Toronto, Feb. 14, 2014 -
Tartisan Resources Corp. (CSE: TTC) ("Tartisan" or the "Company") is pleased to announce that the Company has signed a letter agreement (the "Agreement") with
Eloro Resources Ltd. (TSXV: ELO) ("Eloro") granting Eloro an option to earn a 50% interest in Tartisan's La Victoria property (the "Property") in Ancash, Perú.
Under the terms of the Agreement, Eloro can earn a 50% interest in the Property at Eloro's option by expending $CDN 1.5 million in staged exploration and work expenditures on the Property, and making cash payments to Tartisan totalling $CDN 150,000, all over a four year period.
Tartisan and Eloro have agreed to proceed to the execution and delivery of a definitive agreement (the "Definitive Agreement") incorporating the terms contained in the Agreement. The execution of the Definitive Agreement is subject to the satisfactory completion by Eloro of its ongoing due diligence investigation of the Property and also subject to the approval by the Boards of Directors of Tartisan and Eloro, and the approval of the Canadian Securities Exchange and the TSX Venture Exchange.
La Victoria is Tartisan's wholly owned royalty-free flagship project located in northern Ancash Department. The Company's land holdings are located within 50 km of several producing mines including: La Arena owned by
Rio Alto Mining Ltd., Lagunas Norte (Alto Chicama) owned by
Barrick Gold Corporation and Santa Rosa owned by Compañia Minera Aurífera Santa Rosa (COMARSA).
Tartisan common shares are listed on the Canadian Securities Exchange (CSE). Currently, there are 30,445,525 shares outstanding (36,140,525 fully diluted).
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
Not for distribution to U.S. news wire services or dissemination in the U.S.
Contact
Tartisan Resources Corp.
Mr. D. Mark Appleby, CEO and a Director of the Company
416-804-0280
mark@tartisanresources.com
Mr. John M. Siriunas, P.Eng., Director
416-710-9392
john@tartisanresources.com
Mr. Phillip Shum, Investor Relations (Ubika Corp.)
647-352-0687
phillip@ubikacorp.com
Additional information about Tartisan can be found at the Company's website at www.tartisanresources.com.
