Tajiri Terminates Option Agreement with Arrowhead Gold for the Gateau Group of Claims in Chibougamau Mining District, Quebec
VANCOUVER, Canada, April 30, 2012, – Tajiri Resources Corp. (the “Company”) (TSXV: TAJ) announces that it has served a notice of termination of the option agreement (the "Option Agreement") previously entered into with Arrowhead Gold Corp. (TSXV: AWH), formerly Otish Energy Inc. on April 5, 2011 as part of its qualifying transaction to acquire up to 80% undivided interest in the Gateau property claims located in the Otish basin, Quebec.
Under the terms of the Option Agreement, Tajiri had the option to acquire a 80% working interest in the Gateau property claims in consideration of payment of the sum of $500,000, the issuance of an aggregate of 5.25 million common shares in the capital of the company and incurring a total of $1 million in exploration expenditures, over the period of four years.
Tajiri issued 500,000 shares upon regulatory approval and incurred expenditures of $80,012 in 2011 by engaging Prospectair of Quebec to conduct a heliborne magnetic (mag), spectrometric (spec), and time-domain electromagnetic (tdem) survey. The survey block was flown for a total of 587 line km.
An evaluation report of the heliborne survey was performed by Mr. Mark Fekete P.Geo and Marty Huber B.Sc, GIT of Breakaway Exploration Management Inc. of Quebec for the Company. The report states “In summary the airborne surveys detected elevated radiometric signals over topographic ridges rather than along geological contacts and units prospective for uranium mineralization. It appears therefore that radiometric pattern is due more to topography than to geology. Moreover the radiometric uranium values detected by the airborne survey are not remarkably strong and do not indicate the presence of significant uranium mineralization. No further exploration work can be recommended based on the interpretation of the airborne geophysical results. In the context of the underlying property geology, there does not appear to be any exploration targets that are of sufficient technical merit to justify further work.”
Tajiri is currently focused on advancing its INCA property, a high grade Silver-Lead-Zinc exploration property located in the Mayo Mining District, Yukon Territory, Canada and its recently acquired Kaburi Gold property in Guyana. Technical information in this news release has been reviewed by Derrick Strickland, P.Geo, a qualified person as defined in NI 43-101.
About Tajiri Resources Corp.
Tajiri Resources Corp is a Canadian junior exploration company with an option agreement to acquire 100% interest in the INCA property, a high grade Silver-Lead-Zinc exploration property located in the Mayo Mining District, Yukon Territory, Canada. The Company also recently signed an agreement with Arrowhead Gold Corp. of Vancouver to acquire a 51% working interest in the hard rock mining rights to the Kaburi Gold Property, Omai Mining District, Guyana, South America.
On Behalf of the Board,
Tajiri Resources Corp.
“Albert (Rick) Timcke”
President
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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.