VANCOUVER, Jan. 18 /PRNewswire/ - Amarc Resources Ltd. ("Amarc"
or the "Company") (TSX Venture: AHR; OTCBB: AXREF) has completed
the $9.9 million private placement financing announced on December
23, 2010. Approximately 13.9 million common shares have been
issued, of which some 42% are flow-through shares at a price of
$0.80 per share and the remainder are non-flow-through shares at a
price of $0.65 per share. All shares issued are subject to a
four-month hold period under applicable Canadian securities
legislation. Insiders of the Company have participated. A
cash fee of up to 6% is payable with respect to a portion of the
financing.
"Amarc is well funded," said Robert A.
Dickinson, Amarc Chairman. "Proceeds from the $9.9 million
financing will be used to advance ongoing core drilling at the
Newton bulk tonnage gold project and to test compelling
copper-molybdenum porphyry targets defined within the Plateau
Gold-Copper Belt."
A comprehensive 2010 surface exploration program
at Newton, located in south-central British Columbia (BC), defined
an exceptional bulk tonnage-type gold target covering some eight
square kilometres. Within this target zone, previous drilling in
approximately two square kilometres 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 potential bulk
tonnage gold mineralized system. Amarc is 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. Exploration activities in 2010 have
defined three compelling copper-molybdenum porphyry targets for
drill testing in 2011.
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,
Kemess, Gibraltar, Prosperity and Harmony. 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 . 18 PR Newswire
