Tarsis Options White River Gold-Copper-Silver Project to Driven Capital Corp.
19 Abril 2012 - 8:00AM
Marketwired Canada
Tarsis Resources Ltd. (TSX VENTURE:TCC) ("Tarsis" and "the Company") is pleased
to announce that it has signed a definitive option agreement on its White River
Property, Yukon, with Driven Capital Corp. (TSX VETNURE:DVV) ("Driven").
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
-- Issuing two million Driven shares to Tarsis
-- 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.
Upon exchange approval, Driven will issue 250,000 shares and pay $50,000 to
Tarsis and the first year's work commitment is $500,000, including not less than
1,500 meters of drilling. Tarsis is assisting Driven with planning its 2012
exploration program.
Once earn in obligations have been completed, a joint venture will be formed to
operate the project.
President & CEO, Marc Blythe stated, "We are very pleased to have optioned the
White River project to Driven, which intends to explore it aggressively. Driven
has adequate financing to complete the first year's exploration commitment."
About Driven
Driven is a Vancouver-based mineral exploration company, focused on British
Columbia and the Yukon. The Company is led by Mr. Toma Sojonky and has a strong
geological focus with directors Mr. Lindsay Bottomer, P.Geo. and Mr. Peter
Kurisoo, both of whom have extensive experience in mineral exploration within
Canada and internationally.
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.
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