WASECO RESOURCES INC. ("WRI"), is pleased to provide the following update on activities relating to its Battle Mountain Ridge Gold project in Nevada:
- The Company has incorporated a wholly owned Nevada subsidiary which will be the operator of the project. The head office of Waseco Resources US Inc. is in Reno, Nevada.
- The Company has applied for and just received its drill permit and had its reclamation bond accepted. The drill permits and the reclamation bond relating to the Battle Mountain Ridge Project are being transferred to this subsidiary. The follow up drill program can now proceed as planned.
- The Board of Directors has elected to pay the US$25,000 portion of the advance royalty payment currently due in shares. Accordingly, an application is being made to the regulatory authorities for this issuance from treasury of 315,885 shares. The shares will be subject to a four month hold period.
The Board of Directors has also instructed management to continue to assess other gold projects in Nevada which may be complementary to the Battle Mountain Ridge project. Management has received submissions and is reviewing their merits for possible acquisition or joint venture.
Waseco President, Richard Williams remarked: "While many other juniors are waiting for greater clarity in the gold market, I am proud to be forging ahead. We are excited to be following up on the success of our most recent drill program. This property hosts gold, it is strategically located in proximity to a number of gold mines, it is on one of the world's most prolific gold belts, and it is in a mining friendly jurisdiction. We are confident that we can expand the gold resource and create value."
Waseco Resources Inc. is an exploration company focused on gold exploration in Nevada and Kalimantan and uranium exploration in the Quebec Labrador Trough through a joint venture with AREVA Canada Inc.. The Company trades on the TSX Venture Exchange and the Frankfurt Stock Exchange. There will be approximately 30.6 million shares issued and outstanding, inclusive of the issuance described above.
ON BEHALF OF THE BOARD OF DIRECTORS OF WASECO RESOURCES INC.
Richard Williams, President
Source: http://www.wasecoresources.com