Ocean Park Options Two Hemlo District Gold Properties from Entourage Metals - Drilling to Commence Immediately
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TSX-V SYMBOL: OCP NEWS RELEASE
Ocean Park Options Two Hemlo District Gold Properties from Entourage Metals - Drilling to Commence Immediately
November 21, 2012 - Vancouver, B.C. Ocean Park Ventures Corp. ("Ocean Park" or the “Company”) (TSX-V: OCP) is pleased to announce it has signed a Letter of Intent (“LOI”) to enter into an option agreement with Entourage Metals Ltd. (TSX-V: EMT), whereby Ocean Park can earn up to a 75% interest in Entourage Metals’ Hemlo district Rous Lake and Toothpick properties. The properties are located along the extension of Barrick Gold Corp.’s (TSX: ABX) Hemlo gold mineralized trend, and have excellent infrastructure including all-year road access with close proximity to rail and power.
Drill rigs are currently being mobilized to Rous Lake, where drilling will test the on strike extension of the Hemlo deposit, approximately 8 kilometres west of the open pit workings along the same mineralized structure.
Ocean Park will have the option to earn a 65% interest in the Property by incurring exploration expenditures totaling $2,900,000 over a four year period, $300,000 of which must be incurred by December 31, 2012. In addition Ocean Park must make cash and share payments to Entourage, totaling $30,000 and 1,000,000 shares. Ocean Park can exercise the right to earn an additional interest from Entourage, allowing Ocean Park to reach a 75% interest in the Property by completing an NI43-101 compliant resource estimate, and making a one-time share issuance to Entourage equal to 1,500,000 shares.
The Hemlo Deposit has produced over 20.3 million ounces of gold to date (Ontario Ministry of Northern Development and Mines reports 6182 and 6246). Compared to other greenstone belts, this area has remained relatively untapped and underexplored. Gold was first discovered in the Hemlo area in 1981, leading to a staking rush and exploration work in the early 1980's. Current producing mines include Barrick's David Bell, Golden Giant, and Williams Mine defining a large 2.5 km continuous body of gold mineralization. Most gold mineralization at Hemlo occurs below 500 metres depth, which will be the main target of Ocean Park’s drilling.
The agreement is subject to TSX Venture Exchange approval.
Mr. Chris Taylor, M.Sc. P.Geo, is Vice President Exploration with Ocean Park and is the Qualified Person as defined by National Instrument 43-101, who supervised the preparation of the above information. Information related to past drilling and highlighted mineral properties was taken from previous public disclosures issued by the companies listed above.
OCEAN PARK VENTURES CORP.
On behalf of the Board
"Chris Taylor"
Chris Taylor, Vice President Exploration
About Ocean Park Ventures
Ocean Park is a Canadian mineral exploration company working in leading jurisdictions, with active exploration including diamond drilling underway on 3 properties. A 75% interest can be earned through its joint venture in the Adelita Copper-Gold- Silver project, Sonora, Mexico, where a 15+ square kilometer porphyry system that is currently being drill tested is flanked by a copper-gold-silver mineralized skarn. Ocean Park can earn a 70% interest through its joint venture in the Trapper Gold project, northern British Columbia, where Ocean Park has identified a gold-copper porphyry complex with a surface signature of over 15 square kilometres and visible gold in drill core. The Company can earn up to a 100% interest in the Metla property, located 5 kilometres south of Trapper. Ocean Park can also earn a 50% interest in the Jesse Creek porphyry and skarn copper project located near Merritt, southern British Columbia, where drilling is currently testing newly discovered geophysical targets adjacent to known copper mineralized skarn showings.
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.