2nd Stake within days!!!...whats the rush???Atocha Acquires Quebec Abitibi Properties
November 15, 2010 - Vancouver, British Columbia, CANADA – Atocha Resources, (the Company), TSX.V – ATT is pleased to announce it has expanded its exploration efforts in the prolific Abitibi Greenstone Belt. The Company has strategically acquired two properties (Bijou and Descouverte) totalling 89 new claims and 4,893 hectares which are directly adjacent to Bonterra Resources Inc. (TSX.V - BTR) and directly southwest of the Beaufield Resources Inc. Tortigny deposit (TSX.V - BFD).
The Descouverte (Discovery) Property consists of 3,877 hectares in 71 claims and is located approximately 10km southeast of Beaufield's Tortigny deposit (TSX.V - BFD). On September 30, 2010 Beaufield announced drill results of "4.20% zinc, 2.72% copper, 0.19% lead, 500.93 g/t cobalt, 720.02 g/t silver and 0.53 g/t gold over 322.15 metres." In addition, on September 21, 2010 Beaufield reported they are revisiting resources calculation of Tortigny deposit completed in 1997 by Noranda Inc. and adding the recent drilling to the model. In 1997 Noranda gave a non NI 43-101 compliant resource "489,900 tonnes 2.21% copper, 6.15% zinc, 0.24% lead, 0.31 g/t gold and 60.08 g/t silver".
Terms of the 100% Descouverte (Discovery) option agreement are as follows:
- Issue 2,750,000 shares over six months; and
- Complete $200,000 in exploration expenditures prior to November 10, 2011
The Bijou (Jewel) Property consists of 1,016.66 hectares in 18 claims and is approximately 3km east and also extends and wraps to the south of BonTerra's (TSX.V - BTR) Eastern Extension Properties. Bonterra announced on November 9, 2010 "drill assay results as high as 77.8 grams per tonne gold" on their "Eastern Extension" which are located 170km northeast of Val D'Or and 125km southwest of Chibougamau, Quebec.
Terms of the 100% Bijou (Jewel) option agreement are as follows:
- Issue 2,000,000 shares over the over six months; and
- Complete $100,000 in exploration expenditures prior to the first anniversary
Both properties are arms length transactions and each are subject to a 2% NSR whereby 1% can be purchased for $1,000,000. The forgoing is all subject to approval of the TSX Venture Exchange. Finder's fees may be payable under the Exchange rules and guidelines.
The Company would like to announce a private placement of up to:
- 4 million flow through units at
.15 per unit for gross proceeds of up to $600,000 to further the development and exploration of the Quebec Properties. Each flow through unit will have one non flow through warrant exercisable for one year at
.30 from the date of closing; and
- 4 million non flow through units at
.125 per unit for gross proceeds of up to $500,000. Each non flow through unit will have one warrant exercisable for one year at
.25 from the date of closing.
The forgoing is all subject to approval of the TSX Venture Exchange. Finder's fees may be payable under the Exchange rules and guidelines.
Technical information in this news release has been reviewed on behalf of the Company by Derrick Strickland, P.Geo., a Qualified Person under National Instrument 43-101.
Shareholders and Investors are encouraged to sign up to the company mail list in order to receive timely updates. Please visit www.atocharesources.comor email info@atocharesources.com to add your contact details
ABOUT ATOCHA
Atocha is a natural resources company engaged in the acquisition and exploration of mining/exploration properties, mainly for copper and precious metals. The Company has options to acquire a 100% undivided interest in the McGillivray Property, located in the Kamloops Mining Division of British Columbia, the Besshi gold project in northern B.C., the Atkinson (Detour Lake) gold project in Ontario, the Trove gold project in Quebec, and the Strike 101-114 Claims in the White Gold District of the Yukon.
For further information on Atocha, please refer to www.sedar.com.
For further information, please contact:
Marcy Kiesman, Chief Executive Officer
Telephone: 604.696.1111
Facsimile: 888.266.3983
E-mail: mmk@atocharesources.com
Website: www.atocharesources.com