|By Marketwired .||
|March 10, 2014 03:31 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/10/14 -- Allante Resources Ltd. (TSX VENTURE: ALL.H) (formerly Precision Enterprises Inc.) (the "Company") announces that it has filed on SEDAR two geological reports in respect of mineral exploration properties located in Gabon.
The title and effective date of the reports are:
"Mineral Evaluation, National Instrument Form 43-101F1 Technical Report" dated January 18, 2014 in respect of the Malinga Project, Ngounie, Gabon (the "Malinga Project"); and
"Mineral Evaluation, National Instrument Form 43-101F1 Technical Report" dated January 15, 2014 in respect of the Ndangui Project, Ogooue-Lolo, Gabon (the "Ndangui Project" and, together with the Malinga Project, the "Projects").
The Projects are held by Allante Resources Inc. ("ARI"), the target in the Company's previously announced proposed qualifying transaction (the "QT"). Each of the Projects is comprised of an exploration permit in Gabon located in west equatorial Africa. The Malinga Project covers an area of 315km2, and the Ndangui Project covers an area of 157km2. As disclosed in the geological reports, the Projects host areas anomalous in platinum group elements, including platinum, palladium, nickel and chrome as well as target areas anomalous in gold.
The terms of the QT are described in the Company's news release dated November 19, 2013. Subsequent thereto, the Company and ARI agreed to extend the date by which the QT shall be completed to March 31, 2014.
Following completion of the QT, the Company intends to conduct further exploration on the Projects, with a primary focus on the Malinga Project. The recommended initial phase work program on such project is $400,000, over half of which is budgeted to conducting geochemistry work.
The two geological reports were prepared on Form 43-101F1 of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and pursuant to the requirements of the TSX Venture Exchange in connection with the QT. The geological reports are not being filed as a requirement of NI 43-101. The author of the reports is Jacques Marchand, P.Eng., P.Geo., an independent qualified person within the meaning of NI 43-101. Mr. Marchand has reviewed and approved this news release.
ON BEHALF OF THE BOARD
Joe DeVries, President and CEO
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.
This news release contains statements of forward-looking information (or "FLI") including those in respect of the Company's exploration plans and the completion of the QT. FLI involves risks and uncertainties which could cause actual results to vary from the FLI. The risk factors that could cause actual results to differ materially include: availability of capital and financing required to complete the QT and the concurrent financing which is a condition thereto; general economic, market or business conditions; the risk that remaining stock exchange and regulatory approvals will not be obtained on a timely basis or at all; and the inherent risks involved in the exploration and development of mineral properties in Africa. The material factors and assumptions on which the FLI is based include the assumption that sufficient financing will be raised, the QT will be completed, the Company (after the QT) will maintain control of the Projects and will be able to undertake its planned work program. Such information represents management's best judgment based on information currently available. Readers are advised not to place undue reliance on FLI. The Company undertakes no obligation to update FLI except as required by applicable law.
Allante Resources Ltd.
President and CEO