Erin Ventures Inc. [TSX-V: EV] reports that it has reclaimed 100% interest in the Ceibo Chico gold prospect in Belize.
In 2010, Erin sold its interest in the Ceibo Chico property for $750,000 cash and a retained 3 percent royalty on future hard-rock production. Additionally, the buyer was obligated to spend $350,000 on exploration by the third anniversary of the agreement. The buyer failed to fulfill the exploration requirement, resulting in the property reverting back to Erin.
Erin has no immediate plans for the Ceibo Chico property, and will consider various options, including re-selling the property. Erin’s management believes that the Ceibo Chico project has potential, however, management is focused on utilizing Erin’s human and financial resources in the most productive manner by deploying these resources on Erin’s highest priority projects, primarily its boron project in Serbia.
On behalf of the Board of Directors,
Blake Fallis, CFO
About the Ceibo Chico Gold Property
The property consists of 3 contiguous Exclusive Prospecting Licenses covering approximately 34 square kilometers (13 square miles), and a 160.25 hectare (396 acre) Mining License, in west/central Belize. Reevaluation of historical exploration data from BHP and Castle Exploration, combined with Erin’s exploration resulted in several drill targets being chosen. Structural interpretations indicate a north-northeast trending “corridor” of mineralization that connects the primary target areas. Based on available data, this mineralized corridor appears to cover an area approximately 2400 metres by 600 metres.
For further information, please contact:
Erin Ventures Inc. Canada
Blake Fallis, General Manager TSX Venture: EV
Phone: 1-250- 384-1999 or 1-888-289-3746 USA
645 Fort Street, Suite 203
Victoria, BC V8W 1G2
Erin’s Public Quotations:
TSX Venture: EV
SEC 12G3-2(B) #82-4432
Berlin Stock Exchange: EKV
The technical information in this release was prepared and approved by James E Wallis, M.Sc. (Eng), P. Eng., a consultant to the company, who is a Qualified Person under National Instrument 43-101.
Neither the 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.
Forward Looking Statements
This release contains forward looking statements. The words “believe,” “expect,” “feel,” “plan,” “anticipate,” “project,” “could,” “should” and other similar expressions generally identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties including, without limitation, variations in estimated costs, the failure to discover or recover economic grades of minerals, and the inability to raise the funds necessary, changes in external market factors including commodity prices, and other risks and uncertainties. Actual results could differ materially from the results referred to in the forward-looking statements.