news - Amarc and Rockwell execute farm-out Is this good or bad ???????
Amarc and Rockwell execute farm-out agreement
2004-11-26 19:30 ET - News Release
Shares issued 45,004,976
AHR Close 2004-11-26 C$ 0.62
AMARC AND ROCKWELL TO JOINTLY EXPLORE B.C. PROPERTIES
Amarc Resources Ltd. and Rockwell Ventures Inc. have executed a farm-out agreement, whereby Rockwell can earn-in and joint-venture a number of early-stage exploration projects held by Amarc. The properties are located in the Cariboo and Prince George regions of British Columbia.
Pursuant to the farm-out agreement, a budget of $600,000 is to be financed by Rockwell to earn up to 50-per-cent interest in the various projects. After Rockwell has financed the programs, the companies will either form a joint venture to jointly finance further exploration on the projects, or Amarc may purchase all or any of Rockwell's earned interest in the projects for the fair value of those interests in cash or shares as valued at the time of acquisition. The farm-out agreement is subject to TSX Venture acceptance. Rockwell and Amarc are related parties.
The projects are the Crystal, Hook, M3, M4, M5, Tsil and Kalder properties. All of the properties are located in areas where the geological setting is considered to be prospective for porphyry gold-copper occurrences.
The Crystal and Hook properties are located in the Cariboo region. Crystal is located 30 kilometres from 100 Mile House and Hook is near the town of Likely. Preliminary ground surveys, consisting of geological mapping, geochemical sampling and geophysical surveys, were carried out by Amarc prior to the Amarc/Rockwell agreement. Reconnaissance drilling was recently performed under the Amarc/Rockwell agreement. Assay results of core samples are pending.
The M3 to M5 properties, located north of Prince George, were staked by Amarc this year. Preliminary geophysics were carried out on M4 by Amarc and additional geophysics and drilling are planned on the M3, M4 and M5 properties by Amarc and Rockwell.
The Tsil and Kalder properties are located north of Fort St. James. Amarc carried out preliminary geophysical surveys prior to the Amarc/Rockwell agreement. Reconnaissance drilling was recently performed under the Amarc/Rockwell agreement. Assay results of core samples are pending.