VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 8, 2013) - Lithic Resources Ltd. (News - Market indicators) (the "Company") is pleased to announce that it has retained the services of Joyce Musial in a corporate communications role for an initial six month term effective January 2, 2013. Ms. Musial has over 25 years of investor relations and corporate development experience with various junior and senior exploration and mining companies including Placer Dome Inc., Teck Exploration, Batero Gold Corp. and Cumberland Resources Ltd. At Cumberland, she was a part of the team taking that company from the exploration stage through syndicated bank financing and ultimately its acquisition by Agnico Eagle Mines.
In consideration of the services to be provided, the Company has agreed to pay a monthly fee of $7,000 plus applicable taxes and certain pre-approved travel expenses. In addition, the Company has granted Ms. Musial 400,000 incentive stock options exercisable at a price of $0.10 for a period of two years from the date of grant. These options are granted pursuant to the Company's stock option plan and have vesting provisions such that one quarter of the options will vest upon grant with a maximum of an additional quarter vesting every three months thereafter. These agreements are subject to regulatory approval and all terms will be subject to and in accordance with the policies and rules of the TSX Venture Exchange.
The options were granted pursuant to the Company's stock option plan which reserves an aggregate total of stock options equivalent to 10% of the Company's issued and outstanding share balance at any given time. Including the current grant, the Company has issued 4,600,000 stock options out of an authorized maximum of 6,017,800 stock options.
About Lithic
Lithic Resources holds a 100% interest in the Crypto project in Utah, a zinc-copper-silver-indium-gold deposit previously explored by Utah International and Cyprus Minerals. An updated resource estimate by the Company as published in a November 19, 2009 press release and tabulated below substantially increased the size of the resource base at Crypto:
| Category |
Cutoff
ZnEq% |
Tonnes |
%
ZnEq |
%
Zn |
%
Cu |
g/t
In |
Lbs Zn |
Lbs Cu |
Kg In |
| Indicated |
3.00 |
6,298,000 |
6.87 |
4.75 |
0.32 |
46 |
659,482,000 |
44,752,000 |
291,000 |
| Inferred |
3.00 |
15,832,000 |
6.95 |
5.08 |
0.36 |
35 |
1,774,360,000 |
125,446,000 |
551,900 |
| Indicated |
6.00 |
2,659,000 |
10.48 |
8.01 |
0.37 |
54 |
469,349,000 |
21,621,000 |
144,900 |
| Inferred |
6.00 |
7,184,000 |
10.22 |
8.04 |
0.44 |
38 |
1,273,108,000 |
69,892,000 |
275,900 |
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| Note: base case in bold; Zinc-equivalent (ZnEq) calculated using a zinc price of US$0.80/lb, a copper price of US$2/lb and an indium price of US$500/kg |
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Preliminary metallurgical testwork on sulphide mineralization has shown good recoveries to separate zinc and copper concentrates using standard flotation processing and that these concentrates would respectively contain important levels of indium and gold and silver. As concluded in a 2010 Preliminary Economic Assessment, a significant proportion of the minimum grade and tonnage required for a positive economic outcome has already been defined. Since the deposit is open in several directions, there is good potential to expand existing resources and very good potential for the discovery of new zones beyond these extensions. The project is fully permitted and bonded for future exploration. Technical reports and other information regarding the Crypto project may be found at www.lithicresources.com and www.sedar.com.
LITHIC RESOURCES LTD.
C.F. Staargaard, President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.