Olympic Resources to Acquire Flora Lake Graphite Property in Labrador - Appoints Dean Nawata as President and CEO
02 Mai 2012 - 2:00PM
PR Newswire (Canada)
VANCOUVER, May 2, 2012 /CNW/ - Olympic Resources Ltd. (the
"Company" or "Olympic") reports that the Company has signed an
agreement with Zimtu Capital Corp. ("Zimtu") and one of Zimtu's
prospecting partners whereby Olympic can earn a 100%-interest in
the Flora Lake Graphite Property located in Labrador, Canada.
Olympic also announces the appointment of Mr. Dean Nawata as
President, CEO and Director of the Company and a non-brokered
private placement. Flora Lake Graphite Property: The Flora Lake
Graphite Property (the "Property") consists of five contiguous
claim blocks totaling approximately 4,104 hectares located 8
kilometers east of Labrador City, Labrador. The Property is
accessible via Trans Labrador Highway 500, and is transected by
other infrastructure that services the nearby iron mines, such as
power lines and railroads. The Property was previously explored by
the Newfoundland & Labrador Corporation Ltd. in 1953, where a
reconnaissance scale property mapping campaign discovered several
graphite occurrences. Impure quartzites and crystalline limestones
on the property are reported to contain disseminated
graphite. Additionally, other rock types of
feldspar-quartz-biotite gneiss and mica-garnet gneiss are reported
to contain graphitic schists on the Property. Regionally,
these rocks have been mapped as part of the Lower Proterozoic
Gagnon Group, which is a high-grade metamorphic terrane host to
several other graphite deposits in neighbouring Quebec; including
the Lac Guéret and Lac Knife Deposits. The graphite occurrences on
the Property are described by the author of the report, W.P. Boyko
(1953) as: "graphitic bands up to 10 feet in the feldspar-quartz
biotite gneiss. The graphite occurs as disseminated flakes to a
solid seam up to 2 inches thick." Olympic intends to mount an
exploration campaign on the Property commencing with a complete
compilation of historic geologic work followed by electromagnetic
geophysical surveys, surface mapping and sampling, trenching, and
diamond drilling. The exploration target is an open-pittable,
crystalline flake graphite deposit similar to other graphite
deposits and mines in Quebec such as Focus Metals Inc's Lac Knife
Deposit. Appointment of New President and CEO The Company also
announces that Mr. Balbir Johal is stepping down as the President,
CEO and Director of Olympic, along with Mr. Elston Johnston who is
resigning as a Director. The Board of Directors wishes to
thank Messrs. Johal and Johnston for their contributions to the
Company from its inception. Olympic is pleased to announce that Mr.
Dean Nawata has accepted the position of President, CEO and
Director of the Company. Mr. Nawata has over 18 years of capital
market experience, nine of which he spent as a licensed stockbroker
focusing on financing of junior mining and oil/gas projects with
Nesbitt Burns, Research Capital and, most recently, Raymond James.
Mr. Nawata is currently a Business Development Consultant to 49
North Resources Inc. As previously disclosed on August 25th, 2011,
49 North Resources acquired 4,000,000 common shares of the Company
representing 19.76% of the then outstanding common shares. Olympic
is also pleased to announce the appointment of Mr. John Kiernan
P.Eng., MBA, to the Board of Directors. Mr. Kiernan is a
mining engineer with more than 25 years mine operating,
engineering, corporate and financial experience. Mr. Kiernan is
currently the Manager Project Evaluation for Quadra FNX/KGHM
International, prior to which he was the mining analyst for PI
Financial Corp. Mr. Marvin Mitchell P.Eng who provides geological
engineering advice to Olympic as dictated by NI 43-101 and Mr.
Andrew Davidson B.Comm., CA, Olympic's CFO will both be remaining
on the Board of Directors. Private Placement Further to the
reorganization of its management, Olympic is proposing a
non-brokered private placement. In connection with the
offering, the Company intends to issue up to one million units
from treasury at a price of $0.10 per unit for gross proceeds
of up to $100,000. Each unit pursuant to the offering will
comprise of one common share and one common share purchase
warrant. Each warrant entitles the holder thereof to acquire
one common share of the Company at a price of $0.15 for a period of
24 months from the date of issuance. Completion of the
offering is subject to all necessary regulatory approvals,
including the approval of the TSX Venture Exchange. The securities
to be issued in the offering will be subject to a four-month hold
period in accordance with applicable Canadian securities laws. The
net proceeds of the offering are expected to be used for
exploration of the company's mineral property and for general
working capital. The company will retain broad discretion in
allocating (based on sound business principles) the net proceeds
not applied in the manner set out above and Olympic's actual use of
the net proceeds may vary depending on its operating and capital
needs from time to time. Terms of the Earn-in Agreement: The
parties have negotiated at arms length the following terms and
conditions with respect to Olympic earning up to a 100%-interest in
the Property: 1. Olympic will pay to the Vendors cash consideration
as follows: a. $30,000 on signing of this letter. b. $30,000 on
TSX-V acceptance of this agreement. 2. Olympic will issue common
shares to the Vendors as follows: a. 1,500,000 common shares on
TSX-V acceptance of this agreement. b. 500,000 common shares on
that day which is 6 months from the date of the TSX-V acceptance of
the agreement. c. 500,000 common shares on that day which is 12
months from the date of the TSX-V acceptance of the agreement. d.
500,000 common shares on that day which is 14 months from the date
of the TSX-V acceptance of the agreement. The Vendors will maintain
a 2% Net Milling Royalty on the Property; 1% of which can be
purchased by Olympic for $1,000,000. Neil McCallum, P.Geo., a
Qualified Person as defined by National Instrument 43-101, has
reviewed and approved the technical content of this release.
Olympic Resources Olympic Resources Ltd. is a Toronto Venture
Exchange listed resource company engaged in the exploration,
development and acquisition of graphite, gold and precious metal
properties. The Company is currently evaluating several prospective
graphite properties in Canada and other countries to acquire and
explore. Olympic also has an option to earn a 60%-interest in the
Dragon Lake gold property in the Yukon and an agreement with Yukon
Exploration Syndicate Inc. to acquire a 100% interest in the Ice,
Max and Sun gold projects also located in the Yukon within the
Carmacks Caldera. 49 North Resources 49 North is a resource
investment company with operations in financial, managerial and
geological advisory services and merchant banking. 49 North's
portfolio of assets includes direct project involvement in the
resource sector, as well as investments in shares and other
securities of junior and intermediate mineral and oil and gas
exploration companies. 49 North is listed on the exchange under the
symbol FNR and was incorporated pursuant to the laws of the
province of Saskatchewan. Additional information about 49 North is
available under 49 North's SEDAR profile. All information provided
in this news release relating to 49 North has been provided by
management of 49 North and has not been independently verified by
management of Olympic. Zimtu Capital Corp. Zimtu Capital Corp.
invests in, creates and grows natural resource companies thereby
providing a way for shareholders to indirectly participate and
profit in the public company building process. The Company also
provides mineral property advisory services helping to connect
companies to properties of interest. Zimtu Capital trades on the
TSX Venture Exchange under the symbol "ZC" and the Frankfurt Stock
Exchange under the symbol "ZCT1." For more information please visit
the corporate website at http://www.zimtu.com. On behalf of the
Board of Directors: OLYMPIC RESOURCES LTD. "Andrew Davidson" Andrew
Davidson CFO & Director Phone: 306.653.2692 Neither 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 Statements in this document which are
not purely historical are forward-looking statements, including any
statements regarding beliefs, plans, expectations or intentions
regarding the future. Forward-looking statements contained in this
document are based on certain key expectations and assumptions made
by Olympic, including, without limitation, expectations and
assumptions respecting the outlook of exploration activity on the
Property and the impact on Olympic's business and management
assessment of future operations, the closing of the offering, and
the completion of the earn-in of the Property. Although the
forward-looking information contained in this press release is
based upon what Olympic's management believes to be reasonable
assumptions, the Company cannot assure investors that actual
results will be consistent with such information. Forward-looking
information reflects current expectations of management regarding
future events and operating performance as of the date of this
press release. It is important to note that actual outcomes and the
Company's actual results could differ materially from those in such
forward-looking statements. Risks and uncertainties include, but
are not limited to, economic, competitive, governmental,
environmental and technological factors that may affect the
Company's operations, markets, products and prices. Readers
should refer to the risk disclosures outlined in the Company's
Management Discussion and Analysis of its audited financial
statements filed with the British Columbia Securities Commission.
The forward-looking information contained herein is expressly
qualified in its entirety by this cautionary statement.
Forward-looking information reflects management's current beliefs
and is based on information currently available to the Company. The
forward-looking information is made as of the date of this press
release and Olympic assumes no obligation to update or revise such
information to reflect new events or circumstances, except as may
be required by applicable law. Olympic Resources Ltd. CONTACT:
Andrew Davidson, Phone: 306.653.2692
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