Alder Enters Option to Acquire 65% Interest in Rosita in Nicaragua
August 22 2011 - 7:00AM
Marketwired
Alder Resources Ltd. ("Alder" or the "Company") (TSX VENTURE: ALR)
is pleased to announce that it has executed an option agreement
with Calibre Mining Corporation (TSX VENTURE: CXB) ("Calibre")
whereby Alder can earn a 65% interest in the 3,356 hectare Rosita D
concession (the "Property", see attached Figure). The Property
hosted historic open pit production of 5.9 million tons at 2.06% Cu
and 0.925 g/t Au. In management's opinion, a significant
opportunity exists in and around the Rosita pit not only for the
extension of the historic zones, but, also for the discovery of new
zones of copper and gold mineralization.
To view the Figure associated with this release, please visit
the following link:
http://media3.marketwire.com/docs/alr822_F01.pdf.
Under the terms of the option agreement, Alder can earn a 65%
interest in the Rosita D concession by expending a total of CDN$4.0
million on exploration and other work on the Property and by
issuing to Calibre a total of 1,000,000 common shares of Alder over
a 4 year period. Alder will be acting as the project operator for
all work conducted on the Property during the option period with
the first year exploration commitment being CDN$500,000. Upon Alder
earning a 65% interest in the Property a joint venture will be
formed with Alder and Calibre being responsible for their pro-rata
share of all subsequent project expenditures. The option agreement
is subject to a 45 day due diligence period by Alder from the date
of execution of the agreement and in subject to approval of the TSX
Venture Exchange.
Don Dudek, Director of Alder stated: "The Rosita Cu-Au copper
project provides Alder with a low cost entry into a high value
exploration target in a historic mining district. With this
exciting acquisition Alder shareholders can look forward to drill
results from the testing of known zones and good potential for the
discovery of new zones."
Edward Farrauto, President and CEO of Calibre stated: "We are
very pleased to have Alder as a partner to continue exploration of
the Rosita D concession including the formerly producing Santa Rita
open pit copper-gold mine."
The Rosita D concession consists of an area of 3,356 hectares
and is located 275 kilometres northeast of the capital city of
Managua and has road access to the port at Puerto Cabezas, located
approximately 120 km to the east (see attached figure). The
historic open pit Santa Rita copper-gold mine boasts total historic
production from the mine estimated at 305 million pounds of copper,
177,737 ounces of gold, and 2,629,720 ounces of silver from
5,924,572 tons of ore. Average historic grades from the copper-gold
skarn mineralization at the mine were calculated at 2.06% Cu, 0.925
g/t Au, and 15.08 g/t silver (Arengi, 2002). The mine closed in
1975 due to low copper prices. Recent work carried out by Calibre
returned trench intercepts of 1.06 g/t Au, 0.96% Cu and 9.33 g/t Ag
over 12.0 metres and 3.26% Cu, 55.82 g/t Ag and 0.15 g/t Au over
8.30 metres. In addition to the trenching program, 31 surface rock
samples were collected with with 15 samples returning gold values
greater than 1.0 g/t Au and up to 5.36 g/t Au and 25 of the 31
samples returning copper values greater than 0.4% Cu with the
highest sample being 1.87% Cu.
Historic drill intercepts from the R-13 zone, located 500 metres
east of the Rosita deposit, reportedly returned up to 7.2% Cu, 0.44
g/t Au and 76.8 g/t Ag over 10.5 metres. This zone is open to depth
and along strike.
The Bambana prospect is located four kilometres northwest of the
Santa Rita open pit. In 2010, Calibre completed three drill holes
that returned intercepts of up to 0.43% copper over 42 metres and
0.51% copper and 0.25 g/t gold over 11.50.
Don Dudek, P.Geo., a director of the Company and a qualified
person under National Instrument 43-101 has reviewed and approved
the scientific and technical information in this press release.
About Alder Resources
Alder Resources is a resource company focused on the development
of gold and base metal projects throughout Latin America. Current
projects include its La Montanita gold property 40 km northeast of
Medellin and the recently announced Rosita Project in Nicaragua
located 275 km northeast of Managua. Alder will continue to build
its property position with strategic acquisitions. The La Montanita
property is approximately 80 km from Continental Gold's Buritica
asset.
Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation.
Forward-looking information includes, without limitation,
statements with respect to the development potential and timetable
of the property of the Company; the potential to identify mineral
resources; the timing and amount of estimated future exploration,
success of mining activities; and receipt of government approvals.
Generally, forward-looking information can be identified by the use
of forward-looking terminology such as "plans", "expects" or "does
not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will be taken", "occur" or "be achieved". Forward-looking
information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking information, including but not limited to: general
business, economic, competitive, geopolitical and social
uncertainties; the actual results of current exploration
activities; risks associated with operations in foreign
jurisdictions; ability to successfully integrate the purchased
properties; foreign operations risks; and other risks inherent in
the mining industry. Although the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking information,
there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that
such information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information. The Company does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
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.
Contacts: Alder Resources Ltd. Paula Paez (416) 738-7914
ppaez@alderresources.ca www.alderresources.ca
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