DENVER, Dec. 7, 2010 /PRNewswire-FirstCall/ -- Supatcha Resources Inc. (OTC Bulletin Board: SAEI) ("Supatcha" or the "Company") announces today it has signed a definitive agreement to acquire a 50% vested title interest in Balka Skyrokaya gold property located in the Ukraine.
Supatcha will pay the owners of the property a total of US$2,000,000 over four years. The Company will also complete work on the property in the amount of $5,000,000 over five years, with $500,000 being spent on the property in the first year of the agreement. After earning the 50% interest, Supatcha can then acquire an 90% interest by making additional cash payments of $1,500,000 over four years and completing additional work on the property in the amount of $3,000,000 over four years. All payments and work may be made or done at the sole discretion of Supatcha.
BALKA SKYROKAYA GOLD PROPERTY:
- Property centrally located in Nikopol mining district with road access and electrical power close-by.
- 282 drill holes for 93 km of core with 11,764 assays of ore zones
- Exploration shaft to a depth of 168.4
- Gold zones are tabular near vertical veins hosted in altered mafic and felsic volcanics with interbedded iron formation
- Drilling of mineralization today concentrated on 100m by 150m grid to a depth of 450m
- Deepest intersection of zones at a depth of 700m
- Average grade of mineralization: 5.71 g/T Au
- P1 resource = 6.5 million tonnes with 1.3 million ounces
- P1 + P2 resource = 10.1 million tonnes with 1.8 million ounces
- P1+P2+P3 resource = 17.1 million tonnes with 3.1 million ounces
Over the next several weeks, Supatcha is planning to review all the historical information, re-log and possibly resample some of the drill core from previous operators. We also plan to digitize the drilling and underground data to confirm the historical estimated tonnages and to confirm the known drill targets. It is expected that the next surface drill program should be underway in early spring of 2010.
Mr. Andrei B. Yasinskij is Supatcha's Chief Geological Advisor and is the qualified person for the exploration and development of the Balka Skyrokaya Project. Mr. Yasinskij will be responsible for all of the technical reporting in compliance with NI 43-101.
With the acquisition of the Balka Skyrokaya gold properties, Supatcha has three key assets in its portfolio:
1) Barlevskoye and Vynohradiv Gold Mines (90%)
2) Maiskoe Gold Mine (98%)
3) Balka Skyrokaya Gold Mine (50%)
About Supatcha Resources Inc. (OTCBB: SAEI)
Supatcha Resources Inc. is a gold exploration company focused on acquiring and developing mineral properties in Ukraine. Supatcha is in the final stages of acquiring two additional gold mining projects, with world-class potential, in southwestern Ukraine.
Notice Regarding Forward Looking Statements
This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the last reported fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
SOURCE Supatcha Resources Inc.