VANCOUVER, Dec. 15 /PRNewswire/ - Amarc Resources Ltd.
("Amarc" or the "Company") (TSX Venture: AHR; OTCBB: AXREF)
announces that it has arranged a private placement financing of up
to 10 million common shares of which approximately 60% will be
flow-through shares at a price of $0.80 per share and the remainder will be
non-flow through shares at a price of $0.65 per share. Insiders of the Company will
participate. A cash fee of up to 6% may be payable with
respect to a portion of the financing. Proceeds from the financing
will be used to advance core drilling activities at Amarc's Newton
bulk tonnage gold project and to test copper-molybdenum porphyry
targets defined within the Plateau Gold-Copper Belt, located in
south-central British Columbia
(BC). The financing is subject to TSX Venture Exchange
acceptance.
A comprehensive 2010 surface exploration program
at Newton has defined an exceptional bulk tonnage-type gold target
covering some eight square kilometres. Within this target area,
previous drilling in approximately two square kilometres has
returned potentially ore-grade gold intercepts over broad
intervals, with other holes hosting wide intervals of gold grades
proximal to a potential cut-off grade (see Amarc news releases
dated November 30, 2010 and
January 19, 2010). Two rigs are
currently drilling at Newton to establish the configuration and
tenor of this extensive bulk tonnage gold mineralized system. Amarc
is currently acquiring an 80% interest in the Newton property and
is the operator of the project.
In addition to its interests at Newton, Amarc
holds a 100% interest in approximately 3,000 square kilometres of
mineral claims that comprise the Plateau Gold-Copper Belt,
extending to the north and south of the Newton property. The
Company believes the Plateau Gold-Copper Belt holds excellent
potential for the discovery of gold-copper porphyries and
epithermal gold deposits. Explorations activities in 2010 have
defined three compelling copper-molybdenum porphyry targets for
drill follow-up.
Amarc Resources Ltd. is a Vancouver-based exploration and development
company affiliated with Hunter Dickinson Inc. ("HDI") - a
diversified, global mine development company with a 25-year history
of mineral development success. Previous HDI projects in BC include
Golden Bear, Mt. Milligan and
Kemess. From its head office in Vancouver, Canada, HDI applies its unique
strengths and capabilities to acquire, develop, operate and
monetize mineral properties to provide consistently superior
returns to shareholders.
Mark Rebagliati,
P.Eng., a Qualified Person as defined under National Instrument
43-101, is supervising the exploration and quality assurance and
quality control programs on behalf of Amarc and has reviewed the
technical content of this release.
ON BEHALF OF THE BOARD
Ronald W.
Thiessen
President & CEO
Neither the TSX Venture Exchange nor any other
regulatory authority accepts responsibility for the adequacy or
accuracy of this release.
Forward Looking and other Cautionary
Information
This release includes certain statements that
may be deemed "forward-looking statements". All statements in this
release, other than statements of historical facts that address
exploration drilling, exploitation activities and other related
events or developments 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 or
developments may differ materially from those in the forward
looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements
include market prices, exploration and exploitation successes,
continuity of mineralization, uncertainties related to the
ability to obtain necessary permits, licenses and title and delays
due to third party opposition, changes in government policies
regarding mining and natural resource exploration and
exploitation, continued availability of capital and financing, and
general economic, market or business conditions. Investors are
cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ
materially from those projected in the forward-looking statements.
For more information on Amarc Resources Ltd., investors
should review the Company's annual Form 20-F filing with the
United States Securities and Exchange Commission at www.sec.gov and
its home jurisdiction filings that are available at
www.sedar.com.
SOURCE Amarc Resources Ltd.
Copyright . 15 PR Newswire
