| | November 26, 2004
Amarc and Rockwell to Jointly Explore BC Properties
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| | Amarc Resources Ltd. (TSX Venture: AHR; OTCBB: AXREF) and Rockwell Ventures Inc. (TSX Venture: RCW; OTCBB: RCWCF) announce that Amarc and Rockwell have executed a Farmout Agreement whereby Rockwell can earn-in and joint venture a number of early stage exploration projects held by Amarc. The properties are located in the Cariboo and Prince George regions of central British Columbia.
Pursuant to the Farmout Agreement, a budget of $600,000 is to be funded by Rockwell to earn up to 50% interests in the various projects. After Rockwell has funded the programs, the companies will either form a joint venture to jointly fund further exploration on the projects or Amarc may purchase all or any of Rockwell's earned interests in the projects for the fair value of those interests in cash or shares as valued at the time of acquisition. The Farmout Agreement is subject to TSX Venture acceptance. Rockwell and Amarc are related parties.
The projects are the Crystal, Hook, M3, M4, M5, Tsil and Kalder properties. All of the properties are located in areas where the geological setting is considered to be prospective for porphyry gold-copper occurrences.
The Crystal and Hook properties are located in the Cariboo region. Crystal is located 30 kilometres from 100 Mile House and Hook is near the town of Likely. Preliminary ground surveys, consisting of geological mapping, geochemical sampling and geophysical surveys, were carried out by Amarc prior to the Amarc/Rockwell agreement. Reconnaissance drilling was recently performed under the Amarc/Rockwell agreement. Assay results of core samples are pending.
The M3 to M5 properties, located north of Prince George, were staked by Amarc this year. Preliminary geophysics was carried out on M4 by Amarc and additional geophysics and drilling are planned on the M3, M4 and M5 properties by Amarc and Rockwell.
The Tsil and Kalder properties are located north of Fort St James. Amarc carried out preliminary geophysical surveys prior to the Amarc/Rockwell agreement. Reconnaissance drilling was recently performed under the Amarc/Rockwell agreement. Assay results of core samples are pending. |
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