Jiulian Options Big Kidd Property to Major Mining Company
October 18 2011 - 7:45AM
Marketwired
Jiulian Resources Inc. ("Jiulian") (TSX VENTURE:JLR) is pleased to
announce it has entered an agreement with Xstrata Copper Canada, a
business unit of Xstrata Canada Corporation, ("Xstrata") allowing
Xstrata the option to earn up to a 75% interest in Jiulian's Big
Kidd property, located in the Quesnel Trough region of southern
British Columbia. The 4055.77 ha property is road accessible and is
located approximately 20 km southeast of the city of Merritt. This
an arm's length transaction and no finders were involved.
Jiulian acquired the Big Kidd property and Little Fort property
from Gunpoint Exploration Ltd. on July 12, 2011. Jiulian will
retain the Little Fort property. Jiulian prepared a work plan for
the Big Kidd property and submitted the Notice of Work for an 18
kilometre IP survey and 2000 metre drilling on July 14, 2011 after
compiling historical exploration data, inspecting the property and
checking historic drill cores.
Under the terms of the agreement, Xstrata may earn an initial
51% interest by making staged cash payments to Jiulian totalling
$180,000 and incurring cumulative exploration expenditures
totalling $3 million over a four year period. Upon vesting at a 51%
interest in the property, a joint venture will be formed and
Xstrata will maintain the right to earn a further 24% interest (75%
interest total) by funding the completion of a feasibility study or
incurring $15 million in expenditures towards the completion of a
prefeasibility study and a feasibility study on the property.
Jiulian's participation in the option agreement, and the
transactions contemplated thereby, are subject to the approval of
the TSX-Venture Exchange.
"Our agreement with Xstrata provides Jiulian an excellent
opportunity to continue exploration on the Big Kidd property with a
major mining company. Our strategic partnering with Xstrata, a
well-known senior international mining company, is an important
step in fulfilling Jiulian's business objectives," says Charlie
Cheng, Jiulian's CEO.
About Jiulian Resources Inc.
Jiulian is a publicly traded mineral exploration company (TSX
VENTURE:JLR). For a more complete business and financial profile of
Jiulian, interested parties are encouraged to visit Jiulian's
website, www.jiulianresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF JIULIAN RESOURCES
INC.
X. Charlie Cheng, Chief Executive Officer, Director
All statements, other than statements of historical fact, in
this news release are forward-looking statements that involve
various risks and uncertainties, including, without limitation,
statements regarding the potential extent of mineralization and
reserves, exploration results and future plans and objectives of
Jiulian. These risks and uncertainties include, but are not
restricted to, the amount of geological data available, the
uncertain reliability of drilling results and geophysical and
geological data and the interpretation thereof, and the need for
adequate financing for future exploration and development efforts.
There can be no assurance that such statements will prove to be
accurate. Actual results and future events could differ materially
from those anticipated in such statements. These and all subsequent
written and oral forward-looking statements are based on the
estimates and opinions of management on the dates they are made and
are expressly qualified in their entirety by this notice. Jiluian
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, save and except as may be required by
applicable securities laws.
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.
Contacts: Jiulian Resources Inc. X. Charlie Cheng Chief
Executive Officer and Director of the Company 604-639-4418
604-687-8678
(FAX)office@jiulianresources.comwww.jiulianresources.com
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