Vancouver, March
25, 2008 -
Canasil Resources Inc. ("Canasil" TSX-V: CLZ )
is pleased to announce the signature of a letter agreement with Blackcomb
Minerals Inc. (Blackcomb) providing for Blackcomb to earn a 60% interest in
Canasil's Salamandra and Victoria projects for $7 million exploration
expenditures and $375,000 in cash or share payments over 6 years. As part of
the agreement, Blackcomb will have the option to acquire up to 1.5 million
shares of Canasil in 3 placements over a period of 2 years. A formal
agreement, which is subject to acceptance by the TSX Venture Exchange, will
follow.
The Salamandra and
Victoria projects cover a large prospective area of over 100,000 hectares,
located on a mineral rich trend, stretching from the northwest to the
southeast, through Durango and Zacatecas States. There are numerous mines and
large silver, gold and base metal deposits located on this trend. Geophysics
and diamond drilling completed by Canasil to date has identified significant
zinc-silver mineralization at Salamandra, with preliminary metallurgical
tests showing high zinc and silver recoveries to clean concentrates. Initial
reconnaissance in the Victoria project area has outlined 12 prospective
target zones for further evaluation.
Blackcomb is a private
Vancouver based mineral exploration company with significant working capital
and the same principals, management and technical team as Orko Silver Corp.
(Orko). This well established technical and operating team, based in Vancouver
and Durango, has extensive operating capabilities and technical knowledge in
Durango State. These capabilities will provide significant leverage towards
creating value from the planned exploration expenditures on the Salamandra
and Victoria projects, which are located immediately to the southeast of
Orko's La Preciosa
silver project. Blackcomb plans an active exploration program on these
projects, including an airborne geophysical survey of the extensive Victoria
claim area, and further ground geophysics and diamond drilling at
Salamandra.
Mike Devji, President of
Blackcomb, commented: "Blackcomb Minerals Inc. is very pleased to have
the opportunity to earn a 60% interest in the Salamandra and Victoria
concessions. We regard these properties as highly prospective and feel they
have the potential to host large economic deposits."
Bahman Yamini, President
and CEO of Canasil, commented: "We are very excited about the future
prospects for the joint venture with Blackcomb. We believe these projects
have exceptional potential. The Blackcomb team's very successful track record
at the neighboring La
Preciosa project and their financial, technical and
operating capabilities provide significant opportunities for an active
exploration program to create shareholder value for both
companies."
The Salamandra and
Victoria projects are located 30 kilometres to the northeast of the city of
Durango in central Mexico. The claim area covers a large strategic land
position within an area which has generated a number of important recent
discoveries, and benefits from excellent access and infrastructure for
mineral exploration and development. The projects are located on the
mineral-rich Fresnillo geologic trend, approximately 80 km northwest of the San
Martin mine of Grupo Mexico, which is the largest underground
zinc-copper-silver mining operation in Mexico, producing at approximately
6,000 tonnes per day.
About Canasil:
Canasil is a Canadian
mineral exploration company with interests in precious and base metal
properties in Durango, Sinaloa and Zacatecas States, Mexico, and in British
Columbia, Canada. The Company's directors and management include industry
professionals with a consistent track record of identifying and advancing
successful mineral exploration projects. The Company is actively engaged in
the exploration of mineral properties and evaluating additional acquisition
opportunities.
For further information
please contact:
Bahman Yamini
President and C.E.O.
Canasil Resources Inc.
Tel: (604) 709-0109
www.canasil.com
|
Corporate Communications
Vancouver : Doug Kerr
(604) 315-4400
Email: dougkerr@shaw.ca
Calgary : Garth McTavish
Tel: (403) 618-7327
Email: garthmctavish@shaw.ca
|
Toronto :
Tracy Weslosky or Fred Cowans
Pro-Edge Consultants Inc.
Tel: (416) 581-0177
Toll Free: (866) 544-9622
Email: fred@pro-edge.com
tracy@pro-edge.com
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The TSX Venture Exchange has not reviewed and does not
accept responsibility
for the adequacy or accuracy of the
content of this news release.
This news release
contains certain statements that may be deemed "forward-looking
statements". All statements in this release, other than statements
of historical fact, that address future production, reserve potential,
exploration drilling, exploitation activities and events or developments
that the Company expects to occur, are forward looking statements.
Although the Company 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 may
differ materially from those in the forward-looking statements. Investors are
cautioned that any such statements are not guarantees of future performance.
Forward-looking statements are based on the beliefs, estimates and opinions
of the Company's management on the date the statements are made.
Durango - Zacatecas Mineral Trend with Location of Salamandra and Victoria
Projects
Historic and Producing Mines shown in Red and
Recent Discoveries in Blue
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1
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Guanacevi
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2
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Inde
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3
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Santa Maria del
Oro
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4
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Topia
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5
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La Pitarrilla
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6
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Platosa
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7
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El Cairo
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8
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San Augustin
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9
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Velarde�a
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10
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Avino
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11
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San Sebastian
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12
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La Preciosa
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13
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La Parrilla
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14
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San Martin
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15
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La Colorada
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16
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Fresnillo /
Juanicipio
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17
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Zacatecas
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