|July 14, 2004|
Amarc To Acquire Gold-Copper Porhyry Deposit Target
|Ronald W. Thiessen, President and CEO of Amarc Resources Ltd. (TSX Venture: AHR, OTCBB: AXREF) is pleased to announce that the Company has entered into an option agreement with two arm's length parties to acquire a 100% interest in the Spius gold-copper-molybdenum porphyry property. The property is located in the Nicola region of south-central British Columbia, near the town of Merritt. |
The Spius gold-copper porphyry target is defined by an extensive (500 metres by 600 metres) open-ended copper-in-soil anomaly, with associated molybdenum values, situated near two large (500 metres by 1200 metres) induced polarization chargeability anomalies. The property is underlain by Permian to Cretaceous intrusive rocks - a geological setting that hosts many major copper-gold porphyry mines in British Columbia. One of these, the Copper Mountain gold-copper deposit at Princeton, produced 170 million tonnes grading 0.58% copper and 0.17 g/t gold. Very limited drilling has been done on the property but this work did not test the prospective copper-in-soil anomaly. Amarc plans to initiate exploration at the property, shortly, with the objective of advancing the project to the drill ready stage in the next several months.
Amarc can acquire its interest by making staged cash payments totaling $35,000 and issuing 80,000 common shares over three years. The first option payment of 10,000 shares is due upon approval by the appropriate regulatory bodies. The property is also subject to a 2% NSR, which Amarc, at its option, can purchase for $2.0 million.
With a working capital position of $13.2 million, Amarc has embarked on a focused effort to make major new mineral deposit discoveries in British Columbia. Guided by Hunter Dickinson management and senior staff, who have made a number of significant discoveries in BC, Amarc's exploration team is assembling a portfolio of key projects.
For further details on Amarc Resources Ltd., please visit the Company's website at www.amarcresources.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114.
ON BEHALF OF THE BOARD OF DIRECTORS
Ronald W. Thiessen
President & CEO
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