VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 16, 2014) - Matthew Hornor, Chief Executive Officer of Kaizen Discovery Inc. (TSX VENTURE:KZD), announced today that Kaizen has completed its initial earn-in expenditures and now owns a 49% interest in the Fairholme copper-gold porphyry exploration project in central New South Wales, Australia. Clancy Exploration Limited, an Australia-based exploration company, owns the remaining 51%.
The Fairholme Project is being explored by Kaizen under the terms of an earn-in agreement between Clancy Exploration and Kaizen. The agreement gives Kaizen the right to increase its interest in the project to 65% by funding an additional A$4 million in exploration over the next two years, with the aim of delineating a scoping study. Kaizen can further increase its stake to 80% or 85% by funding a prefeasibility study (depending on the cost of the study).
In cooperation with Clancy Exploration, Kaizen has initiated the process to formally register its ownership interest with the appropriate regulatory authorities in New South Wales. Kaizen has retained SRK Consulting to prepare an independent, National Instrument 43-101 Technical Report on the Fairholme Project before starting its next phase of exploration.
About the Fairholme Project
The Fairholme Project consists of two tenements that cover approximately 172 square kilometres of the Fairholme Igneous Complex, part of the Macquarie Arc that hosts porphyry copper-gold deposits at Cadia and Northparkes.
About Kaizen Discovery
Kaizen is a Canadian technology-focused mineral exploration company that was formed in late 2013 through a combination of Concordia Resource Corp. and assets acquired from HPX TechCo, a 100%-owned subsidiary of High Power Exploration. Kaizen's existing portfolio of exploration projects consist of Ebende and Kabongo in the Democratic Republic of Congo, Fairholme in Australia and Kerboulé in Burkina Faso. A strong management team and an experienced board, combined with the improved project portfolio and access to HPX TechCo's leading-edge, proprietary technology, will help enable Kaizen to more effectively identify and advance world-class mineral projects.
More information on Kaizen is available at www.kaizendiscovery.com.
Neither 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.