Jan 20 2015
COLORADO RESOURCES LTD. announces that it has continued to expand its landholdings in the KSP Property area located approximately 15 kilometres SW of the past producing Snip Mine in NW British Columbia. Colorado has acquired an additional 661 hectares internal to (and now forming part of) the KSP Property which it has under option with SnipGold Corp.
The additional ground includes the Snip 2 claim acquired from Teck Resources Limited ("Teck") (subject to a 2% NSR); the Snow Minfile occurrence (subject to a 2% NSR) and Lake Minfile occurrence (subject to a 1% NSR), each of the Snow Minfile and Lake Minfile ground NRS' can be purchased for $1,000,000 and $500,000 from the original vendor.
On December 19, 2014 Colorado made its $75,000 cash payment to SnipGold and met its work commitment obligations under its KSP Option Agreement for 2014.
As a result of encouraging first phase work completed in July of last year at KSP and receipt of a drill permit in mid- September Colorado elected to complete further work. This work included further sampling and limited drilling which fulfilled approximately 3/4 of its 2015's work commitments. As a result, the remaining 2015 obligations are reduced accordingly.
Adam Travis, Colorado President & CEO says, "We are very pleased to continue to expand our holdings in the KSP Camp with the acquisition of internal ground held by Teck Resources and ground covering claims recently held by West Cirque. Recent work by the BC Geological Survey, our work in the area, along with historical work indicates that this newly acquired ground covers extensive areas of mineralization and alteration prospective for both high grade gold zones and also bulk tonnage copper-gold targets. With continued glacial retreat exposing new areas every year in combination with our experience in the area Colorado hopes to continue to expand upon areas of known mineralization."
With no other property commitment obligations and minimal requirements for KSP, Colorado's treasury is in good shape to continue to weather these difficult financial times.
Colorado also continues to review numerous opportunities on advanced staged projects being presented by companies with little or no funding seeking to diversify their assets in this market.
Source: http://www.coloradoresources.com/