VANCOUVER, BC / ACCESSWIRE / July 10, 2014 / Far Resources Ltd. (CSE:FAT) (“Far” or “the Company“) is pleased to provide an update on properties and
projects as it looks forward toward a new fiscal year.
Tchentlo Lake Property
As announced in the
Company’s news release dated June 24, 2014, Far has entered into an option
agreement with Alchemist Mining Inc.
(TSX-V: AMS) (“Alchemist“),
whereby Alchemist may acquire up to an 80% undivided interest in and to the
Company’s Tchentlo Lake Property located in North-Central British Columbia,
Silver Switchback Property
In 2012, the Company
acquired, from Multiple Metals
Resources Ltd. (“MMR“), an option to
purchase, subject to a 3% net smelter return royalty, a 100% interest in the
Silver Switchback property located southwest of Smithers in central British
Columbia. Given the Company’s other
interests, management has decided to terminate the option pursuant to the terms
of the option agreement and has returned the property to MMR.
Winston Project and Little
In March 2014, the Company made a site visit to the
Winston Project in the Black Range Mining District of Southwestern New Mexico
in which the Company holds an option to earn up to 80% interest from Redline
Minerals Inc. (“Redline“) for the
primary purpose of reviewing historic data from the Little Granite Mine. Based on that visit and information gathered
at that time, the Company continues
to plan for exploration work on the Little Granite epithermal quartz vein
system as reported in its news release dated March 17, 2014. The
Company will report further as this program develops, bearing in mind that there
are no assurances that the Company will be able to raise the necessary
financing to maintain and/or proceed with the exploration program.
As reported in its news release
dated May 15, 2014, management is exploring the requirements for commercially
producing medical marihuana in Canada. The
Company is in discussions with a group experienced in this area and, if
discussions prove successful, hopes to enter into an agreement with them. The Company anticipates it will have further
news to report in the upcoming quarter with respect to an agreement and plans
for applying for a commercial license to produce medical marihuana, but
cautions that no such agreement or application is assured.
About the Company
Far Resources Ltd. is an
exploration company, publicly traded on the Canadian Securities Exchange under
the symbol FAT, focused on the identification and development of high potential
mineral opportunities in stable jurisdictions.
The technical content of
this news release has been reviewed and approved by Lindsay Bottomer, P.Geo.,
an independent director of Far Resources Ltd. and a Qualified Person under
ON BEHALF OF THE BOARD OF DIRECTORS OF FAR RESOURCES LTD.
“Keith C. Anderson”
The Canadian Securities Exchange has neither approved nor disapproved the contents of
this news release and accepts no responsibility for the adequacy or accuracy hereof.
This news release contains forward-looking
statements, which relate to future events or future performance and reflect
management’s current expectations and assumptions. Such forward-looking
statements reflect management’s current beliefs and are based on assumptions
made by and information currently available to the Company. Readers are
cautioned that these forward looking statements are neither promises nor
guarantees, and are subject to risks and uncertainties that may cause future
results to differ materially from those expected. All of the forward-looking
statements made in this news release and any accompanying graphic links are
qualified by these cautionary statements and those in our continuous disclosure
filings available on SEDAR at www.sedar.com. These forward-looking
statements are made as of the date hereof and the Company does not assume any
obligation to update or revise them to reflect new events or circumstances save
as required under applicable securities legislation. This news release does not
constitute an offer to sell securities and the Company is not soliciting an
offer to buy securities in any jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under the
securities laws of such jurisdiction.
SOURCE: Far Resources Ltd.