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 $1 million in exploration expenditures on or before September 30, 2013.
The transactions contemplated by the Letter Agreement are subject to regulatory approval and it is expected that the parties will enter into a definitive agreement governing the transactions in greater detail.�
To view this news release in its entirety please click on the link below or copy and paste it into your web browser
http://www.amarcresources.com/ahr/NewsReleases.asp?ReportID=556457
For further information, contact Bob Jeffrey, Investor Relations � 778-373-6907, toll free 1-800-667-2114.
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Best Regards,
Investor Services
HDI
15th Floor 1040 West Georgia Street, Vancouver BC V6E 4H1
Toll Free 1-800-667-2114 | Main 1-604-684-6365
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HDI is associated with the following companies: Heatherdale Resources Ltd., Curis Resources Ltd., Northcliff Resources Ltd., Rathdowney Resources Ltd., Northern Dynasty Minerals Ltd., Amarc Resources Ltd., and Quartz Mountain Resources Ltd.Visit us at www.hdimining.com for more information.
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Amarc Resources
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EXPLORATEUR |
CODE : AHR.V |
ISIN : CA0229121094 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Amarc Resources est une société d’exploration minière d'argent et de cuivre basée au Canada. Amarc Resources détient divers projets d'exploration au Canada. Ses principaux projets en exploration sont NEWTON, PINCHI et BODINE WARREN au Canada. Amarc Resources est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 24,0 millions CA$ (17,5 millions US$, 16,4 millions €). La valeur de son action a atteint son plus haut niveau récent le 06 septembre 1996 à 4,25 CA$, et son plus bas niveau récent le 20 mars 2020 à 0,02 CA$. Amarc Resources possède 145 420 000 actions en circulation. |