Bonterra to Acquire Gold Property East of Current Drilling
BONTERRA RESOURCES INC.
Suite 4006 – 1011 West Cordova Street Vancouver, British Columbia, V6C 0B2 Telephone: (604) 678-5308
TSX.V SYMBOL – BTR
FSE SYMBOL – 9BR
BONTERRA TO ACQUIRE GOLD PROPERTY EAST OF CURRENT DRILLING
Vancouver, BC – December 14, 2010: BonTerra Resources Inc. (TSXV: BTR; FSE: 9BR) (“BonTerra”) announces that it has entered into a property acquisition agreement dated December 10, 2010 to acquire 57 claims totaling 912 hectares. The claim group is contiguous to and along strike with BonTerra`s Eastern Extension property in Quebec, Canada, which is currently undergoing an extensive drilling program.
Xemac Resources was a historic owner and completed an induced polarity (IP) + Resistivity survey in 1997. Xemac also completed an electromagnetic survey (VLF‐EM) in 1997. Historical work has identified 2 magnetic axes trends according to historical assessment reports. The first of these axes strikes north‐south and bends to NE‐SW in the eastern part of the property. The second magnetic axis strikes east‐west and was said to apparently cross the basalt – granodiorite contact on the property.
Historical work on the new claims focused on geophysics and diamond drilling. Sundust Resources completed a 10 hole drill program on the property in 1998 totalling 1,711.45 metres. Gold was historically found primarily in quartz veins. BonTerra’s geological team believes this is on strike with its current drill program on the Eastern Extension property. As a result, BonTerra has entered into the agreement to acquire the property. Upon the closing of the agreement, BonTerra intends to roll the property into a combined geophysics and drill program in January.
Mitchell Adam, President, states, “This proposed acquisition, which will expand BonTerra’s Eastern Extension property, is a strategic move to continue to consolidate its land position and presence in the Urban‐Barry fragment of the Abitibi.”
Under the terms of the agreement, BonTerra has agreed to pay $35,000 and issue 2 million shares to the vendor upon approval by the TSX Venture Exchange. On closing, BonTerra has also agreed to grant the vendor a 2% net smelter royalty, of which 1% can be purchased back by BonTerra for $1.0 million. The closing of the acquisition is subject to certain conditions, including approval from the TSX Venture Exchange. Shares issued to the vendor will include a four month hold period as required in accordance with applicable securities laws.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43‐101 and reviewed on behalf of BonTerra by Thomas Clarke, Pr.Sci.Nat., a qualified person and Director of BonTerra.
ON BEHALF OF THE BOARD
BONTERRA RESOURCES INC.
/s/ Mitchell Adam Mitchell Adam President, Director
For further information contact:
Mitchell Adam [email protected] www.bonterraresources.com Tel: (604) 678‐5308 Fax: (604)‐678‐5309 Toll f: (855) 678‐5308
This press release contains projections and forwardlooking information that involve various risks and uncertainties regarding future events. Such forwardlooking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of BonTerra such as the statement that: (i) BonTerra believes the proposed property is on strike with its current drill program; and (ii) BonTerra may close the acquisition and receive approval from the TSX Venture Exchange. There are numerous risks and uncertainties that could cause actual results and BonTerra’s plans and objectives to differ materially from those expressed in the forwardlooking information, including: (i) BonTerra receiving approval from the TSX Venture Exchange; (ii) the parties closing the property acquisition agreement; (iii) adverse market conditions; (iv) a decrease in demand for and price of gold; (v) general uncertainties with respect to mineral exploration in general; and (v) inability to raise required financing. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forwardlooking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, BonTerra does not intend to update these forwardlooking statements.
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.