Takara Resources Inc.: Project Update
12.09.2012 | The Newswire
Toronto, September 12, 2012 - Takara Resources Inc. ("Takara" or the "Company") announces that the underlying property holder of the Tassawini gold project (Republic of Guyana) has provided notice to the Company of his intention to attempt to terminate the Company's rights and entitlements to four of the medium scale mining permits comprising approximately 3,413 acres at the Tassawini project (totalling approximately 58,277 acres), on the basis that the feasibility study on the Tassawini project prepared and delivered by the Company is unacceptable. The Company shall take all necessary steps to ensure that its rights at Tassawini remain unchanged.Notwithstanding the foregoing, the Company further announces that it shall continue its discussions with the local Amerindian community at the Tassawini project, in an effort to conclude the necessary agreements for further development of the project.
Given the general market conditions, however, Takara is currently reviewing its entire property portfolio, and although no decisions have been made to date, management may, upon further discussion with technical advisors and the board of directors, effect certain amendments to its property renewals and/or joint venture arrangements.
Additionally, the transaction announced on June 1, 2012 in respect of the acquisition of Kutu Gold Inc., a private company holding gold assets in Guyana, is pending completion.
About Takara
Takara Resources Inc. is a Canadian based gold company focused on exploring and developing its Guyana gold assets in the Guiana Shield that are held within a wholly-owned subsidiary, StrataGold Guyana Inc., namely: (i) the Tassawini Gold Project (100% interest); and (ii) the Arakaka Project (100% interest).
The Tassawini Gold Project hosts a National Instrument ("NI") 43-101 compliant mineral resource estimate (disclosed in a press release dated March 18, 2010) consisting of 437,000 ounces gold in an indicated resource of 10,799,000 tonnes having an average grade of 1.3 g/t, and 62,000 ounces gold in an inferred resource of 1,926,000 tonnes having an average grade of 1.0 g/t., for a total resource of approximately half a million ounces gold.
FOR FURTHER INFORMATION PLEASE CONTACT:
Jennifer Boyle, B.A., LL.B., President & Chief Executive Officer
Takara Resources Inc.
(647) 430.0966 (office)
(416) 904.2714 (cell)
Statement Regarding Forward Looking Information: Certain information contained in this news release, including any information relating to the proposed transaction and Takara's future financial or operating performance may be deemed "forward-looking". These statements relate to future events or future performance and reflect Takara's expectations regarding the transaction, and the future growth, results of exploration, business prospects and opportunities of Takara. These forward-looking statements are subject to a variety of risks and uncertainties that are identified and disclosed. Although Takara believes that the forward-looking information contained in this news release are based on reasonable assumptions, readers cannot be assured that actual results will be consistent with such statements. Accordingly, readers are cautioned against placing undue reliance on forward-looking information. Takara expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.
The TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
NOT FOR DISSEMINATION IN THE UNITED STATES