Deveron Earns 100% Interest in Nechako Property, Blackwater Area, Central BC, and Grants Options
November 29 2012 - 01:21PM
Marketwired
Deveron Resources Ltd. ("Deveron" or the "Company") (TSX:DVR) is
pleased to announce that it has completed the terms of its option
agreement and has now earned a 100% interest in its Nechako
Property, subject to a 2% net smelter return royalty payable to the
underlying vendor, and a 1% net smelter return royalty payable to
Greencastle Resources Ltd. ("Greencastle").
Earlier in 2012, Greencastle assigned all of its right, title
and interest in the underlying option agreement on the Nechako
property to Deveron in consideration of Deveron issuing to
Greencastle 2,431,090 units of Deveron and Deveron granting to
Greencastle a 1% net smelter return royalty on the Nechako
Property.
The Fall field work program at the Nechako Property has now been
completed and rock, soil and silt samples are being prepared for
analysis. The Property, covering approximately 13,000 hectares (28
claims), is located approximately 100 kilometres southwest of
Vanderhoof, central British Columbia, in the developing Blackwater
gold camp, where New Gold Inc. has recently delineated an open pit
resource of over 10 million ounces of gold.
In addition, the Company announces that it has granted 1,000,000
stock options to officers, directors and consultants, pursuant to
the Company's stock option plan at an exercise price of $0.25 per
share, expiring on November 29, 2017. This stock option grant is
subject to approval by the TSX Venture Exchange.
Statements in this press release regarding the Company's
business which are not historical facts are "forward-looking
statements" that involve risks and uncertainties, such as estimates
and statements that describe the Company's future plans, objectives
or goals, including words to the effect that the Company or
management expects a stated condition or result to occur. Since
forward-looking statements address future events and conditions, by
their very nature, they involve inherent risks and uncertainties.
Actual results in each case could differ materially from those
currently anticipated in such statements. The Company does not
assume any obligation to update or revise events or circumstances
unless required by applicable securities laws.
Shares Outstanding: 11,794,505
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.
Contacts: Deveron Resources Ltd. James Pirie President and CEO
416-367-4571 ext. 228