Valterra Resource Corporation
CNQ : VALT

Valterra Resource Corporation

December 13, 2007 09:30 ET

Valterra Acquires B.C. Gold/Silver Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 13, 2007) - Valterra Resource Corporation (CNQ:VALT) reported today that the company has negotiated an option to acquire a 100% interest in the 635 hectare, potential high-grade gold/silver Gus Project located in southeastern British Columbia near the town of Salmo, in the Nelson Mining Division. This region is historically significant and hosts some of the more prolific mining districts in the province including million ounce gold mining camps at Rossland and Sheep Creek/Ymir.

Work programs on the Gus property will focus on a series of high-grade veins and replacements associated with a 1.8 kilometre section of the Black Bluff thrust. The claims contain three historic mines, all of which have produced small amounts of high grade gold/silver ore from shallow workings and reflect the greater potential for significantly larger structurally and stratigraphically controlled deposits. Decalcification textures and mineralized dolomitic limestone breccias show some analogy to Carlin-type systems and the property is in close proximity to Irish-type carbonate hosted deposits at the nearby Remac and Jersey properties.

Valterra anticipates commencing surface exploration and an approximately 1,000 metre drill program in the Spring, 2008.

Under the terms of the agreement Valterra may earn a 100% interest by making scheduled payments totaling US$300,000 over nine years and incurring $400,000 in exploration expenditures on or before the fourth anniversary. The company has also agreed to pay a three percent NSR royalty in the property with the right to purchase one half of Venders Royalty (thus reducing it to 1.5% of Net Smelter Returns) by paying the lump sum of US$2,000,000 at any time up to and including the commencement of commercial production. No finder's fees will be paid.

R.Macdonald, P.Geo., is the Qualified Person responsible for reviewing the technical results reported in this release.

On behalf of the Board of Directors,

Lawrence Page, Q.C., President, Director , Valterra Resource Corporation.

This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Valterra Resource Corporation relies upon litigation protection for forward looking statements.

The TSX Venture Exchange/CNQ Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.

Contact Information

  • Valterra Resource Corporation
    Jay Oness
    1-888-456-1112 or (604) 684-9384
    Email: corpdev@mnxltd.com