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LGR Logan Resources Ltd

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Share Name Share Symbol Market Type
Logan Resources Ltd TSXV:LGR 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 -

Logan Amends Chuchi Property Option Agreement

03/06/2013 11:30am

Marketwired Canada


Logan Resources Ltd. (TSX VENTURE:LGR) ("Logan") announces that it has amended
its option agreement (the "Option Agreement") with Equity Exploration
Consultants Ltd. ("Equity") dated June 2, 2011, whereby Equity granted Logan the
option to acquire up to a 100% interest in the Chuchi Property, located in the
Omineca Mining Division of British Columbia (the "Property"). An Amending
Agreement setting forth the amendments to the Option Agreement was executed
between Logan and Equity on May 31, 2013 (the "Amending Agreement").


Under the terms of the amended Option Agreement, Logan has an option to earn a
100% interest in the Property which may be exercised by:




--  Making cash payments to Equity totalling $260,000 over a period of five
    years and six months; 
--  Issuing a total of 362,500 common shares of Logan to Equity over a
    period of six years and six months; and 
--  Incurring exploration expenditures totalling $3,650,000 over a period of
    six years and six months. 



While the overall terms of the Option Agreement remain the same (see Logan news
release dated June 8, 2011 for additional details), the schedule of payments,
share issuances, and required exploration expenditures has been adjusted.
Furthermore, in consideration for the extension of such due dates under the
Option Agreement, pursuant to the Amending Agreement, Logan has agreed to issue
to Equity an additional 300,000 common shares of Logan. Under the terms of the
amended Option Agreement, Logan will issue 50,000 shares to Equity upon TSX
Venture Exchange approval of the Amending Agreement and will make the remainder
of the share issuances, cash payments and exploration expenditures described
above on December 1st of each year, commencing on December 1st, 2014, having the
option to fully earn its 100% interest in the Property by December 1st, 2017.


The Amending Agreement remains subject to any required regulatory approvals,
including the approval of the TSX Venture Exchange.


About Logan

Logan Resources Ltd. is a mineral exploration company that specializes in
acquiring, exploring and advancing Canadian mineral properties. Logan has a
diversified portfolio of precious metal, base metal and uranium projects. For
more information on the property portfolio and Logan, please visit
www.loganresources.ca.


LOGAN RESOURCES LTD.

On behalf of the Board

Adrian Bray, President & CEO

Information set forth in this news release may involve forward-looking
statements under applicable securities laws. Forward-looking statements are
statements that relate to future, not past, events. In this context,
forward-looking statements often address expected future business and financial
performance, and often contain words such as "anticipate", "believe", "plan",
"estimate", "expect", and "intend", statements that an action or event "may",
"might", "could", "should", or "will" be taken or occur, or other similar
expressions. Forward-looking statements in this document include statements
about the Property, the terms of the Option Agreement, as amended, and Logan's
ability to meet its obligations under the Option Agreement, as amended. By their
nature, forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause our actual results, performance
or achievements, or other future events, to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, the following
risks: the need for additional financing; operational risks associated with
mineral exploration; fluctuations in commodity prices; title matters;
environmental liability claims and insurance; reliance on key personnel; the
potential for conflicts of interest among certain officers, directors or
promoters with certain other projects; the absence of dividends; competition;
dilution; the volatility of our common share price and volume and the additional
risks identified in the management discussion and analysis section of our
interim and most recent annual financial statement or other reports and filings
with the TSX Venture Exchange and applicable Canadian securities regulations.
Forward-looking statements are made based on management's beliefs, estimates and
opinions on the date that statements are made and Logan undertakes no obligation
to update forward-looking statements if these beliefs, estimates and opinions or
other circumstances should change, except as required by applicable securities
laws. Investors are cautioned against attributing undue certainty to
forward-looking statements.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Logan Resources Ltd.
Investor Relations
604-681-8030 x 240
www.loganresources.ca

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