Calgary, Alberta – Monday, June 18, 2012 – Management of Tashota Resources Inc. ("TRI") is pleased to announce that it has executed a Letter of Intent to acquire property interests held by TLC Explorations Inc. (“TLCX”) in Northern Ontario (the “Vega Property”) and in the Dominican Republic (the “Majagual Concession”) in exchange for treasury shares.
Properties
The Vega Property is an early stage exploration project located in the Beardmore-Geraldton Gold Camp Mining, not far from TRI’s existing Tashota property with which it shares similar characteristics. Specifically, the property’s geologic setting is analogous to that of historic and productive mining districts in the region. On the Vega Property, there is significant alteration and mineralization exposed at the surface and sampling by TLCX at the surface yielded assay results as high as 2.010 oz/ton of gold, with 115 samples averaging over .31 ounces/ton. Although as indicated, these results were based on surface work cuttings and were not sampled for depth, the property adjacent to the Vega property has had previous drilling performed to approximately 200’ with drill indicated gold showings to that depth.
The “Majagual Concession”, a 7,885 acre (3,200 hectares) property is a gold/copper prospect that holds great promise for the company as it hosts several small past producing Cu (copper) mines, some of which also contained significant Au (gold) values (i.e., up to 5.6 g/t at Jack’s Mine). In addition, the property comes “drill-ready” due to extensive exploration work previously carried out. Specifically, a previous exploration program consisted of grid establishment, soil and rock sampling, detailed geologic mapping, IP and magnetometer surveys, over 500m of trenching, and initiation of baseline environmental and socio-economic studies. Cu and Au mineralization over an area of at least 600 x 800m appears to be related to quartz-feldspar porphyry bodies suggesting the presence of a porphyry copper deposit.
Terms and Conditions
The Letter of Intent contains several terms and conditions precedent including a third party valuation of the properties to facilitate the establishment of a final price. In addition, the transaction is subject to shareholder and regulatory approvals. These activities are expected to take up to one year to complete.
About Tashota Resources Inc.
Tashota Resources Inc. ("TRI") is a Canadian based mineral resources Exploration Company focusing on discovering and developing gold, silver and copper properties in Canada and other jurisdictions. TRI acts either independently or as a joint venture partner to fund and execute exploration work programs on advanced-stage exploration properties where a resource may require further delineation and validation. TRI has an experienced team of professionals in place to carry out the financing and completion of its exploration programs. TRI is focused on providing increased value to its shareholders and doing so in a socially and environmentally responsible manner.