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Message: Amseco Exploration Ltd. Announces an Option Agreement With Glen Eagle
| April 16, 2009 |
| Amseco Exploration Ltd. Announces an Option Agreement With Glen Eagle Resources Inc. |
| SAINTE-ROSE/LAVAL, QUEBEC--(Marketwire - April 16, 2009) - Amseco Exploration Ltd. ("Amseco") (TSX VENTURE:AEL) is pleased to announce that subject to the approval of the TSX Venture Exchange (the "Exchange"), it has entered into a letter agreement with Glen Eagle Resources Inc. ("Glen Eagle") pursuant to which it has the option to acquire an interest of up to 80% in the Souart project (the "Project"). The property is located 40 kilometres east of Lebel-sur-Quevillon and precisely 15 kilometres south east of Noront Ressources (TSX VENTURE:NOT). 55 claims - 872 ha. Estimated resources prepared by Geologist Daniel Chainey, M.Sc.A. in July of 1988, of approximately 110,000 oz @ 6.17 g/t Au are based on 35,000 meters of drilling. Most of the historical resource is found at a depth of between 50 and 200 meters. "149,078 t @ 6.36 g/t Au for the zone A in the probable and possible category" "228,647 t @ 7.56 g/t Au for the zone B in the probable and possible category" "158,275 t as potential reserves in zone A+B" Recommendations, according to the report, were to drill for possible extensions of zone A and B A number of 54 vertical drill holes were recommended, representing 25,650 meters of drilling in order to intercept these possible extensions of zone A and B within the specifics as stated above. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon. Under the terms of the letter agreement, Amseco has the option to acquire an interest of 10% in the Project in consideration for: (i) a payment in cash of $150,000, $25,000 of which must be paid on the execution of the letter agreement, $50,000 of which must be paid once the approval of the Exchange is obtained, and $75,000 of which must be paid on September 1, 2009; (ii) the issuance of 500,000 common shares of Amseco to Glen Eagle upon the approval of the Exchange; and (iii) exploration expenditures of $250,000 on or prior to the first anniversary date of the letter agreement. Amseco has the option to acquire an additional interest of 10% per annum in the Project up to 50% in consideration for: (i) a payment of $150,000 in cash or in the form of common shares of Amseco upon the first, second, third and fourth anniversary date of the letter agreement; and (ii) annual exploration expenditures of $500,000. Amseco has the option to acquire an additional 30% interest in the Project up to 80% in consideration for: (i) annual exploration expenditures of $1,000,000 on the fifth, sixth and seventh anniversary date of the letter agreement. The contemplated transaction is subject to the approval of the Exchange, a satisfactory due diligence by Amseco, and the execution of a definitive option agreement between Amseco and Glen Eagle. Upon completion of the transaction, Amseco intends to rename the Project the Urban Macho South Project. |
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