Crazy Horse Resources Announces the First Endorsement of the Company's Application to Convert the Taysan Exploration Permit to a Mining Permit
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/17/12 -- Crazy Horse Resources Inc. (TSX VENTURE: CZH) (the "Company") announce that it has received from the Mines and Geosciences Bureau, Regional Office IVA, Philippines, a favorable endorsement for the conversion of its Taysan Project's Exploration Permit into a FTAA (Financial or Technical Assistance Agreement).
This favorable endorsement from the regional office of the Mines and Geosciences Bureau is an initial critical step in the approval process for a mining permit and reads as follows:
"Respectfully forwarded to the Director, Mines and Geosciences Bureau, the herein application of Asian Arc Mining Resources, Inc. the Company's Philippine subsidiary, requesting for conversion of its Exploration Permit No. IV A-005 encompassing 4,085.9202 hectares situated in Taysan, Batangas Province into a Financial or Technical Assistance Agreement (FTAA). In as much as the results of the investigation/drilling undertaken by the company contained commercial grade and economically viable deposits of copper and other minerals which necessitates the conduct of more detailed exploration, the company's aforesaid request may be given due course in accordance with the provisions of Section 23-A of DAO 2010-21. Final consideration of the above-request shall be done by Mines and Geosciences Bureau Central Office in view of EO 79 issued on July 6, 2012."
Mitch Alland, Chairman and CEO, comments, "Given the recent issuance of the Presidential Executive Order (EO 79) on Mining Policy, the Company is pleased with the quick action of the regional office in issuing this favourable endorsement for the conversion of the Company's Exploration Permit to an FTAA, in line with the new government policy."
ON BEHALF OF THE BOARD OF CRAZY HORSE RESOURCES INC.
MITCH ALLAND, President and C.E.O.
This press release includes "forward-looking statements" including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Crazy Horse Resources Inc. There is no assurance that the Company will be successful in converting the Taysan Project exploration permit into a mining permit. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Crazy Horse Resources Inc. does not assume the obligation to update any forward-looking statement, except as required by applicable law.
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.
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