Jiulian and Gunpoint Close Big Kidd Property Purchase
13.07.2011 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwire - July 13, 2011) - Jiulian Resources Inc. ("Jiulian") (TSX VENTURE: JLR) and Gunpoint Exploration Ltd. ("Gunpoint") (TSX VENTURE: GUN) are pleased to announce that Jiulian's acquisition of the Big Kidd property and Little Fort property from Gunpoint closed as of July 12, 2011.About the Property Acquisition
Pursuant to an amended and restated purchase and sale agreement dated March 30, 2011 (the "Agreement"), Jiulian acquired 100% interest in Gunpoint's Big Kidd and Little Fort claims groups (the "Acquisition"). The purchase price for these two groups of claims was paid on closing and consisted of a cash payment to Gunpoint of $100,000 and the issuance 1,875,000 common shares of Jiulian to Gunpoint. The common shares are subject to restrictions on trading pursuant to securities laws and policy. Jiulian's title to the Big Kidd and Little Fort claims is subject to a 2.5% net smelter return royalty in favour of Gunpoint and applicable Crown royalties. On July 8, 2011, Jiulian filed on SEDAR a technical report on the Big Kidd property pursuant to the policies of the TSX Venture Exchange. Gunpoint and Jiulian are at arm's length to each other. Following the closing of the Acquisition, Dr. E. Max Baker will join the board of directors of Jiulian. No finder's fee was paid in connection with the Acquisition.
About the Big Kidd Property
The Big Kidd property comprises four contiguous mineral tenures totalling 4,055.77 hectares and is located 20 kilometres southeast of the city of Merritt, B.C. The property is centered upon latitude 49°57' north and longitude 120°37' west. The exploration target at the Big Kidd property is alkali porphyry type copper-gold deposit.
About the Little Fort Property
The Little Fort property consists of 12 mineral tenures for a total area of 8,654 hectares and is located approximately 25 kilometres to the northwest of the town of Little Fort, B.C. The property is centered upon latitude 51°29'33" north and longitude 120°23'42" west. The exploration targets at the Little Fort property include a polymetallic vein, skarn and porphyry type copper-gold deposit.
About Gunpoint Exploration Ltd.
Gunpoint is a publicly traded mineral exploration company (TSX VENTURE:GUN). For a more complete business and financial profile of the Company, interested parties are encouraged to visit the Company's website, www.gunpointexploration.com.
About Jiulian Resources Inc.
Jiulian is a publicly traded mineral exploration company (TSX VENTURE:JLR). For a more complete business and financial profile of Jiulian, interested parties are encouraged to visit Jiulian's website, www.jiulianresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF JIULIAN RESOURCES INC.
"X. Charlie Cheng"
X. Charlie Cheng, Chief Executive Officer and director
ON BEHALF OF THE BOARD OF DIRECTORS OF GUNPOINT EXPLORATION LTD.
"E. Max Baker"
E. Max Baker, President, Chief Executive Officer and director
All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding exploration results and future plans and objectives of Jiulian and Gunpoint. Jiulian and Gunpoint's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the control of Jiulian and Gunpoint. These risks and uncertainties include, but are not restricted to, the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation of drilling results and other geological data; the uncertainties of resource and reserve estimations; receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses; and general market and industry conditions. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Jiulian and Gunpoint assume no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
Neither 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.
Contact Information
Jiulian Resources Inc.
X. Charlie Cheng
Chief Executive Officer and Director
604-609-9945
office@jiulianresources.com
www.jiulianresources.com
Gunpoint Exploration Ltd.
Dr. E. Max Baker
President and CEO
604-408-8829
www.gunpointexploration.com