Ross River Minerals Inc

Ross River Completes Acquisition of El Pulpo

    Vancouver, Canada (ots/PRNewswire) - Ross River Minerals Inc. (TSX-V: RRM) (the "Company") and its wholly  owned subsidiary Minera Rio Ross S.A. de C.V. ("Rio Ross") are pleased to  announce that they have completed the acquisition of the El Pulpo project  from Almaden Minerals Ltd. ("Almaden") and its wholly owned subsidiary  Minera Gavilan S.A de C.V. ("Minera Gavilan"). The Company has issued 2.2 million shares to Almaden. Minera Gavilan will retain a 2% NSR royalty  regarding any minerals removed from the Gavilan, Gavilan II and Gavilan 3  concessions, of which half (a 1% NSR) can be purchased by Rio Ross for fair  market value as determined by an internationally recognised engineering  firm acceptable to both parties.

    In addition to transferring the Gavilan, Gavilan II and Gavilan 3 concessions, Almaden and Minera Gavilan have also acknowledged that they  have no further interest in the Polo and Los Frayles (Title No. 212809) and  the Los Frayles (Title No. 223308) concessions which form part of the El  Pulpo project. Rio Ross has the option to acquire 100% of the right, title  and interest in the Polo and Los Frayles (Title No. 212809) concessions for  US$117,000. Rio Ross is currently paying the optionors US$1,000 per month  with the balance due on April 23, 2006. The optionors retain a 1% NSR  royalty which can be purchased by Rio Ross for US$300,000. Rio Ross has  also acquired 100% of the right, title and interest in the Los Frayles (Title No. 223308) concession. The optionor has retained a 1% NSR royalty  which can be purchased by Rio Ross for US$300,000.

    The Company will issue to Almaden an additional 1.0 million shares when  exploration and development expenditures on the property meet or exceed US$ 10.0 million and an additional 1.0 million shares on the delivery of a  positive feasibility study recommending production on any part of the  property. The option agreement dated April 10, 2003 between Almaden and  Minera Gavilan and the Company with respect to the project has been terminated.

    The El Pulpo project is located 125 kilometres northeast of Mazatlan,  Sinaloa State, Mexico and covers an area of approximately 200 square  kilometres (20,231 hectares). Ross River has identified four gold-silver  vein and five porphyry copper-gold-silver-molybdenum targets with only a  third of the property explored to date. The porphyry targets appear to be components of a major enriched hydrothermal system. The Company is now in a  position to accelerate the exploration of the multiple targets on the  property and pursue alternate financing opportunities.

    To find out more about Ross River Minerals Inc. (TSX-V: RRM) visit our  website at www.rossriverminerals.com.

      ROSS RIVER MINERALS INC.
      Per: "Marcus Foster"
      ---------------------------
      Marcus N. Foster, President
      The TSX Venture Exchange has not reviewed and does not accept
      responsibility for the accuracy or the adequacy of this release.

ots Originaltext: Ross River Minerals Inc
Im Internet recherchierbar: http://www.presseportal.ch

Contact:
For further information: ROSS RIVER MINERALS INC., No. 1004 - 750
West Pender Street, Vancouver, BC, V6C 2T7, Telephone:
+1-(604)-682-2770, Facsimile: +1-(604)-682-2331



Weitere Meldungen: Ross River Minerals Inc

Das könnte Sie auch interessieren: