VANCOUVER, BC / ACCESSWIRE / July 10, 2014 / Far Resources Ltd. (CSE:FAT) ("Far" or "the Company") is pleased to provide an update on properties and projects as it looks forward toward a new fiscal year.
Tchentlo Lake Property
As announced in the Company's news release dated June 24, 2014, Far has entered into an option agreement with Alchemist Mining Inc. (TSX-V: AMS) ("Alchemist"), whereby Alchemist may acquire up to an 80% undivided interest in and to the Company's Tchentlo Lake Property located in North-Central British Columbia, Canada.
Silver Switchback Property
In 2012, the Company acquired, from Multiple Metals Resources Ltd. ("MMR"), an option to purchase, subject to a 3% net smelter return royalty, a 100% interest in the Silver Switchback property located southwest of Smithers in central British Columbia. Given the Company's other interests, management has decided to terminate the option pursuant to the terms of the option agreement and has returned the property to MMR.
Winston Project and Little Granite Mine
In March 2014, the Company made a site visit to the Winston Project in the Black Range Mining District of Southwestern New Mexico in which the Company holds an option to earn up to 80% interest from Redline Minerals Inc. ("Redline") for the primary purpose of reviewing historic data from the Little Granite Mine. Based on that visit and information gathered at that time, the Company continues to plan for exploration work on the Little Granite epithermal quartz vein system as reported in its news release dated March 17, 2014. The Company will report further as this program develops, bearing in mind that there are no assurances that the Company will be able to raise the necessary financing to maintain and/or proceed with the exploration program.
As reported in its news release dated May 15, 2014, management is exploring the requirements for commercially producing medical marihuana in Canada. The Company is in discussions with a group experienced in this area and, if discussions prove successful, hopes to enter into an agreement with them. The Company anticipates it will have further news to report in the upcoming quarter with respect to an agreement and plans for applying for a commercial license to produce medical marihuana, but cautions that no such agreement or application is assured.
About the Company
Far Resources Ltd. is an exploration company, publicly traded on the Canadian Securities Exchange under the symbol FAT, focused on the identification and development of high potential mineral opportunities in stable jurisdictions.
The technical content of this news release has been reviewed and approved by Lindsay Bottomer, P.Geo., an independent director of Far Resources Ltd. and a Qualified Person under NI43-101.
ON BEHALF OF THE BOARD OF DIRECTORS OF FAR RESOURCES LTD.
"Keith C. Anderson"
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. All of the forward-looking statements made in this news release and any accompanying graphic links are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
SOURCE: Far Resources Ltd.