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JLR Jiulian Resources Inc

0.12
0.00 (0.00%)
19 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Jiulian Resources Inc TSXV:JLR TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.12 0.105 0.13 0 01:00:00

Jiulian Options Big Kidd Property to Major Mining Company

18/10/2011 12:45pm

Marketwired Canada


Jiulian Resources Inc. ("Jiulian") (TSX VENTURE:JLR) is pleased to announce it
has entered an agreement with Xstrata Copper Canada, a business unit of Xstrata
Canada Corporation, ("Xstrata") allowing Xstrata the option to earn up to a 75%
interest in Jiulian's Big Kidd property, located in the Quesnel Trough region of
southern British Columbia. The 4055.77 ha property is road accessible and is
located approximately 20 km southeast of the city of Merritt. This an arm's
length transaction and no finders were involved.


Jiulian acquired the Big Kidd property and Little Fort property from Gunpoint
Exploration Ltd. on July 12, 2011. Jiulian will retain the Little Fort property.
Jiulian prepared a work plan for the Big Kidd property and submitted the Notice
of Work for an 18 kilometre IP survey and 2000 metre drilling on July 14, 2011
after compiling historical exploration data, inspecting the property and
checking historic drill cores. 


Under the terms of the agreement, Xstrata may earn an initial 51% interest by
making staged cash payments to Jiulian totalling $180,000 and incurring
cumulative exploration expenditures totalling $3 million over a four year
period. Upon vesting at a 51% interest in the property, a joint venture will be
formed and Xstrata will maintain the right to earn a further 24% interest (75%
interest total) by funding the completion of a feasibility study or incurring
$15 million in expenditures towards the completion of a prefeasibility study and
a feasibility study on the property. Jiulian's participation in the option
agreement, and the transactions contemplated thereby, are subject to the
approval of the TSX-Venture Exchange.


"Our agreement with Xstrata provides Jiulian an excellent opportunity to
continue exploration on the Big Kidd property with a major mining company. Our
strategic partnering with Xstrata, a well-known senior international mining
company, is an important step in fulfilling Jiulian's business objectives," says
Charlie Cheng, Jiulian's CEO.


About Jiulian Resources Inc.

Jiulian is a publicly traded mineral exploration company (TSX VENTURE:JLR). For
a more complete business and financial profile of Jiulian, interested parties
are encouraged to visit Jiulian's website, www.jiulianresources.com. 


ON BEHALF OF THE BOARD OF DIRECTORS OF JIULIAN RESOURCES INC.

X. Charlie Cheng, Chief Executive Officer, Director

All statements, other than statements of historical fact, in this news release
are forward-looking statements that involve various risks and uncertainties,
including, without limitation, statements regarding the potential extent of
mineralization and reserves, exploration results and future plans and objectives
of Jiulian. These risks and uncertainties include, but are not restricted to,
the amount of geological data available, the uncertain reliability of drilling
results and geophysical and geological data and the interpretation thereof, and
the need for adequate financing for future exploration and development efforts.
There can be no assurance that such statements will prove to be accurate. Actual
results and future events could differ materially from those anticipated in such
statements. These and all subsequent written and oral forward-looking statements
are based on the estimates and opinions of management on the dates they are made
and are expressly qualified in their entirety by this notice. Jiluian disclaims
any intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, save and
except as may be required by applicable securities laws.


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