Doubleview Capital Corp. ("Doubleview") (TSX-V: DBV) is pleased to announce commencement of Induced Polarization geophysical surveys on its Hat copper gold porphyry project located in the Stikine Mining District of northwestern British Columbia and approval by the TSX Venture Exchange of its acquisition of the Red Spring property located north of Smithers, British Columbia. The geophysical work is the first such work on the Hat property since 1979 and is designed to better define the anomalous areas that comprise several copper and gold soil geochemical anomalies that are coincident with historic Induced Polarization chargeability geophysical anomalies. A Phase 2 program of diamond drilling will commence upon completion of the geophysical survey work.
Further to Doubleview's News Release dated August 8, 2013, the TSX Venture Exchange has accepted for filing documentation pertaining to the option agreement dated August 8, 2013 whereby Doubleview has been granted an option to acquire a 90% interest in the 1349 hectare Red Spring copper-silver-gold exploration property located 120 km north of Smithers, B. C. Doubleview will immediately issue 50,000 shares to the vendors and within one year make a cash payment of $7,000 and conduct a $100,000 work program on the property. Further optional shares, cash and work commitments are detailed in the August 8, 2013 News Release. The vendors will retain a 2 1/2 % NSR ("net smelter royalty") of which Doubleview can purchase 50% for $1,500,000.
Doubleview in early September completed an initial site visit to the Red Spring property as part of a due diligence investigation. A small number of rock and soil samples were acquired at that time and are currently being analysed at an accredited analytical laboratory. A program of exploration will be determined following receipt of analyses and further review of all available data.
Historic exploration of the Red Spring property since 1972, including two programs of diamond drilling, has been directed to a dolomitic limestone member interbedded with Jurassic age Hazelton Group volcanic, volcaniclastic and sedimentary formations. A historic "drill indicated reserve" of 4,500,000 tonnes with 0.5% copper and 0.38 oz/tonne silver was calculated by previous owners of the property (Assessment Report #20364,p. 1, 1990, G. Ryznar, P. Eng., quoting from a 1973 internal company report for Canadian Superior Exploration Ltd.). The historical "drill indicated reserve" cited above is mentioned for historical purposes only and uses terminology not compliant with current reporting standards. The reliability of these historical estimates is unknown but considered relevant by Doubleview as it represents a significant target for future exploration. The qualified person has not reviewed all pertinent original documents nor done sufficient work to classify the historical estimate as a current mineral resource and Doubleview is not treating this historical estimate as a current mineral resource. Historical "drill indicated reserves" are not equivalent to mineral reserves or resources as they are not supported by at least a preliminary feasibility study. In order to verify this as a current estimate, Doubleview will need to conduct additional exploration work in the form of diamond drilling to verify the historic data. Details of such work have not been determined.
Disclosures: Farshad Shirvani, president and CEO of Doubleview, holds a 40% interest in the vendor group of the Red Spring property. Erik Ostensoe, P. Geo., is Doubleview's Qualified Person as defined by National Instrument 43 - 101 - Standards of Disclosure for Mineral Projects, with respect to the Red Spring property and has reviewed and approved the technical disclosure of this news release. Mr. Ostensoe is not Independent of Doubleview as he is a shareholder and is a co-optionor of the Hat and Red Spring properties.
About Doubleview Capital Corp.
Doubleview Capital Corp., a mineral resource exploration and development company, is based in Vancouver, British Columbia, Canada and is publicly traded on the TSX-Venture Exchange [TSX.V:DBV]. Doubleview identifies, acquires and finances precious and base metal exploration projects in North America, particularly in British Columbia, Canada. Doubleview increases shareholder value through acquisition and exploration of quality gold, copper and silver properties and the application of advanced state-of-the-art exploration methods. Doubleview's portfolio of strategic properties provides diversification and mitigates investment risk.
On behalf of the Board of Directors,
Farshad Shirvani, President & Chief Executive Officer
For further information please contact:
Doubleview Capital Corp.
Suite 310, 675 West Hastings Street
Vancouver, BC V6B 1N2
President & CEO
T: (604) 678-9587
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Doubleview cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Doubleview's control. Such factors include, among other things: risks and uncertainties relating to Doubleview's drill program on the Hat Project, limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Doubleview undertakes no obligation to publicly update or revise forward-looking information.
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.
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