Berkwood Resources Ltd. Indonesian Subsidiary, Signs Option for Gold Property in Java, Indonesia
March 03 2011 - 8:45AM
Marketwired
Berkwood Resources Ltd. ("Berkwood") (TSX VENTURE: BKR) the
"Company", through its Indonesian subsidiary, PT. Berkwood
Resources Indonesia, is pleased to announce that they have signed
an option agreement with PT. Succes Mining Resources ("Succes"), to
which Berkwood will acquire an exclusive option to a 100% interest
in the 2,416 hectares of the Cimandiri Gold Project in Sukabumi,
West Java (the "Property").
Succes, is the holder of the mineral exploration license ("IUP")
for the Property, and the Property is in good standing under the
laws of Indonesia and is free and clear of all liens, charges and
encumbrances, in accordance with the laws of Indonesia, and is in
good standing with respect to the filing of assessment work. The
shareholders of Succes control or own all of the issued shares of
Succes and have the absolute right to enter into this Option
Agreement.
Berkwood may exercise the Option by making an initial payment of
US$25,000.00 cash and further payments and issuing shares to Succes
subject to the approval of the TSX Venture exchange (the
"Exchange") as follows: Berkwood may exercise the Option by
delivering written notice to the Shareholders of Succes, on payment
of an additional US$95,000.00 in cash. In addition to the cash
payments aggregating US$120,000.00 Berkwood will on completion of
the Option, cause 900,000 shares of Berkwood Resources Limited, to
be issued and delivered to the Shareholders of Succes. The
Shareholders of Succes acknowledge that payment of the cash
consideration and the issuance of the Berkwood Shares are subject
to the approval of the Exchange except for the initial payment of
cash, further payment of the cash consideration and the issuance
Berkwood Shares may only occur after the receipt of the Exchange's
approval.
The Cimandiri Gold Property is located approximately 120 Km
south of Jakarta, approximately 3 hours driving time. The property
sits at an elevation ranging from 700-900m above sea level. Railway
lines are nearby, with the closest rail station located only 8 Km
from the property. The project is located approximately 9 Km
southwest of the open pit Cikondang gold mine.
Brian Buchanan, President of Berkwood Resources states, "The
Company is excited to have acquired this Indonesian property,
prospective for gold and is looking forward to the commencement of
our exploration program. The management of Berkwood believes that
this initial project in Indonesia is an excellent way to build
value for our shareholders."
About Berkwood Resources Ltd.
The Company is dedicated to the acquisition, exploration and
development of gold, silver and other mineral deposits in North
America, and South East Asia. The Company is developing two North
American properties; one of the properties is a large Epithermal
Gold Property in British Columbia and the other grass roots Lithium
property.
The Company currently holds a 100% interest in the Prospect
Valley Gold Property in Merritt, BC. The 10,790 hectare property
contains several bulk tonnage gold targets and is only 30km south
of the world class Highland Valley Copper Mine. In this complex
geological environment, the property has the potential to host a
significant gold mineralizing system and is viewed as a low grade,
bulk mineable epithermal gold target. To date, over 13 target areas
have been identified in the claim block. The majority of the
targets are located in the centre of the claim block along a
prominent north-northeast trending linear zone that includes the
Discovery South Zone, the Discovery North Zone, the Ridgeline
Target, the South East Target, the Crown Target, the NW Dome and NE
Extension Zone. The project is currently in advanced stages of
exploration. On July 20, 2009, the Company entered into an Option
Agreement with Altair Ventures Incorporated of Vancouver, BC.
Berkwood also has a 100% interest in the Fox Creek Lithium
Property in an area outlined by the Alberta Research Council and
Alberta Geological Survey as having potential for a large resource
of lithium within the formation waters. The Company acquired
mineral claims totalling 164,072 contiguous acres in an area
prospective for lithium Based upon the concentrations of lithium in
formation waters in the Leduc aquifers, further exploration could
be warranted for lithium-bearing brines underlying the property.
Based upon the concentrations of Lithium in formation waters in the
Leduc aquifers, further staged exploration is warranted for Lithium
bearing brines underlying the Property.
If you are not currently on the Berkwood Resources updates list,
please contact Karim Sayani, Investor Relations at 604-662-7455 or
Jamie Hyland, Tribeca Capital partners at 1-877-882-7894. For
additional information, visit the Berkwood website at
www.berkwoodresources.com.
ON BEHALF OF THE BOARD
Brian Buchanan, President and Director
This Company Press Release contains certain "forward-looking"
statements and information relating to the Company that are based
on the beliefs of the Company's management as well as assumptions
made by and information currently available to the Company's
management. Such statements reflect the current risks,
uncertainties and assumptions related to certain factors including,
without limitations, competitive factors, general economic
conditions, customer relations, relationships with vendors and
strategic partners, the interest rate environment, governmental
regulation and supervision, seasonality, technological change,
changes in industry practices, and one-time events. Should any one
or more of these risks or uncertainties materialize, or should any
underlying assumptions prove incorrect, actual results may vary
materially from those described herein.
Neither the 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 news release.
Contacts: Berkwood Resources Ltd. Karim Sayani Investor
Relations (604) 662-7455 (604) 683-1055 (FAX)
info@berkwoodresources.com www.berkwoodresources.com Tribeca
Capital Partners Inc. Jamie Hyland (778) 938-8760 (604) 756-2995
(FAX) jamie@tribecacap.com www.tribecacap.com
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