Mr. Andre Tessier reports
DELTA EXPANDS ITS LAND POSITION AT THE DELTA-1 PROPERTY IN THUNDER BAY, ONTARIO
Delta Resources Ltd. continues to further expand its land position at the Delta-1 property in Thunder Bay, Ont.
Delta has acquired the exclusive rights to acquire a 100-per-cent interest in the Laurie and Horne properties, adding to its Delta-1 property package. Together, the properties consist of 113 claim units covering approximately 24 square kilometres. The claims are contiguous with the Delta-1 property.
Delta has reached an agreement with Sky Gold Corp. whereby Delta will assume agreements with a previous vendor to acquire a 100-per-cent interest in both properties. Upon signing of the agreement, Delta will issue 1.4 million shares of the company to Sky and pay the sum of $75,000. Sky will retain a 1-per-cent smelter return royalty. Delta will have the option to buy back a 0.5-per-cent NSR at any time for $1-million and will have a right of first refusal on the second 0.5-per-cent NSR. One million common shares are subject to a one-year transfer restriction and 400,000 shares are subject to a four-month-and-one-day hold period from the date of issuance in accordance with applicable Canadian securities laws.
Delta will also pay the original vendor the sum of $350,000 over a three-year period ($50,000, $100,000 and $200,000 respectively in years 1, 2 and 3) and incur a total of $1-million in exploration expenditures over the same period. The terms are divided equally between both Laurie and Horne properties.
The agreement is subject to regulatory approval.
Delta now controls an area of 131 square kilometres straddling the Shebandowan structural zone in the Shebandowan greenstone belt.
The Delta-1 property is located in the Shebandowan greenstone belt and covers a 19-kilometre strike extent of the Shebandowan structural zone, a gold-endowed, crustal-scale structure that hosts Delta's Eureka gold zone.
Qualified persons
Andre C. Tessier, PEng, PGeo and chief executive officer of Delta Resources, is the qualified persons as defined by NI-43-101 and is responsible for the technical data in this release.
About Delta Resources Ltd.
Delta Resources is a Canadian mineral exploration company focused on growing shareholder value through the exploration of two very high-potential gold and base-metal projects in Canada.
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