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BURLINGTON, ONTARIO–(Marketwire – Feb. 29, 2012) – Green Swan Capital Corp. (“Green Swan”) (TSX VENTURE:GSW) today announced it has agreed to purchase a package of six non-contiguous mining tenures in southeastern British Columbia. These tenures cover 1722 hectares.
“These tenures fit within Green’s Swan’s stated strategy of building a portfolio of high quality Canadian mining assets,” said Peter M. Clausi, Green Swan’s CEO. “In addition to its two properties in Ontario’s Ring of Fire and fourteen tenures in northern British Columbia’s Golden Triangle, Green Swan on closing will acquire a significant footprint in southeastern B.C.”
The Agreement
Subject to a Net Smelter Royalty, Green Swan has purchased a 100% interest in these tenures from arm’s length persons in consideration of the issuance of 300,000 shares (at an agreed price of $0.20 per share), and $18,588 cash. The Net Smelter Royalty is equal to two point five per cent, half of which may be purchased at Green Swan’s option at any time for $1,000,000, and which is subject to adjustment in the event of certain corporate activities. The closing of this acquisition is subject to the approval of the TSX Venture Exchange.
Mikayla
The 519 ha Mikayla property is in the Okanagan Valley, roughly 15 km south of Xstrata Canada’s Brenda Mine. This mine was a low grade open pit in production from 1970 to 1990, when it produced 278,000 tonnes of copper and 66,000 tonnes of molybdenum in concentrate form.
Mikayla is immediately adjacent to Almaden Minerals Ltd.’s Munro Lake property. Almaden has made public disclosure that a large IP anomaly underlies its Munro Lake property, on which Almaden has drilled 12 diamond drill holes. Included in Almaden’s results was a 14.8 metre interval in hole 96-3 that averaged 0.10% molybdenum, 0.05% copper and 15.1 g/t silver.
Mikayla is 4.5 km north of Crowrea (Molycor Gold Corp. / Goldrea Resources Corp. joint venture) and approximately 9 km northeast of Empress (Molycor / Goldrea). Both are molybdenum properties. Molycor announced in 2009 that the Empress deposit remains open to the northeast.
Tat and Chess
Tat (398 ha) and Chess (285 ha) are located west of Fraser Lake and 8 km north of Thompson Creek Mining Ltd.’s Endako Mine, British Columbia’s only active molybdenum mine. Tat and Chess are also close to the Kitsault Molybdenum Project held by Avanti Mining Inc., which was in production until 1982 and which Avanti is evaluating to re-open.
Champion
The North Thompson River Fault is a brittle fault separating basement exposures in the Malton Range to the east, from Proterozoic metasediments in the Cariboo Mountains to the west. The 157 ha Champion property is located south of Valemount along the Yellowhead Highway, at a location believed to be at a very pronounced deflection of this North Thompson River Fault.
Punch Bowl
Punch Bowl (118 ha) is located near the Athabasca Pass on the British Columbia side of the provincial border with Alberta, south of Jasper. Punch Bowl is proximate to the Chatter Creek Thrust. Brittle quartzites correlated to the Cambrian Gog Group lie in the hanging wall of this Chatter Creek Thrust. B.C. MINFILE 083D 038 covers pertinent relevant technical information for Punch Bowl.
McRae
McRae (245 ha) is located within highly deformed (folded and faulted) Lardeau Group strata, the same stratigraphic succession that hosts the Trout Lake metallogenic belts to the east and southeast. The northern extent of the Trout Lake Belt, 19 km east of McRae, hosts numerous occurrences of high grade silver-bearing, base metal veins. The Teddy Glacier Property (Jazz Resources Inc.) is located approximately 12 km to the east-northeast of McRae. Five samples of mineralization collected in 2004 from Teddy Glacier grade from 0.082 to 1.88 oz/ton gold, 7.23 to 22.9 oz/ton silver, 8.86% to 27.5% lead, and 5.11% to 22.1% zinc.
About Green Swan Capital Corp.
Green Swan is engaged in the exploration and, if warranted, development and mining of its properties as well as the acquisition, exploration and potential development of other mineral resource properties. Green Swan communicates with its shareholders and the investing public directly and with the assistance of CHF Investor Relations. The common shares of Green Swan are listed on the TSX Venture Exchange under the trading symbol “GSW”. Pending closing of the transactions contemplated above, GSW has 16,791,417 shares outstanding.
To receive Green Swan news by email contact [email protected] with “Green Swan News” in the subject line.
Forward-Looking Statements
This news release may include statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Green Swan cautions that actual performance will be affected by a number of factors, many of which are beyond its control. Future events and results may vary substantially from what Green Swan currently foresees. Discussion of the various factors that may affect future results is contained in Green Swan’s recent filings, available on SEDAR. Green Swan assumes no liability for repeating or referring to any facts, statements, releases, data or reports disseminated by any other issuer. Any reference to any other issuer should be cross-checked for accuracy and context by the reader.
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.
