CTT Citation Resources

Citation Resources Inc. (TSX VENTURE:CTT) ("Citation" or the "Company") is
pleased to announce that it has today entered into an option agreement (the
"Option Agreement") with Esperanza Resources Corp. ("Esperanza") to acquire 100%
of Esperanza's Biricu Prospect mineral exploration concession located in
Guerrero State, Mexico. The Biricu concessions comprise more than 41,000
hectares of highly prospectable ground and are the direct on-strike extension of
five skarn deposits in the Guerrero Gold Belt (El Limon-Los Guajes - Torex Gold
Resources Inc.; Bermejal, Los Filos, and Nukay - Goldcorp Inc.; Ana Paula -
Newstrike Capital Inc.). To date, very limited exploration activity has been
conducted on the concessions.


The Option Agreement's material terms are as set forth in the Letter of Intent
between the two parties and disclosed in the Company's November 23, 2011 news
release. Pursuant to the terms of the Option Agreement the Company will be
required to make a cash payment of $20,000 upon execution of the Option
Agreement and over four years: i) issue 1,050,000 common shares in Citation to
Esperanza, including 250,000 on the first anniversary of executing the Option
Agreement; and ii) complete exploration expenditures of $4,000,000, including
$250,000 in the first year. The Option Agreement also gives Esperanza the right
to nominate one Director to Citation's Board.


In addition, Esperanza will also be granted a 2% net smelter royalty on all
metals recovered from the property and be paid within six months of Citation
receiving a bankable feasibility study on the property a resource payment equal
to Cdn$10.00 per ounce of gold resource estimated in the bankable feasibility
study, which sum will be payable in cash or, at Citation's election, satisfied
by the issuance of common shares in Citation.


All necessary approvals have been obtained from the TSX Venture Exchange in
respect of the transaction.


Pursuant to a finder's fee agreement with an arm's length party to Citation in
connection with the Biricu Prospect, a finder's fee of 250,000 common shares of
the Company is payable.


About Citation Resources

Citation Resources Inc. is a growth-oriented, Canadian mining company dedicated
to the exploration and development of precious and base metal resources.
Citation is based in Vancouver, British Columbia and aims to create shareholder
value through the acquisition, exploration, and development of profitable
mineral properties, in a manner that is consistent with best practice in
environmental stewardship, safety and stakeholder engagement. The Company has
option agreements as follows: with Esperanza Resources to acquire 100% of the
Biricu Prospect in the Guerrero Gold Belt, Guerrero State, Mexico; and with
Rainy Mountain Royalty Corporation and International Bethlehem Mining
Corporation to acquire the right to earn a 60% total interest in the Eva Kitto
Property. The Eva Kitto Property claims are located approximately 190 kilometres
northeast of Thunder Bay, Ontario.


ON BEHALF OF THE BOARD OF DIRECTORS

CITATION RESOURCES INC.

Nigel Kirkwood, CFO

Website at www.citationresources.com.

Citation Resources (TSXV:CTT)
過去 株価チャート
から 6 2024 まで 7 2024

Citation Resources (TSXV:CTT)
過去 株価チャート
から 7 2023 まで 7 2024