OCP Dunnedin Ventures, Inc.

Ocean Park Ventures Corp. ("Ocean Park" ) (TSX VENTURE:OCP) is pleased to
announce that Raven Gold Alaska Inc. ("Raven"), a subsidiary of International
Tower Hill Mines Ltd. ("ITH") - (TSXV: ITH, NYSE-A: THM, Frankfurt: IW9) has
signed a key exploration agreement with Ahtna, Incorporated, an Alaska native
corporation ("Ahtna"), which owns or has selected highly prospective land
surrounding the high priority Ahtell porphyry system which forms part of the
Chisna Project Joint Venture between Raven and Ocean Park Alaska Corp. (Ocean
Park's Alaskan subsidiary). The agreement is the first step in developing a
strategic partnership with Ahtna for the exploration and development of mineral
resources in the promising Chisna porphyry belt of Alaska. The Ahtna lands add
an additional 75,520 acres to the existing 87,940 acres of Alaska State mining
claims that make up the Chisna Project (Figure 1). Pursuant to the agreement,
Ahtna has consented to the transfer of Raven's rights to the Ocean Park/Raven
Joint Venture. Further consent will be required if Raven ceases to be the
operator under the Joint Venture.


To view the Location of Ahtna Agreement Exploration Area, click the following
link: http://media3.marketwire.com/docs/OCP_map.pdf


Ahtna Agreement Summary

Ahtna and Raven have signed a Mineral Exploration Agreement with Option to Lease
effective March 30, 2010 over a 75,520 acre parcel surrounding existing Alaska
State mining claims held by Raven. The key terms of the Ahtna agreement include
the following:




--  exclusive right to explore, and the option to enter into a mining lease
    to develop and mine, the subject lands for up to a six-year period 
    
--  annual option payments of US$1.00 - US$1.25 per acre 
    
--  minimum exploration expenditures of US$4 - US$8 per acre, escalating
    over time, provided that if the agreement is not terminated at the end
    of any option year, the exploration expenditures for the next year
    become a firm commitment 
    
--  at the end of the third year, Raven will release at least 50% of the
    original lands subject to the agreement 
    
--  preferential contracting, hiring and training practices for Ahtna
    shareholders or designees 
    
--  scholarship contributions to the Ahtna Heritage Foundation
    (US$10,000/year, subject to increase for inflation) 
    
--  all surface work subject to Ahtna archaeological and cultural clearance 
    



Upon Raven having expended an aggregate of US$1,000,000 (including 2,500 feet of
core drilling) and having completed a feasibility study over some or all of the
land subject to the exploration agreement within the six year term of the
exploration agreement, Raven has the option to enter into a mining lease. The
key terms of the mining lease include:




--  exclusive mining rights for an initial term of ten years and so long
    thereafter as commercial production continues 
    
--  minimum exploration and development expenditures of US$4.00 - US$9.00
    per acre subject to the lease until commercial production is achieved,
    escalating over time 
    
--  advance minimum royalty payments of US$6 - US$12 per acre escalating
    over time (50% deductible from production royalties) 
    
--  net smelter return production royalties for gold and silver scaled from
    2.5% (gold price US$550 per ounce or less) to 14% (gold price per ounce
    US$1,900 or higher per ounce), 2.5% on base metals and 3% on all
    minerals other than gold, silver or base metals 
    
--  in the event Raven acquires rights to minerals within the area subject
    to the lease, the acquired minerals lands are subject to a production
    royalty in favour of Ahtna of 2% of the gross value of any gold and
    silver and a NSR of 1% on base metals 
    
--  Ahtna is also entitled to receive an amount by which 20% of the net
    profits realized by Raven from its mining operations on Ahtna minerals
    (10% in the case of non-Ahtna minerals) in any year exceed the aggregate
    royalties paid by Raven to Ahtna in that year 
    
--  Ahtna has the right to acquire a working interest in the lands subject
    to the lease, which is to be greater than or equal to 10% but not more
    than 15%, upon Raven having made a production decision, and in
    consideration, Ahtna will be required to fund ongoing operations after
    such exercise in an amount equal to 200% of Ahtna's percentage share of
    the pre-production expenditures incurred by Raven (not including advance
    minimum royalty payments to Ahtna). Should Ahtna exercise such option,
    it would become a participant in the Ocean Park/Raven Joint Venture 
    



Donald Gee, President and CEO of Ocean Park said: "The signing of this agreement
with Ahtna, Incorporated is an important step forward for the Chisna project and
the Ahtell target area in particular. The Ocean Park/Raven Joint Venture looks
forward to its new partnership with the Ahtna group and aggressively pursuing
its exploration program on this exciting new Alaskan copper-gold porphyry belt."


Chisna Project Background

The Chisna Project, located in the Chistochina mining district of south-central
Alaska, is a Joint Venture between Ocean Park's wholly owned subsidiary, Ocean
Park Alaska Corp., and Raven. Ocean Park's 51% interest in the Joint Venture is
earned by its US$20M initial contribution for exploration expenditures over a 5
year period. Raven is the initial operator. The 2010 exploration budget is in
excess of US$6M.


The Chisna Porphyry belt contains numerous unexplored copper and gold targets
with the two most significant being the highly prospective +8 square kilometre,
Ahtell alkaline porphyry copper-gold system (which has recently been augmented
by the Ahtna land addition) and the large 40 square kilometre POW system at the
northwest end of the belt.


The project is targeting Cretaceous copper-gold porphyry style mineralization of
a similar age to the Pebble deposit, located approximately 600 kilometres to the
southwest. The Chisna project contains a number of grassroots surface
discoveries made by ITH in 2006 and 2007 which were the focus of the 2008
follow-up work.


2010 Exploration work will include:



--  regional airborne ZTEM survey over 2,270 square kilometres 
    
--  geochemical soil and silt sampling program 
    
--  regional and property scale geological mapping 
    
--  6,000 metres of diamond core drilling focussing on the POW and Ahtell
    Porphyry Systems 
    



The TSX Venture Exchange has in no way passed upon the merits of the proposed
transaction and has neither approved nor disapproved the contents of this press
release.


OCEAN PARK VENTURES CORP.

On behalf of the Board

Donald Gee, President and CEO

This new release may contain forward-looking statements. These statements are
based on current expectations and assumptions that are subject to risks and
uncertainties. Actual results could differ materially because of factors
discussed in the management discussion and analysis section of our interim and
most recent annual financial statement or other reports and filings with the TSX
Venture Exchange and applicable Canadian securities regulations. We do not
assume any obligation to update any forward-looking statements.

Dunnedin Ventures, Inc. (TSXV:OCP)
Historical Stock Chart
From Nov 2024 to Dec 2024

Dunnedin Ventures, Inc. (TSXV:OCP)
Historical Stock Chart
From Dec 2023 to Dec 2024