VANCOUVER, British Columbia,
Oct. 2, 2012 /PRNewswire/
-- Berkwood Resources Ltd. (TSX-V: BKR) (the "Company"
or "Berkwood") announces that it has signed a Property Option
Agreement (the "Agreement") with Groupe Ressources Geomines Inc.
represented by Mr. Michel Belisle
(the "Vendor") pursuant to which Berkwood has been granted an
option to earn a 100%-interest in the Peter Lake Copper Property
located near Mont-Laurier,
Quebec.
The Peter Lake Property:
The Peter Lake Property (the "Property") consists of 24
claims totalling 1403 Ha located in the Mont-Laurier Terrane, in
the Central Grenville Province,
Quebec. The Property lies within a
sequence of metasedimentary rocks, felsic intrusives and gabbros.
Cu-Ni mineralization in the area closely follows northeast
controlling structures. The mineralization lies within late
gabbroic dykes and the mineralized structure has been traced for
more than 2 km on surface. The property has the potential to host
other minerals including Au, Mo and PGE.
Berkwood intends to conduct an exploration program on the
Property commencing immediately, with a complete compilation of
historic geological work followed by surface work, trenching and
possible diamond drilling in the future.
Property Option Agreement:
Pursuant to the terms of the Agreement, Berkwood has the option
to acquire a 100%-interest in the Property by making cash payments
and issuing Berkwood securities, set forth as follows:
- $5,000 at the signing of the
Agreement.
- $45,000 cash payment, and issue
to the Vendor an aggregate of 750,000 common shares of Berkwood
within fourteen days after the date of the approval of the TSX
Venture Exchange.
- $50,000 cash payment to the
Vendor twelve months after the approval by the TSX Venture
Exchange.
An aggregate net smelter royalty ("NSR") of 2% shall be payable
to the Vendors on all metals produced from the Property. The
Company shall have the right at any time to buy back one percent
(1%) of the NSR from the Vendors for an aggregate payment of
one million dollars ($1,000,000).
This news release has been reviewed and approved by Alain Moreau, P. Geo., who supervised the
preparation of the technical information in this news release.
Alain Moreau a Qualified Person as
defined by National Instrument 43-101.
To view maps and photos of the Peter Lake Copper
Property, please click here.
About Berkwood Resources:
Berkwood holds a 100% interest in the Company's flagship
property, the Prospect Valley Gold Property located near
Merritt, BC. Several
areas of gold mineralization have been identified on the 10,871 Ha
property. The majority of historic drilling has taken place
in the centre of the claim block along the Discovery Trend.
This drilling has outlined an extensive low grade epithermal gold
system with indications of potential for additional and higher
grade mineralization. The system remains open for expansion and
other known zones of gold mineralization have yet to be drilled
(see Berkwood news release dated January 25, 2012 for details).
Berkwood also recently acquired an option to earn a 100%
interest in the Lac Gueret East Graphite Property in
Quebec. The 3,186 Ha
property borders the eastern boundary of Mason Graphite's
advanced Lac Gueret Graphite Project. A 2009 technical
report by Tekhne Research which covered 17% of Mason Graphite's Lac
Gueret Property with a resource of 7.5 million tonnes measured and
indicated grading 20.4% Graphite.
If you are not currently on the Berkwood Resources news and
updates list, you can opt-in via the Berkwood website by clicking
here. News Releases and exploration updates are emailed to list
members who wish to keep up to date with Berkwood Resources and our
projects.
On Behalf of Berkwood Resources
"Brian Buchanan"
Brian Buchanan, President and
Director
For additional information please contact:
Karim Sayani, Corporate
Communications
Tel: (604) 662-7455 E-mail: karim@berkwoodresources.com
Tom Steer, Media Relations
Manager
Tel: (604) 681-5556 E-mail: tomsteer@berkwoodresources.com
Forward Looking Statements
This Berkwood News Release may contain certain "forward-looking"
statements and information relating to Berkwood that are based on
the beliefs of Berkwood's management as well as assumptions made by
and information currently available to Berkwood's management. Such
statements reflect the current risks, uncertainties and assumptions
related to certain factors including, without limitation,
competitive factors, general economic conditions, relationships
with strategic partners, 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 and forward-looking statements may
vary materially from those described herein. Except as required by
law, Berkwood does not assume the obligation to update any
forward-looking statement.
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.
SOURCE Berkwood Resources Ltd.
