Tajiri Resources; Non-Brokered Placement; Phase II Drilling at the Kaburi PL in Q2 2014, and OGK Copper-Gold Property Option Agreement
VANCOUVER, BRITISH COLUMBIA - (April, 16th, 2014) - Tajiri Resources Corp. (the "Company") (TSX VENTURE: TAJ) reports that it has opened a non-brokered private placement offering of up to 10,000,000 units in the capital of the Company at a deemed price of five cents per unit. Each unit will consist of one common share and one common share purchase warrant entitling the holder to purchase an additional common share at a price of ten cents per whole warrant for a period of 24 months from the closing of the offering. Funds will be used to further gold exploration at the 100% owned Kaburi PL Gold Property, Guyana, South America, Company due diligence on potential acquisitions, and for general working capital purposes. Finder’s Fees within Exchange regulations may be paid on additional portions of the offering should it exceed the targeted amount and closing is subject to approval by the TSX Venture Exchange.
Further to the above. the Company confirms it is in final stages of planning for 1,500 metres of additional Reverse Circulation (“RC”) Drilling at the Kaburi PL Gold Property, Guyana, South America. The program will focus on targets associated with a new, active, alluvial mining operation that is located outside of the Company’s original 2012 Kaburi exploration grid. During reconnaissance visits to the Kaburi Property, Company agents confirmed by way of the verbal correspondence with the mine manager that the operation had produced 150 ounces of gold in its first two days of hydraulic mining operations using a simple sluice box for recovery. As a comparable, the Company’s 2013 gold discovery at Alwyn’s Pit, was located within similar alluvial operations where production was reported at approximately 40 ounces of gold over the same timeframe.
In keeping with the gold exploration model developed by the Company through all previous work, active alluvial mining operations at Kaburi serve as highly prospective geochemical indicators of near-surface lode gold mineralization; therefore, the Company is extremely encouraged by these latest findings and is determined to test this new area (as yet unexplored by the Phase I grid) through RC drilling.. Initial mineral exploration work on the Kuburi PL focused on a grid covering approximately 25% of the project area, and culminated in the discovery of a mineralized gold system with a strike of over 350 metres and width of at least 120 metres-which remains open in all directions. These additional alluvial operations on the Kaburi PL are highly prospective to the potential for additional zones of lode gold mineralization being present within the tenement boundaries with the proposed program intended to demonstrate the Kaburi PL’s gold mineralization, project-wide, and underscore that the property as an asset of major value in relation to the mine development currently underway in the immediate area.
As with the Phase I program, all drilling will be contracted to Au Drilling Inc., a private, Guyana based Company, operated by Mr. Dominic O’Sullivan, founder, and former Managing Director of Azimuth Resources Ltd. (now Troy Resources), the West Omai Gold Mine Developer, operating on ground contiguous to the Company’s 100% owned Kaburi PL Gold Property.
OGK Option Agreement
Tajiri Resources Corp. (the ‘Optionor’ or the ‘Company’) is also pleased to announce that as of April 6th, 2014 it has entered into an agreement with Symbio Capital Corp. (the ‘Optionee’), a TSX Venture listed Capital Pool Company, that will see the Optionee earn up to a 70% interest in the Company’s OGK Copper Gold Property, Omineca Mining Division, British Columbia.
Under the terms of the agreements the Optionee will:
1.1 Pay to the Optionor as follows:
(a) CDN$25,000 deposit upon execution of this Agreement by all parties;
(b) a further CDN$35,000 on or before the second anniversary of Exchange Approval; and
(c) a further CDN$40,000 on or before the third anniversary of Exchange Approval.
1.2 Work. The Work on the Property shall be carried out and paid for by the Optionee, to a minimum value by as follows:
(a) CDN$250,000 on or before the first anniversary of Exchange Approval;
(b) a further CDN$350,000 on or before the second anniversary of Exchange Approval; and
(c) a further CDN$750,000 on or before the third anniversary of Exchange Approval.
1.3 Any excess in the amount of work required to be incurred by the end of a particular period may be carried forward and credited towards future cumulative aggregate Work requirements.
1.4 Shares. The Shares shall be issued to the Optionor as follows:
(a) 200,000 Shares within 5 business days following TSX Venture Exchange Approval;
(b) a further 300,000 Shares on or before the second anniversary of Exchange Approval;
(c) a further 500,000 Shares on or before the third anniversary of Exchange Approval.
The agreement is subject to the approval of the TSX Venture Exchange, and certain other requirements, and is expected to be finalized in the immediate future.
On Behalf of the Board,
Tajiri Resources Corp.
Graham Keevil,
President, CEO
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. This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements.
This release was not reviewed by a Qualified Person to the Company, as defined by NI43-101 Regulations, none of the information was compiled, or was otherwise a result of work undertaken by Tajiri and the information is not intended to represent results either present or future that are to be expected or generated by the Company The Company has not confirmed through assays the production numbers of the local mining interests at the Kaburi PL Property and is relying on the verbal confirmations of mine operators at the site; therefore, the results mentioned should not be relied upon as, and are not intended to infer expected results of future drilling. There can be no guarantees to the success or failure of a particular drilling effort.
Contact Information:
Tajiri Resources Corp.
Graham Keevil President, CEO 604-642-0115 or Toll Free 866-345-0115 604-642-0116 (FAX)