|By Marketwired .||
|November 6, 2012 02:21 PM EST||
MONTREAL, QUEBEC -- (Marketwire) -- 11/06/12 -- Amseco Exploration Ltee. ("Amseco") (TSX VENTURE:AEL) and Upper Canyon Minerals Corp. ("Upper Canyon") (TSX VENTURE:UCM) are pleased to announce that they have entered into an agreement ("the Agreement") pursuant to which Amseco will acquire from Upper Canyon a total of 18 mineral claims totaling 922,8 hectares, collectively known as the Brosnor Gold. This Property is located 30 km east of the town of Val d'Or in the Province of Quebec, neighboring the Monique deposit owned by Richmont Mines Inc. Upon execution of the Agreement, Amseco will issue one million shares plus an additional $50 000 worth of shares to be issued on December 1st at the closing market price (with a minimum permitted of 5 cents per share), as well as $354 000 in cash to be paid over a 6 month period to Upper Canyon and a third party drilling company not related to Amseco.
The Brosnor Gold Property is a mining site with access to excellent infrastructure, electricity, Quebec Route 117 and water. The property hosts gold bearing structures, striking east-west, in which quartz-pyrite-tourmaline veins, concentrated in more competent rock units carry gold values in various amounts. The technical information, including historical and current resources of Upper Canyon, are being reviewed and will be summarized in a forthcoming news release.
The Brosnor Property is comprised of three zones (Adelemont, Norcourt and Bermont) in which prominent anomalies were outlined. In 1986, a 680 meters decline (Ramp) was completed to provide access for drilling into the Norcourt zone. Subject to a positive economic analysis, Amseco's main objective is to put this zone into production as soon as possible.
Drilling by Upper Canyon between 2008 and 2011 confirmed and expanded on past successes in terms of gold occurrences. Upper Canyon has completed 14 holes on Adelemont, 15 holes at Norcourt and 7 holes at Bermont. Amseco will provide a technicaI report explaining in details the content of each zone.
In early 2012, Upper Canyon encountered some difficulties and left untested cores on the property and many samples at the laboratory. Amseco's first task will be to process, analyze and review all drill cores from Upper Canyon's last drilling campaign.
Amseco plans to investigate the potential of custom milling some bulk sample and future underground ore. Although there is no agreement with any mill at this time, many are located within the Val d'Or area: Camflo mill, Beacon mill, Alexis minerals mill and others.
The Agreement between Amseco and Upper Canyon covers Upper Canyon's indebtedness with a drilling company.
Jean Desmarais, Amseco's President, said, "this acquisition represents and important milestone for Amseco and its shareholders. The Brosnor property has excellent potential and brings Amseco closer than ever to the possibility of revenues from future production"
Neither 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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