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| February 11, 2008 02:01 PM EST | Reads: |
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VAL-D'OR, QUEBEC -- (MARKET WIRE) -- 02/11/08 -- Cartier Resources Inc. (TSX VENTURE: ECR) ("Cartier") is pleased to announce that it has signed an option agreement with Xstrata Canada Corporation - Xstrata Zinc Canada Division (Xstrata Zinc). Xstrata Zinc grants Cartier the exclusive option to acquire 100% of Xstrata's interest in 5 blocks of map designated claims totalizing 50 units and covering approximately 2,088 hectares ("The Property"). The Property is located in the Manneville and Villemontel townships in the Abitibi, northwestern region of Quebec. All blocks are contiguous to Cartier's Kinojevis project where its active drill program continues to demonstrate the gold potential along the Destor-Porcupine fault zone.
In order to acquire 100% of Xstrata Zinc's interest in the Property, Cartier must incur work expenditures on the Property totalling $1,000,000, on or before December 31, 2010 pursuant to the following schedule:
- an aggregate amount of at least $100,000 on or before December 31, 2008;
- an aggregate amount of at least $400,000 on or before December 31, 2009; and
- an aggregate amount of at least $1,000,000 on or before December 31, 2010.
These expenditures may be accelerated and accordingly, at Cartier's sole discretion, the option may be exercised sooner. The agreement allows Xstrata Zinc to:
- buy back a 50% undivided interest in the Property or portions thereof, or, if it waives this opportunity, to retain a 2% net smelter return royalty; and
- the right to purchase or treat concentrate produced from the Property.
A map is available on the web site and indicates the location of the Xstrata Zinc option and shows the location of the Phase I drill holes completed as well as current and planned.
Cartier Resources is a pure-play exploration company focused on gold in the prolific Abitibi Gold Belt in Quebec. The Company's portfolio of properties consists of wholly-owned projects which are managed by a team of geologists who have a proven track record of making significant discoveries. Cartier Resources' resolve is to increase shareholder value from acquisition to discovery through the use of time-tested exploration technologies and proprietary geochemical tools. The 2008 exploration budget will be primarily invested on the company's flagship Kinojevis property.
The Exchange does not accept responsibility for the adequacy or accuracy of this press release.
Contacts:
Cartier Resources Inc
Philippe Cloutier, President and CEO
819-874-1331
819-874-3113 (FAX)
info@ressourcescartier.com
www.ressourcescartier.com
Published February 11, 2008 Reads 1,013
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