VANCOUVER, Jan. 15 /CNW/ -- Amarc Resources Ltd. ("Amarc") (TSX Venture: AHR; OTCBB: AXREF) announces that, further to its news releases of December 18 and 23, 2009, it has completed the $5.5 million private placement financing and issued 11 million common shares at a price of $0.50 per share (of which 4.8 million common shares are flow-through shares). The common shares are subject to a four-month hold period under applicable Canadian securities legislation.
Late in 2009 Amarc discovered the Newton bulk tonnage-style gold system in south-central British Columbia ("BC"). Newton may represent a new gold deposit type for BC within a previously unrecognized district. Planning and permitting for a 2010 drill campaign along with surface and airborne exploration activities is currently underway.
Amarc also holds, through staking and option agreement, an area of approximately 217 square kilometres along the Sitlika Belt in north-central British Columbia. Exploration in 2007-2008 identified a number of promising zinc and/or copper dominated volcanogenic massive sulphide targets. Explorations activities in 2009, including diamond drilling, tested three main areas the Bodine-Warren, Huge South and Olsen prospects. Following assessment of the results, Amarc has taken the decision to suspend exploration at and relinquish its land holdings in the Sitlika Belt, in order to focus its efforts on the important new discovery at Newton.
Amarc Resources Ltd. is a Vancouver-based exploration and development company affiliated with the Hunter Dickinson group, a private company associated with a series of successful mineral exploration and development projects in BC - including Golden Bear, Mt. Milligan, Kemess, Gibraltar and Prosperity.
ON BEHALF OF THE BOARD
Ronald W. Thiessen
President & CEO
Neither the TSX Venture Exchange nor any other regulatory authority
accepts responsibility for the adequacy or accuracy of this release.
Forward Looking and other Cautionary Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts that address exploration drilling, exploitation activities and other related events or developments are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, continued availability of capital and financing, and general economic,market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on Amarc Resources Ltd., investors should review the Company's annual Form 20-F filing with the United States Securities and Exchange Commission at www.sec.gov and its home jurisdiction filings that are available at www.sedar.com.