Equitorial Enters into Joint Venture with Arctic Star, Commences Geologic Mapping and Geochemical Sampling Program at El Havila and Grant of Stock Options __________________________________________________________
Equitorial Exploration Corp. Suite 1818, 701 West Georgia St.
Vancouver, BC V7Y 1C6 http://equitorial.ca
EQUITORIAL ENTERS INTO JOINT VENTURE WITH ARCTIC STAR, COMMENCES GEOLOGIC MAPPING AND GEOCHEMICAL SAMPLING PROGRAM AT EL HAVILA AND GRANT OF STOCK OPTIONS __________________________________________________________
April 9, 2014 TSX Venture Exchange Trading Symbol: EXX
Equitorial Exploration Corp. (the “Company”), is pleased to announce that it has entered into a joint venture agreement (the “Agreement”) with Arctic Star Exploration Inc. (“Arctic Star”) to further explore and evaluate the El Hávila copper-gold property (the “El Hávila Property”), located 30 kilometres east-northeast of Frontino in the state of Antioquia in Colombia. The Company and Arctic Star will contribute to exploration and development costs in proportion to their interests. As announced in the news release of November 25, 2013, the Company holds an effective 51% interest in the El Hávila Property, Arctic Star holds an effective 34% interest, and the remaining 15% interest is held by the vendor. The initial interests of the Company and Arctic Star in the joint venture are 60% and 40%, respectively. Equitorial will be the operator of the El Hávila Property. If a participant elects not to contribute to a program approved by the Management Committee, or fails to contribute after having elected to do so, that participant’s interest in the El Hávila Property will be reduced in accordance with a dilution formula. If a participant’s interest is diluted to less than 10%, its interest will be relinquished and converted to a 2% net smelter returns royalty.
The Company is also pleased to announce that geologists have been mobilized to the El Hávila Property and geologic mapping, sampling, and soil geochemical surveys have commenced. The property lies within the prolific Choco gold belt, a highly prospective area with potential for porphyry-related gold and copper and epithermal precious metal deposits. The property is hosted within the Santa Cecillia-La Equis volcanic complex on the western slope of the Colombian Western Cordillera mountain range. The area is being explored by numerous companies, including AngloGold Ashanti (La Colosa), Gran Colombia (Marmato) and Continental Gold (Buritica).
The Company also announces that it has granted an aggregate of 1,000,000 incentive stock options (the “Options”) to individuals who are directors, officers, consultants or employees of the Company. All of the Options are exercisable at a price of $0.275 per share for a period of five (5) years. The Options have been granted under and are governed by the terms of the Company’s incentive stock option plan.
On behalf of the Board of Directors
EQUITORIAL EXPLORATION CORP.
“Dean Pekeski”
Dean Pekeski, President and Director
For further information, please contact either Dean Pekeski or Patrick Power at 604-689-1799.
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.