "the Company") is pleased to announce that diamond drilling has commenced on its White River property, located in south-western Yukon. Project optionee Driven Capital Corp. (TSX VENTURE:DVV) ("Driven") is funding the 2012 exploration program on this project which includes a 1,500 meter first phase diamond drill campaign.
Drilling will target both the HG Zone and the Cool Zone which returned high-grade gold, copper and silver assays from select prospecting samples collected during 2010 and 2011.
Marc G. Blythe, President and CEO, commented that, "It is very pleasing to see the initial diamond drilling begin on this project, which is a grass roots discovery we made in 2010. Drilling will target zones confirmed by hand trenching carried out during 2011."
Option Agreement
Under the terms of the option agreement, Driven can earn a 60% interest in the White River property by completing the following commitments before January 15, 2016:
- Making cash payments to Tarsis of $400,000 ($50,000 received)
- Issuing two million Driven shares to Tarsis (250,000 shares received)
- Completing $4.25 million in exploration expenditures on the Project
Tarsis will retain a 2% NSR royalty on any minerals produced from the property, half of which may be purchased for $2 million by Driven.
Once earn-in obligations have been completed, a joint venture will be formed to operate the project.
The technical information contained in this press release was prepared by Mr. Marc G. Blythe, P.Eng., the President and CEO of Tarsis Resources Ltd. Mr. Blythe is a Qualified Person as defined by NI 43-101.
About Tarsis Resources
Tarsis is an exploration company following the prospect generator business model. The Company acquires prospective exploration projects through its own grass roots generative exploration, 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:
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
info@tarsis.ca
www.tarsis.ca