VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 19, 2012) - Tarsis Resources Ltd. (TSX VENTURE:TCC) ("Tarsis" and "the Company") is pleased to announce that it has signed a definitive option agreement on its White River Property, Yukon, with Driven Capital Corp. (TSX VETNURE:DVV) ("Driven").
Under the terms of the option agreement, Driven can earn a 60% interest in the White River property by completing the following commitments before January 15, 2016:
- Making cash payments to Tarsis of $400,000
- Issuing two million Driven shares to Tarsis
- Completing $4.25 million in exploration expenditures on the Project
Tarsis will retain a 2% NSR royalty on any minerals produced from the property, half of which may be purchased for $2 million by Driven.
Upon exchange approval, Driven will issue 250,000 shares and pay $50,000 to Tarsis and the first year's work commitment is $500,000, including not less than 1,500 meters of drilling. Tarsis is assisting Driven with planning its 2012 exploration program.
Once earn in obligations have been completed, a joint venture will be formed to operate the project.
President & CEO, Marc Blythe stated, "We are very pleased to have optioned the White River project to Driven, which intends to explore it aggressively. Driven has adequate financing to complete the first year's exploration commitment."
Driven is a Vancouver-based mineral exploration company, focused on British Columbia and the Yukon. The Company is led by Mr. Toma Sojonky and has a strong geological focus with directors Mr. Lindsay Bottomer, P.Geo. and Mr. Peter Kurisoo, both of whom have extensive experience in mineral exploration within Canada and internationally.
About Tarsis Resources
Tarsis is an exploration company following the prospect generator business model, with nine mineral properties in the Yukon, Canada, and one in Mexico. The Company acquires prospective exploration projects when metal prices are low or of strategic value, and vends or options out projects to partners for advancement.
On behalf of the Board,
Marc G. Blythe, P.Eng., MBA, President, Director and CEO
This news release was prepared by Company management, which takes full responsibility for content.
Neither the 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.