Rathdowney options out Irish properties
October 01 2012 - 8:30AM
PR Newswire (Canada)
VANCOUVER, Oct. 1, 2012 /CNW/ - Rathdowney Resources Ltd.
("Rathdowney" or the "Company") announces that it has optioned
thirty-one (31) Prospecting Licenses that comprise the Westmeath
South, Westmeath North, Galway, Laois, Longford and Meath
properties (the "Prospecting Licenses") located in the Irish
Midlands zinc-lead district held by Exploration and Discovery
Limited ("EDL") to Teck Ireland Ltd. ("Teck Ireland"), a subsidiary
of Teck Resources Limited ("Teck"). EDL is a wholly-owned
subsidiary of Rathdowney's Irish subsidiary Mayfly Resources
Limited. Teck Ireland has the option (the "Option") to acquire a
100% interest in the Prospecting Licenses by incurring Expenditures
on the Prospecting Licenses totalling EUR3,500,000 (C$4.39 million)
on or before December 31, 2016. Upon exercise of the Option
by Teck Ireland, EDL will retain a 2.0% Net Smelter Returns Royalty
on minerals extracted from the areas covered by the Prospecting
Licences. The acquisition is subject to Ministerial approval in
Ireland. Rathdowney's CEO and President John Barry remarked,
"Rathdowney's work on these prospecting licenses in Ireland has
provided a solid platform for Teck Ireland to advance exploration
and include in its regional geophysical surveys, targeting major
concealed zinc-lead mineralizing systems. Rathdowney retains
significant participation in any major economic discovery, while
being able to focus its current resources on the Project Olza
zinc-lead project in Poland." Upon Ministerial approval of the
Option, Teck will also make a C$350,000 private placement
investment in Rathdowney by subscribing for 700,000 common shares
at a price of C$0.50 per share. The placement is subject to
TSX Venture Exchange approval. The common shares will be
subject to applicable resale restrictions, including a four month
hold period under Canadian securities rules from the date of
completion of the placement. About Rathdowney Rathdowney Resources
Ltd. is a mineral exploration company focused on finding and
developing the next generation of zinc-lead-silver deposits in the
ore fields of Europe. The Company's Project Olza is located
in the prolific Upper Silesian Mineral District is a Mississippi
Valley Type (MVT) zinc-lead prospect situated in Poland's prolific
Upper Silesian mining district which has been a centre of
exploration and mining activity since 12th century.
Rathdowney is associated with Hunter Dickinson Inc. ("HDI") a
diversified, global mine development company with a 25-year history
of mineral development success. From its head office in Vancouver,
Canada, HDI applies its unique strengths and capabilities to
acquire, develop, operate and monetize mineral properties that
provide consistently superior returns to shareholders. John Barry
President & CEO Neither the 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 release includes
certain statements that may be deemed "forward-looking statements".
All statements in this release, other than statements of historical
facts, that address exploration drilling, exploitation activities
and events or developments that the Company expects, are forward
looking statements. Although the Company believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements. Factors
that could cause actual results to differ materially from those in
forward-looking statements include market prices, exploitation and
exploration successes, continuity of mineralization, potential
environmental issues or liabilities associated with exploration,
development and mining activities, uncertainties related to the
ability to obtain necessary permits, licenses and title and delays
due to third party opposition, changes in government policies
regarding mining and natural resource exploration and exploitation,
continued availability of capital and financing, and general
economic, market or business conditions. Investors are cautioned
that any such statements are not guarantees of future performance
and actual results or developments may differ materially from those
projected in the forward-looking statements. For more information
on the Company, investors should review the Company's continuous
disclosure filings that are available at www.sedar.com. Rathdowney
Resources Ltd. CONTACT: For further details on the Company and its
projects, pleasevisit www.rathdowneyresources.com or contact
Investor Services at (604)684-6365 or within North America at
1-800-667-2114.
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