Vancouver, BC, September 12, 2013 - Alita Resources Ltd. (the "Company") has received confirmation from the TSX Venture Exchange that it has accepted for filing the Option Agreement with Ursula Mowat ("Optionor") dated May 17, 2013 pursuant to which it has acquired an option to purchase a block of British Columbia mineral claims known as the Mount Sidney Williams property ("Claims"). The Claims are located approximately 95 km northwest of Fort St. James in the Omineca Mining Division, in Central BC. They cover a contiguous area of 1,400 hectares (approximately 3,460 acres).
The Claims overlie extensions of the Trembleur Ultramafic Unit which is host to the Baptiste Nickel Deposit just 4.0 km along strike to the southeast. The Baptiste Nickel Deposit is being worked by a joint venture between First Point Minerals Corp and Cliffs Natural Resources Inc. In February the Joint Venture partners announced an indicated nickel resource of 1.159 billion tonnes containing 3.169 billion pounds of nickel and an additional inferred resource of 870,400,000 tonnes containing 2.398 billion pounds of nickel.
To fully exercise the option the Company will have to pay to the Optionor a total of $315,000 and issue to the Optionor 400,000 shares of the Company. Upon acceptance of the Agreement by the TSX Venture Exchange ("Exchange") $20,000 in cash became due to be paid and 75,000 shares will be issued. The remaining cash and shares will be payable in annual tranches over a period of five years. Further, to fully exercise the option, the Company will have to expend not less than $1,450,000 on the Claims over a period of five years - the first obligation being to spend not less than $50,000 by September 11, 2014.
Previous exploration on the Claims has included geochemical sampling, geophysical surveys and reconnaissance diamond drilling. The previous exploration has demonstrated potential for nickel and gold mineralization on the Claims. Alita plans to explore the Claims with a program of geochemical sampling and prospecting in 2013.
The property is the subject of a 43-101 compliant Report dated July 31, 2013 by Perry Grunenberg, P.Geo. The Report can be viewed on the Company's website or on SEDAR at www.sedar.com
FOR FURTHER INFORMATION PLEASE CONTACT:
Investor Relations - Tel: 604-618-1758 e-mail: firstname.lastname@example.org
Fax: 604-277-0815 website: www.alitaresources.com
ALITA RESOURCES LTD.
T.J. Malcolm Powell,
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this News Release.
SOURCE: Alita Resources Ltd.
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