Tarsis Announces $1 million Financing and Prospector
Mountain Option Agreement Transfer
Tarsis Resources Ltd. (TSXV: TCC) (�Tarsis� and �the Company�) is pleased to announce that it has agreed
to complete a non-brokered private placement of 4 million units (a �Unit�) at
$0.25 per Unit for gross proceeds of $1 million, subject to acceptance by the
TSX Venture Exchange. Each Unit is comprised of one common share and one half
of a non-transferable common share purchase warrant. Each warrant entitles the
holder to purchase one additional common share for a period of 18 months at a
price of $0.40 per common share.
The financing will be taken up by a group of strategic investors who
have been long term supporters of exploration companies such Tarsis in the
past, both financially, and by assisting with growth strategies and contact
networks.
The financing proceeds will be used for mineral exploration in the Yukon
and Mexico, the review of new projects, and corporate administration. Finder�s
fees of 7% cash and 7% warrants may be paid on a portion of these offerings.
Marc G. Blythe, President and CEO, commented that "We had the
opportunity to expand our shareholder base with some strategic investors who
liked our recent Yukon results so we decided it was a good long term move to
complete this offering."
Prospector Mountain
The Company recently amended its option agreement with Silver Quest
Resources (�Silver Quest�) (TSXV: SQI) on its Prospector Mountain property,
Yukon. Tarsis has consented to Independence Gold Corp. (�Independence) (TSXV:
IGO) assuming the obligations of the option agreement and has also granted a
three month extension on cash and share payments due under the agreement to
allow Independence time to review the project results. Exploration results
including diamond drilling from the 2011 season are yet to be released.
Independence was formed as part of an arrangement where New Gold Inc.
(TSX: NGD) acquired Silver Quest Resources, primarily for its
Davidson/Blackwater Project, BC. Independence now holds all of Silver Quest�s
Yukon assets and is run by the Silver Quest management team, headed by Mr.
Randy Turner.
About Tarsis Resources
Tarsis is an exploration company following the prospect generator
business model, with nine mineral properties in the Yukon, Canada and one in
Mexico. The Company acquires prospective exploration projects when metal prices
are low or of strategic value, and vends or options out projects to partners
for advancement.
On behalf of the Board,
Marc G. Blythe, P.Eng., MBA.
President and Chief Executive
Officer