Toronto, Ontario--(Newsfile Corp. - February 14, 2014) - Tartisan Resources Corp. (CSE: TTC) ("Tartisan" or the "Company")
is pleased to announce that the Company has signed a letter agreement (the
"Agreement") with Eloro Resources Ltd. (TSXV: ELO) ("Eloro") granting Eloro an
option to earn a 50% interest in Tartisan's La Victoria property (the
"Property") in Ancash, Perú.
Under the terms of the Agreement, Eloro can earn a 50% interest
in the Property at Eloro's option by expending $CDN 1.5 million in staged
exploration and work expenditures on the Property, and making cash payments to
Tartisan totalling $CDN 150,000, all over a four year period.
Tartisan and Eloro have agreed to proceed to the execution and
delivery of a definitive agreement (the "Definitive Agreement") incorporating
the terms contained in the Agreement. The execution of the Definitive Agreement
is subject to the satisfactory completion by Eloro of its ongoing due diligence
investigation of the Property and also subject to the approval by the Boards of
Directors of Tartisan and Eloro, and the approval of the Canadian Securities
Exchange and the TSX Venture Exchange.
La Victoria is Tartisan's wholly owned royalty-free flagship
project located in northern Ancash Department. The Company's land holdings are
located within 50 km of several producing mines including: La Arena owned by Rio
Alto Mining Ltd., Lagunas Norte (Alto Chicama) owned by Barrick Gold
Corporation and Santa Rosa owned by Compañia Minera Aurífera Santa
Rosa (COMARSA).
Tartisan common shares are listed on the Canadian Securities
Exchange (CSE). Currently, there are 30,445,525 shares outstanding (36,140,525
fully diluted).
For further information, please contact Mr. D. Mark Appleby,
CEO and a Director of the Company, at 416-804-0280 (mark@tartisanresources.com),
Mr. John M. Siriunas, P.Eng., Director, at 416-710-9392
(john@tartisanresources.com) or Mr. Phillip Shum, Investor Relations (Ubika Corp.) at 647-352-0687
(phillip@ubikacorp.com). Additional information about Tartisan can be found at
the Company's website at www.tartisanresources.com.
This news release may contain forward-looking statements
including but not limited to comments regarding the timing and content of
upcoming work programs, geological interpretations, receipt of property titles,
potential mineral recovery processes, etc. Forward-looking statements address
future events and conditions and therefore, involve inherent risks and
uncertainties. Actual results may differ materially from those currently
anticipated in such statements.
The Canadian Securities Exchange (operated by CNSX Markets
Inc.) has neither approved nor disapproved of the contents of this press
release.
Not for distribution to U.S. news wire services or
dissemination in the U.S.
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