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Crazy Horse Acquires Port Facility
MANILA,
PHILLIPINES - Crazy Horse Resources Inc. (TSX-V:
CZH) (the
"Company") a Philippines based mineral exploration company
announces, further to its news release of February 28, 2011, the
execution of a binding Asset Sale & Purchase Agreement with a
private Philippines company, to acquire its 15.94 hectare port facility
in Batangas, Philippines.
The port is sited on the southern end of Batangas Bay and adjoins the Shell Malampayan onshore gas plant, the premier gas
supply point to the Philippines. The facility comprises a 6m x
147m T-pier with two dolphins, licensed foreshore lease, administrative
buildings, security fencing and site services, including power and
water. Access from the Company's Taysan
Copper Gold Project is via a 20 km paved road.
Johan Raadsma,
President of Crazy Horse states, "We are extremely excited about
this strategic asset, which is well positioned near a substantial gas
supply for our power requirements, with existing port facilities to
ship the Taysan copper/gold/silver
concentrate as well as magnetite product and ample room for
construction and operating logistics."
Terms of the Acquisition
Pursuant to the terms of the Asset Sale and
Purchase Agreement, the Company agreed to pay an aggregate of PhP600
Million (approximately US$13,900,000). Of this amount the Company
has paid an aggregate of PhP150 Million (approximately US$3,475,000). The
balance of the purchase price (PhP 450
Million (approximately US$10,400,000)) is payable on or before October
27, 2012. The Company has the ability to defer this payment April 27,
2013 on the payment of interest at the rate 8% p.a. on the balance of
the purchase price.
Taysan Project
A National Instrument 43-101 compliant
technical report by of Mining Associates dated effective March 11, 2011
and entitled "Mineral Resource Estimate and Preliminary Economic
Assessment Taysan Project" can be viewed
under the Company's profile on SEDAR (www.sedar.com).
The Company's Taysan
Project contains a drill defined inferred resource copper-gold porphyry
deposit, and is comprised of two mining exploration permits and three
mining exploration permit applications (permits: EP-IVA-005 and
EP-IVA-016, and permit applications: EPA-IVA-108, EPA-IVA-111 and
EPA-IVA-081) over five contiguous claim blocks covering a combined
total area of 11,254 hectares. The Project hosts a large and only
partly explored copper-gold porphyry deposit similar to other
copper-gold porphyry deposits previously mined in the Philippines.
The Project is located in southern Luzon, Philippines in a
well-developed mining province and readily accessible by road located
20km east of the provincial capital and deep-water commercial port of Batangas City. The Company is currently
conducting a confirmatory scoping study under the management of AMEC Minproc Limited, which remains on track and on
schedule.
Brian Lueck,
Chairman of the Company, is the qualified person who has reviewed the
geological data summarized in this news release on behalf of the Company.
ON BEHALF OF THE BOARD
"Johan Raadsma"
Johan Raadsma
President, CEO and Secretary
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 press release includes
"forward-looking statements" including forecasts, estimates,
expectations and objectives for future operations that are subject to a
number of assumptions, risks and uncertainties, many of which are
beyond the control of Crazy Horse Resources Inc. Statements regarding
mineral exploration operations and objectives are subject to risk,
including, but are not limited to, exploration and geologic risk,
inflation and costs of goods and services, property title issues and
regulatory approvals. Investors are cautioned that any such statements
are not guarantees of future performance and that
actual results or developments may differ materially from those
projected in the forward-looking statements. Such forward-looking
information represents management's best judgment based on information
currently available. No forward-looking statement can be guaranteed and
actual future results may vary materially. Crazy Horse Resources Inc.
does not assume the obligation to update any forward-looking statement,
except as required by applicable law. There is no guarantee the
Company will complete the acquisition of the Batangas
port facility on the terms as outlined herein, or at all.
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