McLaren Resources Announces Strategic Option Agreement With Red Mile Minerals on the BQ Extension Property
TORONTO, ONTARIO -- (Marketwire) -- 09/26/12 -- McLaren Resources Inc. ("McLaren") (CNSX: MCL)(FRANKFURT: 3ML) is pleased to announce it has entered into an option agreement with Red Mile Minerals (TSX VENTURE: RDM) whereby Red Mile has the option to earn a 50% interest in the BQ Extension property which is owned 100% by McLaren. The BQ Extension property is located immediately adjacent to and on trend with the Blue Quartz property, owned 50% by the Company and 50% by Red Mile.
Upon completion of the option agreement McLaren and Red Mile will each own 50% of the entire Blue Quartz-BQ Extension Property package. The Blue Quartz Mine situated on the Blue Quartz Property is located proximal to the Pipestone Fault, a key gold bearing structure associated with the Destor Porcupine Fault.
The Blue Quartz Extension property is located in Beatty Township in the Timmins Gold District and consists of 8 staked claims (240 hectares) and is subject to an existing 2% NSR. The property is situated 8km north-west of the Black Fox Mine operated by Brigus Gold.
Terms of the agreement include:
1. Spend a minimum of $100,000 on exploration drilling by August 31, 2013;
2. Spend a further $200,000 on exploration drilling by August 31, 2014;
3. Spend an additional $200,000 on exploration drilling by August 31, 2015
for an aggregate total of $500,000 to earn a 50% interest.
Red Mile can spend the exploration funds on either the BQ Extension property or the Blue Quartz property to earn the 50% interest in the BQ Extension property. The company executed a letter agreement with Red Mile which grants an option on the property. The parties also agreed to enter into an industry standard definitive option and joint venture agreement within six months. John Heslop, a member of the Board of Directors of the Company, is also a director of Red Mile, and therefore abstained from voting on the option agreement.
The Blue Quartz property is reported to have produced gold from high grade veins during the 1920s and 30s. Production on the property took place with underground mining operations from the 514 foot deep mine shaft, including 6000 ft of crosscutting and drifting, over half of which was on the 500 foot level and lateral workings to a depth of 740 foot level.
McLaren Resources Inc. is a Canadian based junior exploration company engaged in acquiring, exploring, and developing resource properties in Canada.
For more information visit our web site at www.mclarenresources.com or contact Ivan Buzbuzian, President and CEO of McLaren Resources, at 416-203-6784 x 4850.
Certain statements contained in this press release constitute "forward looking statements". These statements are based on current expectations of management, however are subject to known and unknown risks, uncertainties and other actors that may cause actual results to differ materially from the forward-looking statements in this news release. Readers are cautioned not to place undue reliance on these statements. The Company does not undertake any obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.
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Contacts:
McLaren Resources Inc.
Ivan Buzbuzian
President and CEO
416-203-6784
416-368-1539 (FAX)
ibuzbuzian@mclarenresources.com
www.mclarenresources.com
