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Re: News - Tuesday, September 18, 2007
International KRL Resources and Logan Resources Option Their Turn
River Uranium-Nickel Project to Longview Capital Partners
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Vancouver, BC -- Tuesday, September 18, 2007 -- International KRL
Resources Corp. (TSXV:IRK) and Logan Resources Ltd. (TSXV:LGR) are
pleased to announce that they have signed an agreement with Longview
Capital Partners Incorporated (TSXV:LV) granting Longview Capital
Partners the option to earn a 50% interest in their Turn River
uranium-nickel project in the Yukon for CDN$15 million in staged
exploration expenditures.
The project has considerable potential for uranium and nickel, with a
significant land package consisting of 3,531 claims over twelve
independent blocks, covering 743 square kilometres (183,567 acres).
The property is located approximately 95 km northeast of Whitehorse and
may be serviced from the Canol Road. The highest known uranium silt
geochemical values in the Yukon are found in the Cassiar Plateau
region. The uranium silt geochemical values from Turn River sampling
are consistently high, with significant values of up to 291 ppm, which
is 21 times higher than the 95th percentile (13.6 ppm) for uranium silt
geochemical samples in the Yukon. In addition, a 2003 regional stream
geochemical survey conducted by the Geological Survey of Canada on the
property returned values up to 545 ppm nickel which are coincident with
an ultramafic intrusive package. The elevated nickel values as well as
the coincident ultramafic intrusive package make this a prime target
area for nickel exploration.
Longview Capital Partners has assigned its option to It's Your Nickel
Exploration Ltd., a private company partially owned by Longview
Capital. If, as currently planned, It's Your Nickel Exploration spends
$2 million in year 1, $2 million in year 2, $3 million in year 3 and $4
million in years 4 and 5 for a total of $15 million, then It's Your
Nickel Exploration will own 50% of the Turn River Project and both
International KRL Resources and Logan Resources would own 25%
respectively. The Agreement is subject to the acceptance of the TSX
Venture Exchange.
Seamus Young, President & CEO of both International KRL and Logan said,
"We are delighted to have advanced the project to the next level by
partnering with Longview Capital Partners, who have a very successful
track record for building strong companies. Their newly created It's
Your Nickel Exploration Ltd. has started its corporate life with an
option on an enviable property position for any exploration company."
Michael Sanguinetti, P.Eng, Consulting Geologist, is the Qualified
Person responsible for the technical content of this news release.
On Behalf of the Board of International KRL Resources Corp. & Logan
Resources Ltd.
"Seamus Young"
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Seamus Young
President and CEO
For more information on International KRL Resources Corp, please visit
our website at www.krl.net, or call the Company at (604) 689 - 0299.
For more information on Logan Resources Ltd, please visit our website
at www.loganresources.ca, or call the Company at (604) 689 - 0299.
Statements in this news release, other than purely historical
information, including statements relating to the Company's future
plans and objectives or expected results, constitute Forward-looking
statements. Such statements are based on numerous assumptions and are
subject to all the risks and uncertainties inherent in the Company's
business, including risks related to mineral exploration and
development. Consequently, actual results may vary materially from
those described in the forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the
adequacy and accuracy of this release.
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Copyright (c) 2007 LOGAN RESOURCES LTD. (LGR) All rights reserved.
For more information visit our website at http://www.loganresources.ca/
or send mailto:info@loganresources.ca
Message sent on Tue Sep 18, 2007 at 6:11:49 AM Pacific Time
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