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Re: News Release - Tuesday, March 27, 2007
Empress Project near Goldfield, Nevada Optioned
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Vancouver, British Columbia ... Golden Oasis Exploration Corp.
(TSX-V:GOT) (the "Company" or "Golden Oasis") is pleased to announce
that it has optioned the Empress Project located in Esmeralda County,
Nevada approximately 26 miles south of Goldfield in the Tokop mining
district.
Under its Option Agreement with Minquest Inc. of Reno, Nevada, the
Company must reimburse Minquest acquisition costs of US$6,000 in option
payments made by Minquest to the owner of the property and US$2,000 in
mapping and sampling costs. Minquest will retain a 3% net smelter
royalty. The Company can earn a 100% interest in the Property (subject
to the 3% NSR) by making property payments in the aggregate amount of
US$546,000 to the underlying owner of the property over a period of
four years. The Company has the right to purchase up to one half of
the royalty in the property on the basis of $2 million per each 1% of
royalty.
The Empress Property lies within the southern portion of the Walker
Lane mineral belt. Significant mines within this portion of the Walker
Lane include Tonopah, Goldfield and Silver Peak. Goldfield, the
closest to the Empress Property, produced over 4 million ounces of
high-grade gold (+0.3 oz/ton).
Covered by 54 unpatented mining claims totaling approximately 1,080
acres or 1.7 square miles, the project contains two historic mines, the
Empress and the Wonder. Discovered in the 1860's, below the seven adits
that make up the Empress Mine, are the remnants of a mill and several
stone foundations. Little recorded production is reported for the
district, although the Gold Point district, immediately to the north,
produced approximately $1,000,000 in gold and silver (the dollar value
at the time of sale in the 1900's). The Wonder Mine, located 2,000
feet southwest of Empress, was worked in the 1930's as judged by
artifacts.
Mineralization in the project area occurs in quartz veins hosted by
granitic rocks of the Sylvania pluton. At least three separate
east-west trending, steeply dipping quartz veins are exposed on the
property. Golden Oasis has completed an initial mapping and sampling
program of the workings. With a few exceptions, the adits of the
Empress Mine are caved allowing only partial inspection. The Wonder
Mine, however, has excellent access and was extensively mapped and
sampled. In the Wonder adit, the vein is a typical pinch and swell
quartz vein with widths from under 6 inches to 10 feet within a steeply
south dipping fault zone. Although difficult to sample because the
wider portions of the vein were mined out above the level, several
samples were taken along the 500 feet of exposed vein. The results are
encouraging in that most assayed above 0.3 oz/ton gold. Two of 11
samples taken assayed +1 oz/ton with the high being 1.848 oz/ton over
2.0 feet. The highest silver value in the Wonder sampling is 3.18
oz/ton. Additional results are pending.
Enough sampling has been done to indicate at least two high-grade
gold/silver vein targets at the Empress project. Follow-up mapping and
sampling of the Wonder and Empress workings will be completed shortly
and drill targets selected. Initial core drilling of the Wonder vein
is planned within three months. Drilling of the various ore shoots is
planned throughout the year to establish the grade and size potential
of the veins.
Richard Kern, the President of the Company, also holds a 50% interest
in Minquest, and accordingly the transaction is deemed to be a related
party transaction under OSC Policy 61-501 (the "OSC Policy"). Mr.
Kern's shareholdings in the Company will not change as a result of this
transaction. The option agreement was reviewed and approved by the
board of directors, with Mr. Kern abstaining from voting on the
resolution. The Company did not obtain a formal valuation. The board
of directors of the Company determined that the fair market value of
the option agreement and the fair market value of the consideration to
be received by Mr. Kern for the option agreement is less than $2.5
million, and is relying on the exemption from the requirements to
obtain a formal valuation and to obtain minority shareholder approval
set out in sections 5.5(2) and 5.7(2), respectively, of the OSC Policy.
The option agreement is subject only to the approval of the TSX
Venture Exchange, which is expected to be received within 21 days. The
board of directors is of the view that the terms of the option
agreement are favorable to the Company, present limited risk to the
Company, and it is reasonable to proceed with the option agreement upon
receipt of TSX Venture Exchange approval.
Richard Kern (P.Geo), President of Golden Oasis, is the Company's
qualified person on the project as required under NI 43-101and has
prepared the technical information contained in this press release.
Golden Oasis is dedicated to the principles of environmentally sound
mining practices and believes that environmental stewardship and mining
can co-exist. For details on the Company and its properties, see the
prospectus of the Company dated February 9, 2006, available on SEDAR at
www.sedar.com.
ON BEHALF OF THE BOARD
Signed "Robert Eadie"
Robert Eadie, Chief Executive Officer and Director
For further information, please contact: Robert Eadie
Telephone: 1-604-602-4935 / Toll Free: 1-866-602-4935
Facsimile: 1-604-602-4936 / Website: www.goldenoasis.ca
The TSX Venture Exchange has not reviewed nor does it accept
responsibility for the adequacy or accuracy of this press release.
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Copyright (c) 2007 GOLDEN OASIS EXPLORATION CORP. (GOE) All rights
reserved. For more information visit our website at
http://www.goldenoasisexploration.com/ or send
mailto:info@goldenoasisexploration.com
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