Declan Resources Inc. Announces Property Acquisitions, Completion of VTEM Program and $2 Million Financing
30 April 2014 - 2:00PM
Marketwired
Declan Resources Inc. Announces Property Acquisitions, Completion
of VTEM Program and $2 Million Financing
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 30, 2014) -
Declan Resources Inc. ("Declan" or the "Company") (TSX-VENTURE:LAN)
announces that it has acquired four Saskatchewan Athabasca basin
mineral claims ("Athabasca Property") and ten Wyoming mineral
claims ("Copper Mountain Property") as part of its ongoing
exploration program.
The Copper Mountain Property covers the majority of the North
Canning Uranium Deposit drilled by Rocky Mountain Energy Corp. in
the 1970s and 1980s. According to "Uranium Deposits of the World,
Volume 2" by Franz J. Dahlkamp, published in 2010, page 247, "This
deposit has resources of approximately 2,500 t U at grades
averaging .05% (cutoff .017% U)." 2,500 tonnes U is approximately
6.5 million pounds U3O8. Declan does not control the database at
this time. This calculation does not meet NI 43-101 guidelines and
should not be relied upon. It is only included as a historical
reference.
The Athabasca Property has been acquired from a non-arm's length
vendor in consideration for 9,000,000 common shares of Declan. The
Copper Mountain Property has been acquired from one arm's length
and one non-arm's length party for total consideration of 2,000,000
common shares of Declan. The share payments are to be made on final
receipt of TSX Venture Exchange ("TSX-V") approval of the
acquisitions. The vendors of the Copper Mountain Property retain a
2% gross overriding royalty. No royalty is payable on the Athabasca
Property.
All securities to be issued in connection with the property
acquisitions are subject to a four month hold period from the date
of issuance. Closing of the property acquisitions is subject to
final TSX-V approval.
The Company also wishes to update that it has completed a 1004
line kilometer VTEM plus program on its newly acquired Maybelle
North and Richardson River properties in the Athabasca Basin,
Alberta. Preliminary data from the airborne EM, flown by Aeroquest
International Limited, reveals 4 electromagnetic trends that link
up with the regional magnetic linears. Further analysis of this
dataset will assist in locating graphitic conductive features
within meta-sedimentary rocks that are associated with
unconformity-style uranium deposits in the Athabasca Basin.
A 2005 VTEM survey by Red Dragon Resources successfully mapped
the graphitic conductor associated with the Dragon Lake Deposit
located approximately 25 kilometres to the south of the Maybelle
River North Project. The results of that survey indicated that more
than one parallel zone trends toward the Declan properties.
The Maybelle North and Richardson River properties, both located
within relatively shallow parts of the western Athabasca Basin,
cover potential northerly extensions to the structure which is host
to a significant uranium deposit along the Maybelle River Shear
Zone. This deposit includes an intersection with 21% U3O8 across 5
metres and reported grades of up to 54.5% U3O8, according to the
Alberta Geologic Survey website. Declan believes that the same or
parallel structures trend to the north onto Declans Maybelle North
Project.
The Company also announces a non-brokered private placement of
up to 20 million units at a price of 10 cents per unit for gross
proceeds of $2-million. Each unit shall comprise one common share
and one non-transferable share purchase warrant. Each warrant
entitles the holder to purchase one common share at any time within
24 months of the date of issuance at a price of 15 cents per share.
A finder's fee shall be payable in connection with this private
placement, in cash, shares, warrants or a combination of the
foregoing.
The Company also advises that its board of directors (the
"Board") has adopted an advance notice policy (the "Policy") which
includes, among other things, a provision that requires advance
notice be given to the Company in circumstances where nominations
of persons for election to the Board are made by shareholders of
the Company other than pursuant to: (i) a requisition of a meeting
made pursuant to the provisions of the Business Corporations
Act (British Columbia) (the "Act"); or (ii) a shareholder
proposal made pursuant to the provisions of the Act.
Additionally, the Policy sets a deadline by which holders of
record of common shares of the Company must submit director
nominations to the Company prior to any annual or special meeting
of shareholders, sets forth the information that a shareholder must
include in the notice to the Company, and establishes the form in
which the shareholder must submit the notice for that notice to be
in proper written form.
In the case of an annual meeting of shareholders, notice to the
Company must be made not less than 30 days nor more than 65 days
prior to the date of the annual meeting. However, in the event that
the annual meeting is to be held on a date that is less than 40
days after the date on which the first public announcement of the
date of the annual meeting was made, notice may be made not later
than the close of business on the tenth (10th) day following such
public announcement.
In the case of a special meeting of shareholders (which is not
also an annual meeting) notice to the Company must be made not
later than the close of business on the fifteenth (15th) day
following the day on which the first public announcement of the
date of the special meeting was made.
The Company will, at its next annual meeting, seek shareholder
approval to amend the articles of the Company to include the
provisions of the Policy. The Company's next annual general meeting
has been scheduled for June 10, 2014.
The full text of the Policy is available under the Company's
SEDAR profile at www.sedar.com.
Declan also announces the cancellation of 2,400,000 existing
stock options.
Terrence Osier is the "Qualified Person" as defined in National
Instrument 43-101, who has reviewed and approved the technical
content in this news release.
About Declan Resources Inc.
Declan Resources Inc. is a junior mineral exploration company
based in Vancouver, B.C. which is currently pursuing uranium
exploration in the Athabasca Basin in Alberta and Saskatchewan.
Neither the
TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
Declan Resources Inc.Tyson King(604)
639-4472www.declanresources.com
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