Quartz Mountain Successfully Closes Letter Agreement on the Galaxie
and ZNT Projects in BC
GALAXIE DRILLING UNDERWAY
VANCOUVER, Dec. 11, 2012 /CNW/ - Quartz Mountain Resources
Ltd. ("Quartz Mountain" or the "Company") (TSX-V:
QZM; OTC: QZMRF) is pleased to announce that the letter agreement
with Amarc Resources Ltd. ("Amarc") described in the
Company's November 7, 2012 News
Release has become unconditional, binding and effective.
Under the agreement, Amarc can acquire up to a 50% ownership
interest in Quartz Mountain's 100% owned Galaxie and ZNT Projects
(the "Projects") in British
Columbia ("BC") upon making a cash payment to Quartz
Mountain and funding exploration expenditures in relation to the
Projects.
Quartz Mountain has been active at all of its
projects in 2012, carrying out geological, geochemical and
geophysical surveys. Results are pending on some of these programs
and will be released when compiled.
The Company also assessed historical
information, re-logged core and carried out a deep Induced
Polarization survey on the Gnat porphyry copper deposit at
Galaxie. The Gnat assessment indicates copper mineralization
in the deposit remains open to expansion. A targeted drilling
program is underway.
About Quartz Mountain Resources Ltd.
Quartz Mountain Resources Ltd. is a Vancouver-based exploration company focused on
making a major new deposit discovery in British Columbia. Quartz Mountain is
associated with Hunter Dickinson Inc. (HDI), a diversified, global
mining group with more than 25 years of mineral development
success.
Mark Rebagliati,
P. Eng., a Qualified Person as defined under National Instrument
43-101, has reviewed the content of this release.
On behalf of the Board of Directors
Scott Cousens
Chairman
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.
This release includes certain statements that
may be deemed "forward-looking statements". All statements in this
release, other than statements of historical facts that address
exploration drilling, exploitation activities and other related
events or developments are forward-looking statements. Although
Quartz Mountain believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results or developments may differ materially from those in the
forward looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements
include market prices, potential environmental issues or
liabilities associated with exploration, development and mining
activities, exploration and exploitation successes, continuity of
mineralization, uncertainties related to the ability to obtain
necessary regulatory approvals, permits, licenses and title and
delays due to third party opposition, changes in and the effect
government policies regarding mining and natural resource
exploration and exploitation, continued availability of capital and
financing, and general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees
of future performance and actual results or developments may differ
materially from those projected in the forward-looking statements.
For more information, investors should review Quartz Mountain's
annual Form 20-F filing with the United States Securities and
Exchange Commission at www.sec.gov and its home jurisdiction
filings that are available at www.sedar.com.
SOURCE Quartz Mountain Resources Ltd.