VANCOUVER, July 6 /PRNewswire-FirstCall/ - Amarc Resources Ltd. ("Amarc" or the "Company") (TSX-V: AHR, OTCBB: AXREF) announces that it has signed an Option and Joint Venture Agreement ("Agreement") with Falkirk Resources Corp. ("Falkirk") on Amarc's Big Time copper-molybdenum property ("Property") in north central British Columbia.
Under the terms of the Agreement, Falkirk has the right to earn a 50% interest in the Big Time property by committing to issue 200,000 shares to Amarc and by funding $900,000 in exploration expenditures before December 31, 2009. Amarc will act as the operator. On exercise of the option by Falkirk, the two parties will enter into a Joint Venture Agreement. The Agreement is subject to an underlying option agreement ("Bodine Agreement") with an arm's length party, whereby Amarc has the right to acquire a 100% undivided interest in all claims held under this agreement through a series of staged payments and exploration expenditures. The claims held under the Bodine Agreement ("Bodine Claim Block") are subject to a 3% net smelter royalty, 2% of which may be purchased for $2,000,000 with the remaining 1% subject to a right of first refusal in favor of Amarc. Annual advance royalty payments of $50,000 are required starting in 2012.
The Big Time property is located within the 218 square kilometer Bodine Claim Block (a Big Time Location Map is posted on Amarc's website www.amarcresources.com/ahr/NewsReleases.asp). Results returned from approximately 360 soil geochemical samples collected on the Property during the 2008 field season defined a significant 1 kilometer by 1 kilometer, open-ended, multi-element anomaly having a strong porphyry copper-molybdenum affinity with high gold and silver.
To test this high priority porphyry copper-molybdenum deposit target, additional definition work, including geological mapping, soil sampling and an induced polarization geophysical survey, will be conducted. Drilling is planned to follow in 2009.
Amarc Resources Ltd. is a Vancouver-based exploration and development company, focused on making the next major new mineral deposit discovery in the province of British Columbia. Amarc is affiliated with Hunter Dickinson Services Inc., the personnel and management of which have enjoyed considerable success in BC through their involvement with the Golden Bear, Mt. Milligan, Kemess, Prosperity, Gibraltar and Harmony deposits. Hunter Dickinson expects to further its B.C. success through Amarc.
Mark Rebagliati, P.Eng., a Qualified Person as defined under National Instrument 43-101, is supervising the exploration and quality assurance and quality control programs on behalf of Amarc and has reviewed the content of this release.
To view the Big Time Project Location, please visit www.amarcresources.com.
