Bonaparte Announces Hopper Property Exploration Program
posted on
May 17, 2011 05:36PM
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http://www.marketwire.com/press-release/bonaparte-announces-hopper-property-exploration-program-tsx-venture-bon-1515046.htm
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 16, 2011) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Bonaparte Resources Inc. (TSX VENTURE:BON) ("Bonaparte" or the "Company") is pleased to announce that the TSX Venture Exchange Inc. has accepted for filing documentation in connection with a mineral property option agreement dated December 13, 2010 between Bonaparte and Strategic Metals Ltd. ("Strategic") under which the Company may earn up to a 100% interest in the Hopper Property. The Hopper Property consists of 289 mineral claims located in the Whitehorse Mining District, Yukon Territory, Canada. The claims cover an area of 5,800 hectares.
The Hopper Property is directly accessible via a two-wheel drive road from the Alaska Highway. The Aishihik Hydroelectric Dam, one of the three main power generating hydroelectric stations in Yukon, is located 15 km south of the property along the same access road.
Pursuant to the terms of the option agreement, Bonaparte may acquire up to 100% interest in the Hopper Property subject to a 2% NSR royalty, by making cash payments and incurring exploration expenditures in three steps as follows:
1. By paying Strategic an aggregate amount of $1 million and incurring expenditures of $4 million by December 31, 2013 at which time Bonaparte will become a 50% joint venture owner in the Hopper Property.
2. By paying Strategic an aggregate amount of $2 million and incurring expenditures of $10 million by December 31, 2015 at which time Bonaparte shall have acquired an 80% interest in the Hopper Property.
3. By paying Strategic $5 million by March 31, 2016 at which time Bonaparte shall own 100% of the Hopper Property subject to the 2% NSR royalty.
The Company has retained Archer, Cathro & Associates (1981) Limited of Vancouver, BC to carry out the exploration work as set out in the Hopper Property Technical Report completed by Protore Geological Services of Whitehorse, Yukon on May 3, 2011. The Company in consultation with Archer, Cathro and Protore has secured the equipment necessary to conduct a targeted percussion drilling program totaling approximately 2,220 meters in 74 holes to be followed by targeted diamond drilling. On site preparatory work will commence on June 15, 2011.
ON BEHALF OF THE BOARD OF DIRECTORS
Randy Saunders, CEO and Director