Olympic Resources Enters into Non-Binding Agreement to Acquire Besakoa Graphite
Property in Madagascar
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/29/13 -- Olympic
Resources Ltd. (TSX VENTURE:OLA) (the "Company" or "Olympic") has
entered into a non-binding letter agreement with Sunridge Gold Corp
("Sunridge") and Majescor Resources Inc. ("Majescor"), (Sunridge and
Majescor, jointly the "Seller") for an option to acquire 100% of
Daraina Exploration S.A.R.L. ("Daraina"). The Sellers jointly own the
shares of Daraina, which holds the Besakoa mineral exploration
property license located in Madagascar.
The Company was on site in Madagascar to conduct a technical site
visit the week of April 15, 2013 and will conduct further due
diligence to follow.
The letter agreement outlines the principal terms and conditions to
enter into a two-year option to purchase 100% of the shares of
Daraina on signing a definitive option agreement and paying a total
of $150,000, split $75,000 to Sunridge and $75,000 to Majescor.
Before the second year anniversary of signing a definitive option
agreement, Olympic must expend a minimum of $1,000,000 (first year
$300,000 obligation) in exploration work on Besakoa. Upon completion
of the expenditures, Olympic may exercise its option to purchase 100%
of the shares of Daraina by delivering notice and paying a total of
$1,250,000, split $625,000 to Sunridge and $625,000 to Majescor,
subject to the retention by Sunridge and Majescor of a 2% net smelter
returns royalty on the Besakoa project, split 1% to Sunridge and 1%
to Majescor. Upon successful conclusion of due diligence, on
direction of Olympic, the parties will seek to draft a definitive
agreement, subject to any regulatory approvals that may be required.
Besakoa Property, Madagascar:
The following property description and technical information in this
news release is historical in nature and is based on data and reports
provided to the Company by the Sellers.
The Besakoa Property covers approximately 60 square kilometres in
south central Madagascar and can be accessed by road from the port
city of Toliara.
Between 2008 and 2011 Sunridge completed approximately $2,000,000
worth of exploration work on the project to assess the property for
copper/zinc/gold volcanogenic massive sulfide (VMS) targets. This
work included airborne and ground geophysical surveys
(electromagnetics, magnetics, gravity and audio-magneto-tellurics)
soil geochemical surveys, geological and structural mapping as well
as a 5,000-meter diamond drill program. The results of this work were
generally disappointing in regards to base metal targets.
The Besakoa property is located on the same geological trend and
approximately 25 km north of Energizer Resources' Green Giant Molo
Graphite Project, which has a recently reported 43-101 compliant
graphite mineral resource and Preliminary Economic Assessment. The
graphite mineralization at Besakoa occurs within a folded and highly
metamorphosed sequence of sedimentary rocks that trends north to
north-northeast and dips steeply to the east.
From preliminary surface mapping and rock sampling conducted by
Sunridge at Besakoa, these graphitic meta-sedimentary rocks are
closely associated with shallow airborne EM conductors. A total of
four strong and shallow airborne EM conductors are defined in the
property; two are located in the west (west and far west anomalies)
and two in the east (East and far-east anomalies). These shallow
airborne EM conductors trends from 2.5km up to 7.5km along strike and
vary in widths from 100m in the east up to 800m in the west.
The graphite mineralization at Besakoa occurs as disseminated flakes
within the highly metamorphosed (amphibolite up to granulite
metamorphic grades) sedimentary rocks.
Mr. Michael J. Hopley is the Qualified Person for Sunridge and has
reviewed and approved the technical information contained in this
press release. Except that Sunridge has entered into the non-binding
letter agreement with Majescor and Olympic, Mr. Hopley has no
relationship with Olympic. Olympic wishes to clarify that the
reported historical information, sample analysis and grades stated in
this news release have not been verified and this historical data has
not yet been reviewed by an independent Qualified Person on behalf of
Sunridge Gold Corp
Sunridge is listed on the TSX Venture Exchange (symbol SGC) and is a
mineral exploration and development company focused on the
exploration and development of base and precious metal deposits on
the Asmara Project in Eritrea.
Majescor Resources Inc.
Majescor is a junior explorer focusing on emerging mineral districts.
In addition to the SOMINE project, Majescor's project portfolio
includes the Mistassini uranium exploration projects in Quebec (under
Joint-Venture: 40 % Majescor and 60% Strateco Resources Inc.) the
Besakoa gold and base metal property in Madagascar (50%-50% joint
venture with Sunridge Gold Corp.).
Olympic Resources Ltd.
Olympic Resources Ltd. (TSX VENTURE:OLA) is a TSX Venture Exchange
listed resource company engaged in the exploration, development and
acquisition of graphite, gold and precious metal properties. The
Company is currently evaluating several prospective graphite
properties in Canada and other countries to acquire and explore.
Olympic also has an option to earn a 60-per-cent interest in the
Dragon Lake gold property in the Yukon and an agreement with Yukon
Exploration Syndicate Inc. to acquire a 100% interest in the Ice, Max
and Sun gold projects also located in the Yukon within the Carmacks
On behalf of the Board of Directors:
OLYMPIC RESOURCES LTD.
Dean Nawata, President & CEO, Director
Forward Looking Statements
Statements in this document which are not purely historical are
forward-looking statements, including any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Forward-looking statements contained in this document are based on
certain key expectations and assumptions made by Olympic, including,
without limitation, expectations and assumptions respecting the
outlook of exploration activity on the Besakoa Graphite Property, the
accuracy of the historical information provided by Sunridge, and the
impact on Olympic's business and management assessment of future
operations and the completion of the earn-in of the Besakoa Graphite
Property. Although the forward-looking information contained in this
press release is based upon what Olympic's management believes to be
reasonable assumptions, the Company cannot assure investors that
actual results will be consistent with such information.
Forward-looking information reflects current expectations of
management regarding future events and operating performance as of
the date of this press release.
It is important to note that actual outcomes and the Company's actual
results could differ materially from those in such forward-looking
statements. Risks and uncertainties include, but are not limited to,
economic, competitive, governmental, environmental and technological
factors that may affect the Company's operations, markets, products
and prices. Readers should refer to the risk disclosures outlined in
the Company's Management Discussion and Analysis of its audited
financial statements filed with the British Columbia Securities
The forward-looking information contained herein is expressly
qualified in its entirety by this cautionary statement.
Forward-looking information reflects management's current be
is based on information currently available to the Company. The
forward-looking information is made as of the date of this press
release and Olympic assumes no obligation to update or revise such
information to reflect new events or circumstances, except as may be
required by applicable law.
Neither 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.
Olympic Resources Ltd.
President & CEO, Director
Olympic Resources Ltd.
Manager, Investor Relations
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