Takara Resources Inc Moving Forward on Due Diligence Related to Letter of Intent with Gold Bullion Development Corp.
Toronto, Ontario--(Newsfile Corp. - April 7, 2015) - Takara Resources Inc. (TSXV: TKK) ("Takara" or the "Company") is continuing its evaluation and due diligence on Gold Bullion Development Corp.'s (TSXV: GBB) wholly owned subsidiary Castle Silver Mines Inc. under the Letter of Intent as announced in the Company's March 11, 2015 press release. Takara continues to move toward the completion of a definitive agreement and is further encouraged by recent news released by Gold Bullion on April 2, 2015 on its Castle Silver Mines property which has recently identified significant structural trends containing gold mineralization in addition to its historic silver production.
Takara's management and board of directors are confident that with the newly-discovered gold mineralization along with existing silver potential that this property will add significant value to the shareholders of Takara now and into the future. As disclosed in Gold Bullion's April 2nd, 2015 Press Release: "In tandem with the previous gold findings announced December 8, 2014 at the Castle property, the geological team is working to identify target areas from zones trenched in November 2014. These latest new channel sampling results indicate a grade of 2.24 g/t Au over 2.20 m along Channel 4 in Trench D3 including one channel sample of 3.77 g/t Au over 1.27 m. In Trench D1, Channel B indicates a grade of 0.77 g/t over 3.98 m including a sample grading 1.25 g/t Au over 0.83 m. "
Frank Basa, President and CEO of Gold Bullion and Chris Hopkins President and CEO of Takara re-iterate that with the 2011 high-grade silver drill intersection (GBB press release August 25, 2011) and with recent gold mineralization now is an ideal time to promote the shareholder value for both Gold Bullion and Takara. Further information regarding the Castle Silver property can be found in Gold Bullion's 43-101 Technical Report dated August 15 2011 filed on SEDAR at www.sedar.com
Should the current Letter of Intent advance to a definitive agreement, completion of the transaction would be subject to all requisite regulatory approvals relating to the transaction, including TSX Venture Exchange approval.
Qualified Person
The disclosure of a scientific or technical nature contained in this news release was reviewed by William Kerr, P.Geo., Takara's Vice President Exploration and Corporate Development, who is a Qualified Person in accordance with the requirements of NI 43-101.
FOR FURTHER INFORMATION PLEASE CONTACT:
Chris Hopkins
President & CEO
Takara Resources Inc.
(416) 786-9793
chopkins@takararesources.com
Statement Regarding Forward Looking Information
Certain information contained in this news release, including any information relating to the proposed transaction and Takara's future financial or operating performance may be deemed "forward-looking". These statements relate to future events or future performance and reflect Takara's expectations regarding the transaction, and the future growth, results of exploration, business prospects and opportunities of Takara. These forward-looking statements are subject to a variety of risks and uncertainties that are identified and disclosed. Although Takara believes that the forward-looking information contained in this news release are based on reasonable assumptions, readers cannot be assured that actual results will be consistent with such statements. Accordingly, readers are cautioned against placing undue reliance on forward-looking information. Takara expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.
The TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of 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.
