CALGARY, Alberta--(Business Wire)--
Coastal Pacific Mining Corp. (OTCBB:CPMCF)
Mr. J.K. Berscht, President of Coastal Pacific Mining Corp. ("Coastal Pacific"
or the "Company"), is pleased to announce the execution of a "Letter Of Intent"
to establish a Exploration Joint Venture ("Joint Venture") with Lenagold
Limited, holder of the prospecting licence for a property in Ireland which is
located in the North West of Ireland near the towns of Laghey and Ballintra,
County Donegal ("Licensed Property").
Under the terms set out in "The Letter of Intent" Coastal Pacific will pay 1
million euro to Lenagold over a four year period and expend 9 million euro over
the same period on exploration costs in respect of the Licensed Property to earn
a 60 per cent interest in the Licensed Property.
Upon finalization of the Joint Venture agreement, Coastal Pacific will undertake
to allot 2,000,000 shares to Lenagold Limited and a further 1,000,000 shares to
Canada Resources Plc, as the project manager of the proposed Joint Venture.
In addition pursuant to the final Joint Venture agreement, it will agree to pay
1 million euro to Canada Resources Plc as the project manager of the proposed
exploration programme over a four year period.
Recent testing was carried out on the Licensed Property.
Rock samples were gathered and sent for assaying evaluation. Higher than
standard levels were recorded on certain Rare Earth Elements (REEs)
mineralisation.
A competent persons report (43-101) is being prepared. Coastal Pacific will
utilize the information from the report in taking the necessary steps in the
development of this strategically located REE & GOLD - project in Ireland.
Coastal Pacific, as well as having JV's in the U.S. and Canada, now intends to
further its` exploration interests in Ireland with this Licensed Property which
targets Gold-Silver-Copper and REE in County Donegal.
Coastal Pacific Mining Corp.
927 Drury Ave N.E.
Calgary, Alberta T2E 0M3
Web: www.coastalpacificmining.com
For information: info@coastalpacificmining.com
Cautionary note:
The results presented in this press release are exploratory and historical
values do not conform to National Instrument 43-101, however, they are generally
considered reliable according to local industry standards.
FORWARD-LOOKING STATEMENTS: "Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995: Statements relating to the company`s business
activities and other statements in this press release are forward-looking
statements within the meaning of the Securities Litigation Reform Act of 1995.
Such statements are based on current expectations about the Company`s business.
Words such as expects, anticipates, intends, plans, believes, estimates and
similar words and expressions are intended to identify such forward-looking
statements. These statements involve risks that are difficult to evaluate.
Actual results can vary from descriptions herein due to many factors including
changes in metal prices and business conditions; changes in laws and
regulations; problems encountered in exploration and obtaining permits; changes
in the competitive environment; technological advances; shortages of skilled
workers, drill rigs and equipment; the need for additional capital and other
risks listed in the Company`s Securities and Exchange Commission filings under
"risk factors" and elsewhere. Forward-looking statements speak only as of the
date they were made. The Company does not undertake any obligation to update
forward-looking statements.
Coastal Pacific Mining Corp.
Joe Bucci, Manager, 403.612.3001
joebucci@coastalpacificmining.com
or
CANADA RESOURCES PLC / LENAGOLD ltd
Ballintra, County Donegal
Ireland
Greg McGroarty
Tel: 353-7497-34966
Mobile: 353-87-941-3102
E-mail: gregmcgroarty@hotmail.com
Copyright Business Wire 2009
