Ocean Park receives approval of Option Agreement with Constantine Metal Resources Ltd.
OCEAN PARK VENTURES CORP.
303 – 750 West Pender Street Vancouver, BC V6C 2T7 www.oceanparkventures.ca
TSX-V SYMBOL: OCP
NEWS RELEASE Ocean Park receives approval of Option Agreement with Constantine Metal Resources Ltd.
December 15, 2010 - Vancouver, B.C. Ocean Park Ventures Corp. ("Ocean Park" or the “Company” ) (TSX-V: OCP) is pleased to announce that it has received TSX Venture Exchange approval of the option agreement (the "Option Agreement") entered into with Constantine Metal Resources Ltd. (“CMR”), and announced on November 30, 2010. Pursuant to the terms of the Option Agreement, the Company has now paid $100,000 and issued 100,000 common shares to CMR, and is required to incur exploration expenditures of $750,000 by December 15, 2011. The shares are subject to a hold period expiring on April 15, 2011. The Option Agreement allows the Company to acquire up to a 70% interest in CMR's Trapper Gold Project. For other terms of the Option Agreement, see the Company's news release of November 30, 2010.
The Company is also proceeding with its previously announced $2,035,000 flow-through private placement, the proceeds of which will be used, in part, to fund exploration on the Trapper Gold Project. Subject to regulatory approval, the placement is expected to close in the next week.
Trapper Gold Project Background
The Trapper Gold Project comprises 9 contiguous mining claims (3,756 hectares) that make up the Trapper Gold property (the “Property”), located in the Atlin Mining Division in northern British Columbia. The Property lies 45 kilometres north of the Golden Bear mine road, accessed from Dease Lake and 200 kilometres south of the Yukon-BC border. The Property covers a very large gold-in-soil anomaly that has not yet been drill tested. The gold anomaly has been established with more than 900 soil samples defining a greater than two kilometre long zone that averages 200 metres in width and remains open ended along strike. The gold anomaly is associated with mafic volcanic rocks assigned to the Triassic aged Stuhinni Group that are intruded by diorite and dacitic feldspar porphyry stocks. Extensive iron carbonate-silica alteration suggests that the soil anomaly is associated with a robust large scale hydrothermal system.
Historical work in the early 1980's by Chevron Minerals of Canada, outlined a large-scale, high-tenor gold-in-soil geochemical anomaly with initial reconnaissance soil sampling followed by 700 grid controlled soil samples that is now known as the Trapper Gold property (previously referred to as the Inlaw property by Chevron). Within the greater than one kilometre long anomaly, 13 individual soil samples yielded gold values greater than 1000 ppb gold (1.0 g/t), and two sites yielded >8000 ppb (8.0 g/t) gold. Reconnaissance sampling by CMR in 2010 extended the anomaly 1000 metres along trend for a total length in excess of two kilometres. The anomaly, which encompasses numerous supportive +100 ppb Au values, occurs with elevated arsenic and antimony, and is associated with pervasive iron carbonate-silica+/-clay alteration that can be traced on surface for a distance of five kilometres. A 1984 Chevron follow-up program carried out prospecting and preliminary mapping with more than 30 grab
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samples and 11 channel samples. One grab sample assayed greater than 10,000 ppb (10 g/t) gold and 11 one meter channel samples averaged 1.9 g/t gold and 9 g/t silver with a range of 0.3 g/t gold to 6.2 g/t gold. Further work recommended by Chevron geologists was apparently not carried out.
Mr. Chris Taylor, M.Sc. P.Geo, is a Senior Geologist with Ocean Park and is the Qualified Person as defined by National Instrument 43-101, who supervised the preparation of the above information. The information was obtained from previous public disclosure by CMR.
For further information please contact Mr. Paul Matysek, M.Sc. P.Geo., acting President and Chairman at 604-684-9007, or Mr. Chris Taylor, P.Geo., Senior Geologist at 604-681-0084.
OCEAN PARK VENTURES CORP.
On behalf of the Board
"Paul Matysek"
Paul Matysek, Acting President and Chairman
Neither 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 new release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements.