VANCOUVER, May 31, 2012 /PRNewswire/ - Amarc Resources Ltd.
("Amarc" or the "Company") (TSX Venture: AHR; OTCBB: AXREF)
announces that, effective May 22,
2012, the Participating Interest of Newton Gold Corp.
("NGC") in the Newton Joint Venture converted to a 5% Net Profits
Interest in accordance with the terms of the Joint Venture
Agreement between the Company and NGC. As a result, NGC will no
longer be a participant in the Joint Venture and the Newton Joint
Venture Agreement has terminated. Amarc now holds a 100% interest
in Newton property, subject only to the 5% Net Profit Interest to
NGC and a Net Smelter Return Royalty to underlying property vendors
which can be purchased for $2
million.
Delineation drilling of the Newton gold
discovery commenced in late September and has progressed rapidly,
with the completion of approximately 16,000 metres in 43 diamond
drill holes. A Drill Hole Location Map is available at Amarc's
website:
http://www.amarcresources.com/i/ahr/pdf/AHR_2012_May31_drawings.pdf.
This recent drill phase brings the total drilling of the Newton
deposit to approximately 23,300 metres in 72 holes. Drilling
activities on the project have now been placed on standby, so that
all assay results can be received and compiled. The camp,
core processing facilities and one drill rig remain on site. Over
the next two months Amarc's geological team will integrate the
incoming assay data with information from various on-going
geological studies, including state-of-the-art drill core imaging
technology which will assist in vectoring towards gold enriched
areas of the Newton system. Further assay results will be
compiled shortly and available for release. In addition a
resource estimate for the Newton deposit is underway and is
expected in mid-July. All of this work will inform
management's plans for further exploration of the Newton
property.
Permit applications for extensive Induced
Polarization ground geophysical surveys around the Newton discovery
and additional drilling have been submitted to the provincial
government.
Newton lies 175 kilometres south of New Gold's
Blackwater gold deposit and some 100 kilometres west of the
City of Williams Lake, BC, in a
region characterized by gently rolling hills. The district is well
served by existing transportation and power infrastructure and a
skilled workforce, which support a number of operating mines, as
well as late-stage mineral development and exploration
projects.
About Amarc Resources Ltd.
Amarc is a Vancouver-based mineral exploration and
development company focused on making the next major gold discovery
in BC. With a strong working capital position of $12.5 million, its exploration activities are
focused on its 100% owned Newton gold discovery and the Galileo
property which lies adjacent to New Gold's Blackwater property.
Amarc is associated with Hunter Dickinson Inc.
(HDI) - a diversified, global mining group 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, potential environmental issues or
liabilities associated with exploration, development and mining
activities, 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 and the effect 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.
