Drilling Permits Granted for Citation's Guerrero Gold Belt Project
April 01 2014 - 8:00AM
Marketwired
Drilling Permits Granted for Citation's Guerrero Gold Belt Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 1, 2014) -
Citation Resources Inc. (the "Company" or "Citation")
(TSX-VENTURE:CTT) is pleased to announce that it has received
formal written approval from The Ministry of Environment and
Natural Resources (SERMARNAT) that its permit applications for its
planned drill program at its Biricu Project have been approved and
permits have now been issued. The permits, along with the
previously announced permissions from the local community, allow
Citation to immediately commence drilling at its previously
announced high-priority exploration targets. The initial drill
program will test the priority high-drill targets in Punto Rojo and
Northern Target areas with an initial exploratory drill program of
a minimum of 5,500 metres and 11 proposed holes. Each of the target
areas contain the geophysical, geochemical and geological
characteristics consistent with other discoveries in the area,
including the neighboring Torex properties, Morelos and Media Luna,
and Goldcorp's Los Filos.
"With the drill
permits now in place, we are moving expeditiously to conclude
discussions with potential financing and strategic partners as we
look to advance exploration activity at Biricu into this next
exciting phase," said Matthew Watson, current CEO and Chairman. In
parallel, the Company is moving towards finalizing the selection
process for a CEO.
About Citation Resources
Citation Resources
Inc. is a growth-oriented, Canadian mining company dedicated to the
exploration and development of precious and base metal resources.
Citation is based in Vancouver, British Columbia and aims to create
shareholder value through the acquisition, exploration, and
development of profitable mineral properties, in a manner that is
consistent with best practice in environmental stewardship, safety
and stakeholder engagement. The Company has an option agreement
with Esperanza Resources Corp. to acquire a 100% interest in the
Biricu Project mineral exploration concession located in Guerrero
State, Mexico. The Biricu Project comprises more than 41,000
hectares of highly prospectable ground and management believes that
the Biricu Project is the direct on-strike extension of five skarn
deposits in the Guerrero Gold Belt (El Limon-Los Guajes - Torex
Gold Resources Inc.; Bermejal, Los Filos, and Nukay - Goldcorp
Inc.; Ana Paula - Newstrike Capital Inc.).
Forward-Looking
Statement
Some statements in
this report contain forward-looking information. These statements
include, but are not limited to, statements with respect to future
exploration, expenditures, transactions and financings. These
statements address future events and conditions and, as such,
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
to be materially different from any future results, performance or
achievements expressed or implied by the statements. Such factors
include, among others, risks related to actual results of
exploration activities, the timing and amount of expenditures and
the completion of transactions and financings.
ON BEHALF OF THE
BOARD OF DIRECTORS
CITATION RESOURCES
INC.
Nigel Kirkwood,
CFO
Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
Citation Resources Inc.Nigel
KirkwoodCFO604-682-6784info@citationresources.comwww.citationresources.com
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