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TSX: VTR
Volta
Resources & Freeport-McMoRan Exploration Corporation
Amend Gaoua Earn-In Agreement
May 01, 2008 - Volta Resources Inc.
("Volta" or the "Company) (TSX:VTR)
is pleased to announce that the Company and Freeport-McMoRan Exploration
Corporation ("FMEC") have agreed to amend their Earn-In
Agreement with respect to the Gaoua copper-gold project located in southern
Burkina Faso. FMEC, Volta (formerly Goldcrest Resources Ltd. ["Goldcrest"])
and its Burkinabe subsidiary, Wentworth Resources Pty. Ltd. first entered
into the earn-in agreement on November 19, 2006 (see Goldcrest news release
dated November 21, 2006).
Under the original agreement, FMEC has funded exploration expenditures
totaling approximately two million six hundred thousand US dollars
(US$2,600,000) which has led to extensions and further definition of
mineral deposits whose limits have yet to be defined. The parties have
agreed to excise from the operation of the earn-in agreement the mineral
rights comprising these deposits, with mutually agreed boundaries (the "Excluded
Property") (See Figure 1), and to deal with the Excluded Property
separately from the remainder of the property (the "Residual
Property").
Volta will have exclusive possession and control of the Excluded Property
and shall conduct exploration on it at its own expense. If and when Volta
makes expenditures totaling two million six hundred thousand US dollars
(US$2,600,000) on or for the benefit of the Excluded Property within two
years, the Excluded Property shall be excluded from the original property
from and after the date such expenditures have been made (the "Relinquishment").
If Volta does not make expenditures totalling two million six hundred
thousand US dollars (US$2,600,000) on or for the benefit of the Excluded
Property within two years, then the Excluded Property will again become
part of the whole property. At any time during the two years Volta
exclusively explores on the Excluded Property, FMEC may notify Volta that
they intend to exercise a back-in right to the Excluded Property. To
exercise the back-in right FMEC must reimburse Volta the cash equivalent of
all expenditures incurred by Volta on the Excluded Property (up to
US$2,600,000), after which FMEC and Volta shall form a joint venture
agreement.
"This amendment allows us to more aggressively advance this exciting
copper-gold discovery while still having the benefit of FMEC as an
exploration partner on the remainder of this large and prospective Gaoua
property." commented Volta's President and CEO, Kevin Bullock. He went
on to say "Our goal is to have an initial NI 43-101 resource
calculation on the Gaoua deposits completed following the next aggressive
diamond drilling campaign."
Previous highlights from diamond drilling on the copper-gold deposit area
include (Hole # S19GON) 106 metres ("m") @ 0.66% copper
("Cu") & 0.49g/t gold ("Au"), (Hole # S29GON) 131 m
@ 0.38% Cu & 0.80g/t Au and (Hole # S30GON) 99m @ 0.42% Cu & 0.85
g/t Au at Gongondy as well as (Hole # S67DIE) 173 m @ 0.42% Cu &
0.16g/t Au, (Hole# 64DIE) 122m @ 0.56% Cu & 0.26g/t Au and (Hole #
65DIE, drilled down dip) 224m @ 0.52% Cu & 0.19g/t Au at Dienemera.
Under the guidelines of National Instrument 43-101, the qualified person
for the Gaoua project is Mr. Guy Franceschi, Vice President, Exploration
for Volta. Mr. Franceschi is a member of the European Federation of
Geologists and has reviewed and approved the contents of this news release.
Forward Looking Information Caution:
This press release presents
"forward-looking statements" within the meaning of Canadian
securities legislation that involve inherent risks and uncertainties. Forward-looking
statements include, but are not limited to, statements with respect to the
future price of gold and other minerals and metals, the estimation of
mineral reserves and resources, the realization of mineral reserve
estimates, the capital expenditures, costs and timing of the resources, the
realization of mineral reserve estimates, the capital expenditures, costs
and timing of the development of new deposits, success of exploration
activities, permitting time lines, currency exchange rate fluctuations,
requirements for additional capital, government regulation of mining
operations, environmental risks, unanticipated reclamation expenses, title
disputes or claims and limitations on insurance coverage. Generally, these forward-looking
statements can be identified by the use of forward looking terminology such
as "plans", "expects" or "does not expect",
"is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of
such words and phrases or state that certain actions, events or results
"may", "could", "would", "might" or
"will be taken", "occur" or "be achieved".
Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results, level of
activity, performance or achievements of Volta to be materially different
from those expressed or implied by such forward looking statements, including
but not limited to: risks related to international operations, risks
related to the integration of acquisitions; risks related to joint venture
operations; actual results of current exploration activities; actual
results of current or future reclamation activities; conclusions of
economic evaluations; changes in project parameters as plans continue to be
refined; future prices of gold and other minerals and metals; possible
variations in ore reserves, grade or recovery rates; failure of equipment
or processes to operate as anticipated; accidents, labour disputes and
other risks of the mining industry; and delays in obtaining governmental
approvals or financing or in the completion of development or construction
activities. Although the management and officers of Volta believe that the
expectations reflected in such forward-looking statements are based upon
reasonable assumptions and have attempted to identify important factors
that could cause actual results to differ materially from those contained
in forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be no
assurance that such statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements. Volta Resources does not undertake to update
any forward-looking statements that are incorporated by reference herein,
except in accordance with applicable securities laws.
For further information, please refer to our website www.Voltaresources.com
or contact:
Kevin Bullock, P.Eng., President & CEO
Tel: (647) 388-1842
Fax: (416) 867-2298
Email: kbullock@voltarestresources.com
Investor Relations: Vancouver
Farah Alibhai
Tel: (604) 731-7340
Email: falibhai@voltaresources.com
Investor Relations: Toronto
Greg Taylor
Tel: (905) 337-7673
Email: gtaylor@voltaresources.com
The Toronto Stock Exchange does not
accept responsibility for the adequacy or accuracy of this news release.
FIGURE 1:
Click to Enlarge
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