November 7, 2012, Vancouver, BC � Amarc Resources Ltd. (�Amarc�) (TSX-V: AHR; OTCBB: AHR) announces that it has entered into a Letter Agreement (�Letter Agreement�) with Quartz Mountain Resources Ltd. (�Quartz Mountain�), on Quartz Mountain�s 100%-owned Galaxie and ZNT properties (�Properties�), located in northern and central British Columbia (�BC�). The Properties hold significant exploration potential, and include the Gnat porphyry deposit where an historical estimate of an �Indicated Reserve� of 30 million tonnes grading 0.39% Cu remains open to expansion. This strategic investment provides Amarc with a cost effective opportunity to participate in projects with strong drill targets that have the potential to provide a significant return for Amarc�s shareholders.
Data being received from ongoing aggressive exploration programs at Galaxie and ZNT is identifying several encouraging base and precious metal targets for drill testing. Work at Galaxie indicates that an important copper porphyry deposit is present at Gnat, where a drill program designed to test newly identified potential extensions to the system is to commence immediately.
Under the Letter Agreement, Amarc will acquire an initial 40% ownership interest in the Properties by making a cash payment of $1 million to Quartz Mountain, and by funding an additional $1 million in exploration expenditures relating to the Galaxie property on or before December 31, 2012. Amarc also has the option to acquire an additional 10% ownership interest in the Properties by funding a further $1 million in exploration expenditures on or before September 30, 2013.
The transactions contemplated by the Letter Agreement are subject to regulatory approval and it is expected that the parties will enter into a definitive agreement governing the transactions in greater detail.�
To view this news release in its entirety please click on the link below or copy and paste it into your web browser
http://www.amarcresources.com/ahr/NewsReleases.asp?ReportID=556457
For further information, contact Bob Jeffrey, Investor Relations � 778-373-6907, toll free 1-800-667-2114.
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Best Regards,
Investor Services
HDI
15th Floor 1040 West Georgia Street, Vancouver BC V6E 4H1
Toll Free 1-800-667-2114 | Main 1-604-684-6365
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HDI is associated with the following companies: Heatherdale Resources Ltd., Curis Resources Ltd., Northcliff Resources Ltd., Rathdowney Resources Ltd., Northern Dynasty Minerals Ltd., Amarc Resources Ltd., and Quartz Mountain Resources Ltd.Visit us at www.hdimining.com for more information.
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Amarc Resources
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EXPLORATION STAGE |
CODE : AHR.V |
ISIN : CA0229121094 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Amarc Resources is a silver and copper exploration company based in Canada. Amarc Resources holds various exploration projects in Canada. Its main exploration properties are NEWTON, PINCHI and BODINE WARREN in Canada. Amarc Resources is listed in Canada and in United States of America. Its market capitalisation is CA$ 24.0 millions as of today (US$ 17.6 millions, € 16.4 millions). Its stock quote reached its highest recent level on September 06, 1996 at CA$ 4.25, and its lowest recent point on March 20, 2020 at CA$ 0.02. Amarc Resources has 145 420 000 shares outstanding. |