Bearclaw Capital Corp. to Option Lov Property in British Columbia
August 18 2010 - 5:14PM
PR Newswire (Canada)
VANCOUVER, Aug. 18 /CNW/ -- VANCOUVER, Aug. 18 /CNW/ - Bearclaw
Capital Corp. (TSX VENTURE:BRL) ("Bearclaw" or the "Company"). The
Company has signed an Option to Purchase Agreement with Ruby Red
Resources Corp (RRX-TSX-V) whereby Bearclaw can acquire up to an
80% interest in Ruby Reds' Lov property, which is located in
Southeastern British Columbia, approximately 30 km West of
Cranbrook, B.C. The Lov Property consists of 197 claim units and
covers Lower Cambrian sediments intruded by Cretaceous granite
intrusions. Prior work identified a 2.5 kilometer long molybdenum
copper soil anomaly within which is a tungsten, arsenic, bismuth
anomaly. In addition, a more linear gold soil anomaly crosses the
property. The geology and geochemistry are indicative of skarn type
potential. An aggressive exploration program is planned for this
year. Bearclaw is pleased to have acquired these prospective claims
in this area. Phase One will comprise follow-up geochemistry and
mapping to better determine mode and extent of mineralization
and will also include airborne or ground EM and MAG surveying
in order to define conductive targets for diamond drilling.
Under the terms of the Option Agreement, Bearclaw can acquire an
initial 65% interest in the Lov property by making cash payments of
$90,000.00, issuing 800,000 shares, and incurring $1,190,000.00 in
exploration expenditures over a 39 month period. Bearclaw is not
required to make any initial cash payments but will issue 200,000
common shares of the Company to Ruby Red, and incur $390,000 in
exploration expenditures over the next 18 months. Bearclaw has a
further option to increase its interest to 80% by delivering to the
owner a Positive Pre-Feasibility Study, making an additional
$50,000 cash payment to the owner, and issuing an additional
200,000 Common Shares to the owner. Mr. Doug Anderson P.Eng is the
qualified person as defined by National Instrument 43-101 and
supervised the preparation of the technical information in this
release. The TSX Venture Exchange does not accept responsibility
for the adequacy or accuracy of this release. About Bearclaw
Capital Corporation Bearclaw Capital Corporation is a Canadian
public mining exploration company which was incorporated in British
Columbia, Canada in 1999. The Company has several significant
copper-gold-silver properties that are, will be, or have
been, optioned or joint ventured. Bearclaw Capital trades under the
symbol "BRL" on the Toronto Venture Exchange (TSX-V). pbBearclaw
Capital Corporationbr/Scott M. Rossbr/Presidentbr/214-3540 West
41supst/sup Avenuebr/Vancouver, British Columbia, V6N
3E6br/Email:/ba
href="mailto:info@bearclawcapital.com"info@bearclawcapital.combr//abTelephone:
(604)-682-2201 or (604) 803-4883/b/p
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