Tasca Options Princeton Gold Property

Vancouver, British Columbia (FSCwire) - Tasca Resources Ltd. ("Tasca" or the "Company") (TSX Venture symbol: TAC) is pleased to announce that it has entered into an option agreement (the “Agreement”) with Sydney Wilson (the “Optionor”) to earn up to a 100% undivided interest in the Optionor’s Princeton Property comprising 13 claim units (the “Property”).  The road accessible 4,013 hectare Princeton Property lies 35 kilometres south of Princeton, British Columbia. The Optionor has held the property since 2008, exploring for gold-bearing quartz veins. Mapping found the Princeton property to be underlain by Triassic Nicola Group volcaniclastics in the northwest and Eocene Princeton Group volcaniclastics and intrusives throughout the remainder of the property.

Prospecting, soil grids and rock sampling have zeroed in on Area 2, where float grab and in-place quartz rock sampling documented 25 of 37 samples returning gold values in excess of 1,000 ppb with 13 of the 25 samples returning gold values in excess of 10,000 ppb gold, or 10 grams per tonne, to a maximum of 66,237 ppb or 66.2 grams per tonne gold.  The samples were collected from three separate areas enclosing angular float, subcrop or outcrop of rusty weathered, limonite stained quartz with trace to 5% very fine grained disseminated pyrite. Several of the samples exhibit remnant vugs or cellular boxwork structure. The 2011 grid soil sampling surveys indicate Area 2 hosts multiple, linear, parallel gold-in-soil anomalies with the strongest anomaly striking a minimum of 500 metres to a maximum of 650 metres in a northwestern direction.

The Optionor has secured a trenching and drilling permit from the Ministry of Energy and Mines which will allow Tasca to commence trenching and drilling upon TSX Venture Exchange approval.

President Clive Massey states: “We are very excited to have acquired what we believe to be a property with high potential upside for gold exploration. Much geophysical and geochemical data has already been gathered and interpreted, while property access and local infrastructure are well developed”.

Pursuant to the agreement, the Company, which will act as operator and may earn up to a 100% interest in the Property by completing $1.2 million worth of exploration work on the Property over approximately 3 years as follows: (1) $200,000 by the end of the first year; (2) $400,000 by the end of the second year; and (3) $600,000 by the end of the third year.

Tasca shall make cash payments to the Optionor totalling $30,000 as follows: (1) $5,000.00 on or before that date which is 5 days from the Approval Date; (2) $10,000.00 on or before that date which is 12 months from the Approval Date; and (3) $15,000.00 on or before that date which is 24 months from the Approval Date.

In addition to the cash payments Tasca is to issue common shares in its capital (the “TAC Shares”) to the Optionor as follows:

Tasca shall issue a total of 2,000,000 TAC Shares (the “TAC Shares”) as follows: (1) 100,000 TAC shares on or before that date which is 5 days from the Approval Date, (2) 350,000 TAC shares on or before that date which is 12 months from the Approval Date; and (3) 600,000 TAC Shares on or before that date which is 24 months from the Approval Date; and (4) 950,000 TAC Shares on or before that date which is 36 months from the Approval Date. 

Tasca will be allowed to make cash payments or issue TAC Shares exceeding the amount required to be paid or issued under the Agreement for that time period and Tasca may apply the excess cash paid or shares issued in that time period to reduce the amount of cash or Tasca Shares otherwise required to be paid or issued, respectively, to maintain or exercise the Option during the following or subsequent time period(s) by a like amount.

Tasca may at any time and in its sole discretion terminate the Option and this Agreement by providing written notice to the Optionor.

The Optionor will retain a 2% net smelter returns royalty on the Property, with Tasca having the right to acquire one-half of this royalty by paying the Optionor $1,000,000.

For further info on the Company please visit www.tascaresources.com or email tascaresources@gmail.com.  

On Behalf of the Board of Tasca Resources Ltd.,

Clive Massey,

President & CEO

Telephone: (604) 644-6794

“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.”

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