Berkwood Resources announces Start of Ground Geophysics at Lac Gueret South and Prospect Valley Property Option Exercised
Vancouver, BC / TheNewswire / October 21 2015 - Berkwood Resources Ltd. (TSX-V: BKR) ("Berkwood" or the "Company") announces that a ground geophysics program has begun on its Lac Gueret Extensions Graphite Project in Quebec and that Westhaven Ventures Ltd. (TSX-V:WHN) has exercised its option to acquire a 70% interest in Berkwood's Prospect Valley Property located near Merritt, British Columbia.
Lac Gueret Extensions Graphite Project Geophysics
Berkwood has begun a program of ground electromagnetic geophysics and mapping on its Lac Gueret Extensions Graphite Project in Quebec. The purpose of this program is to better define two large and strongly defined electromagnetic anomalies detected during an airborne survey in early 2015 (see Berkwood news release dated February 10, 2015) and to outline priority targets for follow-up trenching and drilling. The 5,788ha Lac Gueret South Graphite Property borders the southern boundary of Mason Graphite's Lac Gueret Graphite Project which has a NI 43-101 compliant mineral resource estimate with measured & indicated mineral resources of 65.7 million tonnes grading 17.2% Cgr (including 9.7 million tonnes grading 31.2% Cgr)*. At the Lac Gueret Extensions Graphite Project, Berkwood is exploring for similar graphite mineralization on the southern extensions of the Mason Graphite zones.
Exercise of Prospect Valley Property Option
Berkwood announces that Westhaven Ventures has exercised its option to acquire a 70% interest in the Prospect Valley Property in British Columbia. Pursuant to the terms of the agreement (see Berkwood news release dated September 25, 2015 for details), Westhaven exercised the option by making the final payment to Berkwood of C$80,000 plus 500,000 Westhaven shares. The Westhaven shares have a hold period pursuant to securities legislation and TSX.V rules and policies. In addition Berkwood cannot sell the 500,000 Westhaven shares for five years after the signing of the agreement or until 5,000 tonnes of rock are mined from the property, whichever is sooner. Westhaven also has a right of first offer for Berkwood's remaining interest in the property should Berkwood decide to divest it in the future.
George Gorzynski, CEO and Director of Berkwood stated: "The cash received under the Prospect Valley option agreement is being used to address some critical and immediate financial obligations of the Company, and to allow the Company to begin moving forward again including the ground geophysics work at Lac Gueret. The Company is also seeking new projects to grow into the future."
To view details, maps and photos of Berkwood's properties please click the following link: http://www.berkwoodresources.com/properties.html.
George Gorzynski, P.Eng., CEO and a Director of the Company, and a Qualified Person under the definition of Canadian National Instrument 43-101, approved the technical information in this news release.
On behalf of Berkwood Resources Ltd.
"Shiraz Raz Hussein"
Shiraz Raz Hussein, Director
For additional information please contact:
Tel: (604) 662-7455 E-mail: info@berkwoodresources.com
Cautionary Statements
This Berkwood News Release may contain certain "forward-looking" statements and information relating to Berkwood that are based on the beliefs of Berkwood's management as well as assumptions made by and information currently available to Berkwood's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitation, competitive factors, general economic conditions, relationships with strategic partners, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. Except as required by law, Berkwood does not assume the obligation to update any forward-looking statement.
*The Mason Graphite NI 43-101 mineral resource estimate was sourced from the Mason Graphite news release dated December 15, 2014. The Qualified Person has been unable to verify the information contained within the Mason Graphite news release and the mineralization on the Mason Graphite property is not necessarily indicative of the mineralization on the Company's property.
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 news release.
Copyright (c) 2015 TheNewswire - All rights reserved.
