|April 25, 2017|
Tarku Resources Signs Binding Letter of Agreement to Acquire Eureka Exploration
|SASKATOON, SASKATCHEWAN--(Marketwired -- April 25, 2017) Tarku Resources Ltd. (TSX-V: TKU) (the "Company" or "Tarku") announces the execution of a letter of agreement (the "Agreement") to merge Eureka Exploration Inc. ("Eureka"), a private issuer, with Tarku. Eureka's assets encompass 5 well-positioned exploration properties near Chibougamau and Matagami in Northern Abitibi, Québec and aggregates 274 claims or 15,186 ha along regional gold-bearing trends. This merger will greatly increase Tarku's land position in Québec and expose the Company to both the significant assets and strong technical team of Eureka.|
Summary of the transaction
Under the terms of the Agreement Tarku will acquire all of the common shares and common share purchase warrants of Eureka Shares issued and outstanding in consideration for the issuance of 10,000,000 common shares of Tarku (the "Tarku Shares") and 900,000 common share purchase warrants of Tarku (the "Tarku Warrants"), each Tarku Warrant entitling the holder to subscribe for one (1) Tarku Share at a price of $0.10 until June 29, 2018.
In connection with the closing of the acquisition, the following changes will be made on the board of directors:
Eureka owns a 100% interest in the following properties:
Based on the innovative approach of using a different geological model than the typical "Chibougamau Cu-Au mineralization type", Eureka took a wide land position for orogenic gold potential along a regional fault in the northern part of the Chibougamau district.
Eureka also used a different geological model than the typically applied VMS-type model used by the other companies to identify base metals in the Matagami district. Following this approach, Eureka took a significant land position which targets gold mineralization along regional fault zones east of Matagami district.
About Tarku (www.tarkuresources.com):
Tarku Resources Ltd. is an exploration company focused on discovery in the mineral-rich Canadian landscape. The foundation of the company is based on an experienced management team with a track record of success. The goal of Tarku is to provide success for shareholders through the implementation of strategic property acquisition, the use of proven exploration techniques and the exploitation of fertile ground. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the company's properties.
About Eureka (www.eurekaexploration.com):
Eureka Exploration is a private mineral exploration company focused on generating sustainable projects for precious and base metals by conducting exploration in areas with strong geologic potential and high levels of social acceptability. Eureka holds 100% of the interests in its' Chibougamau and Matagami projects. Project generation is the foundation of mining development. The goal of Eureka is to produce exploration projects with excellent potential for partners or buyers to build into a mining project.
National Instrument 43-101 disclosure
Mr. Timothy Termuende, B.Sc., P.Geo., director of Tarku, is the qualified person under the guidelines of National Instrument 43-101, respecting standards of disclosure for mineral projects, who has reviewed and approved the preparation of the technical information in this news release.
For more information:
President and CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements regarding our intentions and plans. The forward-looking statements that are contained in this news release are based on various assumptions and estimates by the Company and involve a number of risks and uncertainties. As a consequence, actual results may differ materially from results forecasted or suggested in these forward-looking statements and readers should not place undue reliance on forward-looking statements. We caution you that such forward-looking statements involve known and unknown risks and uncertainties, as discussed in the Corporation's filings with Canadian securities agencies. Various factors may prevent or delay our plans, including but not limited to, contractor availability and performance, weather, access, mineral prices, success and failure of the exploration and development carried out at various stages of the program, and general business, economic, competitive, political and social conditions. The Company expressly disclaims any obligation to update any forward- looking statements, except as required by applicable securities laws.
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