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Re: News - Friday, April 20, 2007
Logan Completes Earn In on Albert Creek Lead-Zinc-Silver Property
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Vancouver - Friday, April 20, 2007 - Logan Resources Ltd. (TSXV:LGR)
today announced that it is exercising and completing the final stage of
its option agreement to earn the remaining 25% interest in the Albert
Creek lead-zinc-silver property in BC. The Company now owns a 100%
interest in the property. Albert Creek, located 60 km southwest of
Watson Lake, includes a sedex-type lead-zinc exploration target with
accompanying silver. To date the Company has outlined a broad zinc
geochemical anomaly covering 1 km by 1.3 km which is coincident with a
large magnetic anomaly.
Logan Resources was granted an option by Seamus Young and John
Schussler ("Vendors") in September 2000, to earn, in three stages, up
to a 100% interest (subject to a 2% NSR) in 15 mineral claims known as
the Albert Creek property, located in the Laird Mining Division of BC.
In consideration for acquiring the final 25% interest, Logan Resources
will issue 360,000 common shares to the Vendors (300,000 to Mr.
Schussler and 60,000 to Mr. Young). In addition, the Company and the
Vendors have amended the original agreement to remove the time
restriction within which Logan Resources may elect to purchase a
portion of the 2% NSR from the Vendors. Logan Resources retains the
option to purchase a 1% NSR from the Vendors for $1,000,000 and has the
right of first refusal on the remaining 1%.
Michael Hibbitts, P. Geo, Vice President Exploration is the Qualified
Person for this property.
Logan Resources Ltd. is a mineral exploration company that specializes
in acquiring, exploring and advancing Canadian mineral properties
prospective for precious metals, base metals and uranium. It has an
exceptional property portfolio with discovery potential. For more
information on the projects and the Company, please visit
www.loganresources.ca, www.sedar.com and www.sec.gov websites.
ON BEHALF OF THE BOARD
"Judith T. Mazvihwa"
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Judith T. Mazvihwa
CFO & Director
For Further Information Please Contact:
Seamus Young syoung@loganresources.ca
T: 604-689-0299 x 223
Michael Hibbitts, Vice President -- Exploration (Qualified Person)
mhibbitts@loganresources.ca
T: 604-689-0299 x 228
Statements contained in this news release that are not historical facts
are forward-looking statements, which are subject to a number of known
and unknown risks, uncertainness and other factors that may cause the
actual results to differ materially from those anticipated in our
forward looking statements. Although we believe that the expectations
in our forward looking statements are reasonable, actual results may
vary, and we cannot guarantee future results, levels of activity,
performance or achievements.
The TSX Venture Exchange has neither approved nor disapproved the
information contained herein.
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Copyright (c) 2007 LOGAN RESOURCES LTD. (LGR) All rights reserved.
For more information visit our website at http://www.loganresources.ca/
or send mailto:info@loganresources.ca
Message sent on Fri Apr 20, 2007 at 6:36:19 AM Pacific Time
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