Mina Pascua is Owned by Jorge Lopehandia
VANCOUVER, Nov. 1, 2011 /PRNewswire/ - Mountain-West Resources Inc. (the Company) is very pleased to announce that it is in the process of being registered to the Amarillos Sur and the Amarillos Norte claim groups belonging to Jorge Lopehandia Cortes (Lopehandia). The Company has been registered with the Mines Curator of Chile as to holding an Option to acquire 50% of the property.
The Company signed an Option Agreement on May 20, 2011. On August 2, 2011 the Company announced an extension for completion of the second million dollar payment. This payment was completed on September 15, 2011. The Company previously advanced approximately $950,000.00 to Lopehandia.
The Mines Curator in Chile has acknowledged the transaction and stands ready to register our Agreement. The Option Agreement will be recorded when the Ministry of Foreign Affairs signs off on the translated agreement. This agreement was legalized by the Chilean Consulate in Vancouver, BC on October 13, 2011. The optioned claims, namely Amarillos Sur and Amarillos Norte, blanket the following areas of Chilean mining concessions located at Mina Pascua Chile with a total of 8600 hectares (Amarillos Sur: 3400, Amarillos Norte: 5200).
- AMARILLOS 1-3000, reported by Barrick Gold Corporation in 2011 allows Barrick to call Pascua their concessions. It should be noted that "Barrick Gold Corporation has no registered ownership in its name over the Mina Pascua portion in Chile". The National Service of Geology & Mining ( SERNAGEOMIN, CHILE) shows the Amarillos 1-3000 recorded as salts and nitrates concessions. This would prohibit any company from mining gold or precious metals.
- The TESOROS 1-30 to TESOROS DOCE 1-5 are also listed as owned by Barrick Gold Corporation in its 6K form filing with the New York Stock Exchange - Securities Exchange Commission 2011. These claims have been under judicial injunction since June 5, 2001 (C-1912-2001) by the 14th Civil Court of Santiago, Chile. This injunction (2001-2011) is currently preventing its registered owner, Hector Unda Llanos from using or including these concessions in any contract. In 2011, Lopehandia is registered as the legal holder of these concessions.
The Company wishes to announce that on the strength of the available due diligence and official data, it is resolved to:
| a) | complete its Mining Option with Lopehandia before the 60-day contracted time limit; and |
| b) | prove to Barrick Gold Corporation, SEC, TSX and auditors involved whether Barrick Gold Corporation does own Mina Pascua with the properties cited in its 2011 released data, or as per its published Pascua Lama Protocol of December 11, 2004 in Chile. |
On behalf of the Board of Directors,
BRENT JOHNSON,
President & CEO
Neither the Canadian National Stock Exchange nor the Investment Industry Regulatory Organization of Canada (IIROC) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Mountain-West Resources Inc
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