Oct. 18, 2010, Vancouver, BC: Silver Grail Resources Ltd. (“SVG”, “the Company”) is pleased to announce that it has entered into an agreement to purchase the rare earth Major Hart property located 90km northeast of Dease Lake, BC.
The Major Hart property covers 5344 hectares (13,200 acres) of mineral claims covering highly anomalous rare earth element and strategic metals, as defined by stream sediment samples collected by the British Columbia Regional Geological Survey. The anomalous stream drainage trend and coincident pluton-host contact zone is over 10 km long. The broad contact zone, within and adjacent to the pluton, is considered to be prospective for the discovery of rare earth elements, related strategic metals, and quite possibly emeralds near the contact with the ultramafic rocks. The pluton is a one-of-a kind Eocene intrusive located between the Kechika Fault and the Kutcho Fault in the Omenica Terrane of British Columbia. This is in an area of intense and prolonged crustal faulting and deformation. Of the 7 stream sediment samples comprising the Major Hart anomaly cluster, 7 are >99 percentile for Bismuth, Lutetium, Rubidium, Tantalum & Tungsten; 6 are >99 percentile for Ytterbium, and 4 are >99 th th th percentile for Fluorine in water; 5 are >99 percentile for Cesium & Hafnium (in comparison to the B.C. provincial RSG stream sample database). The partial rare earth element results to date indicate a propensity towards the more valuable heavy rare earths.
A program of heavy mineral sediment sampling and prospecting is to begin immediately. The complete suite of rare earth elements and strategic metals will be analyzed for.
Terms of the agreement call for the payment of $100,000 and the issuance of 1,000,000 shares of Silver Grail to the vendors over the three year term of the option, subject to regulatory approval. Initial payment is $10,000 and 100,000 shares. The vendors are at arms-length to the Company and will retain a 2.5% NSR on minerals and a 5% GOR on gems.
D. Cremonese, P.Eng., is the Qualified Person for the purposes of this news release.
D. Cremonese, P.Eng.
President, Silver Grail Resources
If you would like to be added to Silver Grail’s news distribution list, please send your email address to email@example.com. This news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management’s objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon. Silver Grail Resources Ltd. has an ongoing obligation to disclose material information, as it becomes available.
The TSX Venture Exchange has neither approved nor disapproved the information contained herein.