VANCOUVER, Nov. 27, 2014 /PRNewswire/ - Amarc Resources Ltd.
("Amarc" or the "Company") (TSX‐V: AHR; OTCBB: AXREF) announces
that it has entered into a $1 million
Loan Agreement (the "Loan"), dated November
26, 2014 with a non-arm's length director and officer of the
Company (the "Lender").
The Loan is unsecured, will bear interest at a rate of prime
plus 2% per annum and is repayable after one year or earlier on the
occurrence of a default. In connection with the Loan, Amarc will
issue to the Lender a loan bonus of 2,500,000 previously unissued
common shares in its capital (the "Bonus Shares"). The Bonus Shares
will be subject to a four month hold period commencing from the
date of issuance thereof. The Loan and Bonus Shares are subject to
acceptance by the TSX Venture Exchange.
The Loan will be used for general working capital for Amarc and
to advance exploration of its IKE project where the Company has
made a significant porphyry copper-molybdenum-silver discovery (see
Amarc news release November 24,
2014).
The Company is also pleased to announce that Diane Nicolson has been appointed President of
Amarc Resources Ltd. An exploration geologist with more than 20
years of international experience, Dr. Nicolson has served as the
Company's Executive Vice President since 2008 with leadership
responsibilities for both technical programs and corporate
activities.
Ron Thiessen, CEO of Amarc, said
"Diane has had a central role in managing corporate and project
activities for Amarc over recent years. We have every
confidence in her future leadership at this exciting time in the
Company's development. On behalf of the Board of Directors, I
welcome her in her new role as President of the Company".
About the IKE Project
Amarc has made a significant porphyry copper-molybdenum-silver
discovery at its IKE project located in south-central BC in the
heartland of the province's producing porphyry copper mines. Amarc
drilled nine discovery holes, totalling 5,400 metres of HQ and NQ
diameter core at the IKE target in 2014. These holes
intersected chalcopyrite and molybdenite mineralization from
surface and over a broad area, measuring 1,200 metres east-west by
600 metres north-south and to depths of approximately 500 metres.
Mineralization at IKE remains open in all lateral directions and to
depth.
Amarc's drill holes and post-drilling geological, geochemical
and geophysical surveys completed outwards from the drilled area
indicate that the IKE porphyry system has the potential for
important-scale resource volumes. Amarc has the right to
acquire a 100% interest in the mineral tenures covering the IKE
discovery. In addition, the Company has secured extensive mineral
claims in the IKE area to cover other compelling deposit targets as
well as potential infrastructure sites. A comprehensive corporate
and technical business plan is being implemented to efficiently
move IKE forward.
Amarc is committed to constructive engagement and building
positive long-term relationships with all communities in the
region, including mutually beneficial partnership agreements with
Aboriginal groups (see www.amarcresources.com). The Company
also continues to build positive relationships with regulators,
supporting government's consultation duties to assist with timely
and fair regulatory decision-making.
About Amarc Resources Ltd.
Amarc is a British
Columbia-based mineral exploration and development company
with an experienced and successful management team that is focused
on advancing the IKE project, a major porphyry copper discovery in
the heartland of BC's copper mining industry.
Amarc is associated with Hunter Dickinson Inc. (HDI) a
diversified, global mining company with a 25 year history of
porphyry discovery and development success. Previous and current
HDI porphyry projects include some of BC's and the worlds' most
important mineral resources, such as Mt. Milligan, Kemess,
Gibraltar, Prosperity, Xietongmen,
Florence, Sisson, Maggie and Pebble. From its head office in
Vancouver, Canada, HDI applies its
unique strengths and capabilities to acquire, develop, operate and
monetize mineral properties to provide superior returns to
shareholders.
Mark Rebagliati, P. Eng., a
Qualified Person as defined under National Instrument 43-101, has
reviewed and approved the technical content of this release.
ON BEHALF OF THE BOARD
Ronald W. Thiessen
Chief Executive Officer
Neither the TSX Venture Exchange nor any other regulatory
authority accepts responsibility for the adequacy or accuracy of
this release.
Forward Looking and other Cautionary
Information
This presentation includes certain statements that may be deemed
"forward-looking statements". All such statements, other than
statements of historical facts that address exploration drilling,
exploitation activities and other related events or developments
are forward-looking statements. Although the Company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements.
Assumptions used by the Company to develop forward-looking
statements include the following: Amarc's projects will obtain all
required environmental and other permits and all land use and other
licenses, studies and exploration of Amarc's projects will continue
to be positive, and no geological or technical problems will occur.
Factors that could cause actual results to differ materially from
those in forward-looking statements include market prices,
potential environmental issues or liabilities associated with
exploration, development and mining activities, exploitation and
exploration successes, continuity of mineralization, uncertainties
related to the ability to obtain necessary permits, licenses and
tenure and delays due to third party opposition, changes in and the
effect of government policies regarding mining and natural resource
exploration and exploitation, the exploration and development of
properties located within Aboriginal groups asserted territories
may affect or be perceived to affect asserted aboriginal rights and
title, which may cause permitting delays or opposition by
Aboriginal groups, continued availability of capital and financing,
and general economic, market or business conditions. Investors are
cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ
materially from those projected in the forward-looking statements.
For more information on Amarc Resources Ltd., investors should
review the Company's annual Form 20-F filing with the United States
Securities and Exchange Commission at www.sec.gov and its home
jurisdiction filings that are available at www.sedar.com.
SOURCE Amarc Resources Ltd.
