TSX-V Symbol: GOT
VANCOUVER, March 25 /PRNewswire-FirstCall/ - Golden Touch Resources Corp. ("Golden Touch" or the "Company") (TSX-V Symbol: GOT) is pleased to announce that the schemes of arrangement (the "Schemes") involving JAB Resources Limited ("JAB") and its securityholders have been implemented and that the Company has acquired all of the outstanding securities of JAB. Certificates representing the Company shares and warrants issued in consideration will be sent to former JAB securityholders. The Company now has 23,712,616 shares issued and outstanding upon the closing. In addition, the Company has paid JAB $200,000 in cash to cover administrative costs.
Further information regarding the Schemes can be found in the JAB Scheme Booklet which will be posted under the Company's profile on SEDAR at www.sedar.com following dissemination of this news release.
The Company is also pleased to announce the appointment of Robert Murdoch to the Company's board of directors and as non-executive Chairman of the Board. Mr. Murdoch will remain on the board of directors of JAB and will also be appointed as director and secretary of Golden Touch Resources Australia Pty Ltd.
Mr. Aly B. Mawji, President of Golden Touch stated: "We are thrilled to complete the acquisition of JAB Resources Limited and welcome the existing JAB shareholders as new shareholders of Golden Touch. For more information shareholders can visit the Company's website and sign up for news alerts at www.goldentouchresources.com. I would also like to personally welcome Mr. Robert Murdoch as our Non-executive Chairman of the Board. We intend to immediately implement an aggressive exploration and development program that marks the start of a new and exciting chapter in the history of Golden Touch, and together with Rob and our new shareholders, we look forward to rapidly growing the Company."
Mr. Murdoch is a Geologist with over 40 years of extensive international experience in the resources industry including; exploration & BFS Management, mining operations, corporate management and finance.
Mr. Ghassan (Sam) Kassem has stepped down from the board of directors due to time constraints. Golden Touch would like to thank Mr. Kassem for his services and wish him success in his future endeavors.
JAB's principal asset (held through its wholly owned subsidiary JAB Resources SH PK, an Albanian registered company) is a portfolio of exploration concessions ("ECs") totalling approximately 140 sq. km, located in Northern Albania. JAB has already spent in excess of US$5 million on exploration within the permit areas, which has resulted in the outlining of significant gold, platinum group elements (PGE) and chromite mineralization.
Golden Touch has filed an updated National Instrument 43-101 ("NI 43-101") compliant technical report dated effective February 18, 2011 and revised effective March 13, 2011 (the "1124 Report") on the Livadheza Gold Project (EC 1124) prepared by Ian Mathinson, Bsc (Hons Geol), MAusIMM, with the TSX-V which will be posted under the Company's profile on SEDAR at www.sedar.com following dissemination of this news release. Golden Touch is presently completing NI 43-101 compliant reports on the three other ECs and expects to file the reports on SEDAR within a month.
The following is a summary of information contained in the NI 43-101 - EC1124 Report:
Exploration for gold has located near surface gold mineralization within a major regional structural breccia zone that can be defined over a strike length of 20 km. Along this strike interval geochemical surface soil sampling has defined a number of gold in soil anomalies over approximately ten kilometers of the strike. One anomaly coincides with an area previously drill tested in the 1980's for "sulphide bearing silica" (silica). The silica was used as a flux material for a copper smelter. The other nine kilometers remains untested.
The sulphide bearing silica (silica) occurs as pods within the breccias which dips northwards at around 30 degrees. The silica located in each hole was selectively sampled and assayed for a range of elements, of which only gold was found to be present in significant quantities.
The results of 157 diamond holes, ranging in diameter 74-146 mm, have been verified and compiled into a data base of historical information. Most of the holes were drilled on a 40 m x 40 m grid (some areas 20m x 20m) over a length of 700 meters along the strike of the breccia, with scattered holes out to a length of 1,300 meters.
From these holes 246 separate assays
(average down hole interval one meter),
have been compiled by Jab Albania into
a data base and evaluated. The best gold
bearing down hole intervals being: Hole
|Grade ( g/t Au)|
|64||26.5 - 34.5||8.0||7.2|
|26a||41.5 - 43.5||2||21.8|
The gold mineralization is open in both directions along strike, as well as to depth. The prospective breccia zone dips at about 30 degrees to the north beneath a thin layer of colluvium.
High grade gold mineralization occurs in at least four areas, each of which could reflect a mineralized pipe, originally fed from depth, that have been developed within major structural dilation zones within the breccia.
Surface sampling by Jab Albania has indicated that gold occurs not only in the silica pods but elsewhere in the breccias. The geological logs suggest that the breccias may average 10 meters in width. Jab Albania has completed a trench over the previously only known outcrop on the property, which has defined mineralization in excess of 6 meters in width with an average gold grade of 6.3 g/t Au.
More recently, a new outcrop was discovered during drill rig access cutting where silica is limited to narrow veinlets and the alteration is mainly "chloride" alteration a channel sample was completed and defined mineralization in excess of 9 meters with an average gold grade of 3.3 g/t Au.
Golden Touch is of the view that the evaluation of the prospective breccia zone within any drill hole is incomplete and hence there is potential for verification drilling to locate additional gold mineralization even within the section drilled.
Mr. Robert M. Murdoch, P. Geo, is a qualified person as defined by NI 43-101, and has reviewed and approved the information contained in this news release.
On Behalf of the Board of Directors
Golden Touch Resources Corp.
"Aly B. Mawji", President
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SOURCE Golden Touch Resources Corp.