Parlane closes Big Bear project acquisition

2012-12-04 07:06 PT - News Release

 

Mr. Robert Eadie reports

PARLANE COMPLETES ACQUISITION OF 100% INTEREST IN BIG BEAR PROJECT IN CENTRAL BRITISH COLUMBIA

Parlane Resource Corp. has completed the acquisition of an undivided 100-per-cent interest in 31 claims covering approximately 14,366 hectares located in the prolific Omineca mining division of British Columbia, more commonly known as the Big Bear project. (See press releases of Nov. 29, 2010, and Jan. 5, 2011.)

Big Bear is located in central B.C., southwest of Prince George, between two mineralized systems: New Gold Inc.'s Blackwater and the Capoose properties. Parlane completed the acquisition, which called for cash payments of $600,000, and the issuance of an aggregate of 1.2 million common shares and 1.2 million warrants to the vendor of the property, and $650,000 of exploration expenditures incurred over a two-year period.

Earlier in November, the company commenced a drilling program on five target areas and expects to complete the planned 1,500 metres of core drilling by the end of December. Drill results will be announced thereafter.

The company also announces that an aggregate of 212,000 incentive stock options have been granted to directors, officers and consultants at an exercise price of 18 cents per share. The options are exercisable for a period of five years, ending on Dec. 3, 2017, and are subject to the requirements of the exchange and the company's stock option plan.