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Message: Tajiri Resources Acquires Yukon Inca Property

http://www.marketwire.com/press-release/tajiri-resources-acquires-yukon-inca-property-tsx-venture-taj-1525171.htm

Tajiri Resources Corp.

TSX VENTURE : TAJ


June 09, 2011 16:37 ET

Tajiri Resources Acquires Yukon Inca Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 9, 2011) - (Tajiri Resources Corp. ("Tajiri") (the "Company") (TSX VENTURE:TAJ) is pleased to announce it has signed an Option Agreement (the "Agreement") to acquire 100% of the Inca Property in the Yukon.

The Inca property consists of 48 quartz claims covering 21 hectares, or approximately 51,000 acres, located 230 km northeast of Dawson City, Yukon Territory. The Inca property situated between known deposits of Red Mountain, Dublin Gulch and Keno Hill all situated within a well-known silver belt trending west/east through the Yukon Territory. The property had exploration activities beginning in 1972 with results being published in 1974.

The Company has signed an option agreement with Messer's Tom Morgan, Karl Zeigh, and Dan Coyne (the "Vendors") to acquire 100% ownership in the Inca Property over a three-year period. In order to exercise the option the company will:

Make cash payments totalling $600,000 consisting of:

  • $150,000 upon receipt of TSXV approval (the "Effective Date")
  • $150,000 on or before the first anniversary of the Effective Date
  • $150,000 on or before the second anniversary of the Effective Date
  • $150,000 on or before the third anniversary of the Effective Date

Issue 1,800,000 Shares as follows:

  • 450,000 Shares upon receipt of TSXV approval (the "Effective Date")
  • 450,000 Shares on or before the first anniversary of the Effective Date
  • 450,000 Shares on or before the second anniversary of the Effective Date
  • 450,000 Shares on or before the third anniversary of the Effective Date

Incur $2,000,000 in exploration expenditures on the Inca Property over a period of three years as follows:

  • $200,000 on or before the first anniversary of the Effective Date
  • $500,000 on or before the second anniversary of the Effective Date
  • $1,300,000 on or before the third anniversary of the Effective Date

The property is subject to a 3% NSR in favour of the Vendor. The Company will have the option to reduce the NSR at any time to 1.5% for a cash payment of $1,500,000 to the Vendor.

The Property

According to the Yukon Geological Survey (Minfile #105O 015) exploration began in 1974. In 1974 grid soil sampling and bulldozer trenching located more than 10 galena-bearing veins containing galena with high silver to lead ratios. The best exposures were in Zone 12 where a 0.3 to 0.9 m wide lens of massive galena assaying 3,773 grams/ton silver (Ag) was exposed in a northeast-trending fault for a length of 40 m. The property changed hands in 1983. During 1983, 1984, 1985 and 1986 Dawson Eldorado Mines Ltd. extracted 1125 tons of ore from surface to produce 188,000 ounces of Silver.

Investors are cautioned that the quantity of silver production referenced above comes from third party non complaint 43-101 reports and while it is believed to be accurate, company personnel have not verified these production records and therefore cannot verify the claims and it is therefore provided only for illustration purposes.

The closing of this transaction is subject to a due diligence review and the filing and approval by regulatory authorities.

Technical information in this news release has been reviewed by Derrick Strickland, P.Geo, and a qualified person as defined in NI 43-101.

On Behalf of the Board,

Tajiri Resources Corp.

Albert (Rick) Timcke, President

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