Buchans Minerals Corporation (TSXV: BMC) ("Buchans Minerals" or the "Company") is pleased to announce the filing of a technical report titled "Mineral Resource Estimate Technical Report on the Lundberg Deposit, Buchans area, Newfoundland, Canada" (the "Technical Report") on SEDAR (www.sedar.com).

Minco & Buchans Joint Venture Agreement

On April 30th, 2012, Buchans Minerals Corporation and Minco entered into an agreement granting Minco the right to earn a 51% interest in the Buchans base metal properties in central Newfoundland by spending CDN$8 million to advance the Lundberg deposit to final feasibility over four (4) years and to further explore the extensive mineral properties in the region held by Buchans Minerals.

Minco is initially required to spend CDN$3.5 million over the first two years (beginning April 30^th, 2012) to advance the project through pre-feasibility.  Following the completion of the new resource estimate Minco has indicated that they now plan to undertake a range of ongoing development activities that will include geotechnical engineering, open-pit mine plan, metallurgy, plant design, engineering, environmental studies and an economic evaluation. 

Following the expenditure of CDN$3.5 million and the completion of a Pre-Feasibility Study, Minco will have the option to proceed to complete a final feasibility study by spending a further CDN$4.5 million over the following two years and thereby earn a 51% interest in the project.

About Buchans Minerals

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