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Bonterra Resources
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SYMBOL: .BTR-TSXV Website: www.bonterraresources.com Corporate Contact Information Phone: 604-669-9330 Email: info@bonterraresources.com |
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Overview
BonTerra is a junior gold exploration company with its focus in North America. It has a strong management team and the ability to source advanced properties within British Columbia and the United States. BonTerra is committed to maximizing share value through safe and professional exploration activities, to contributing to social and economic development of local communities in its areas of influence and to protecting the environment by adhering to the industry's best practices. Our goal is prosperity for all.
People
MITCHELL ADAM
Position: President Director
Mr. Adam is President of MGA Capital Corp, a company which provides management consulting, corporate finance and investor relations services to public and private companies. Mr. Adam attended undergraduate studies at Simon Fraser University and in 1989 completed the Canadian Securities Course and RR exam. Mr. Adam spent four years working in the brokerage industry at Odlum Brown Ltd. and Nesbitt Thompson Inc. Mr. Adam has 22 years combined experience in securities, and with various public companies, holding the positions of officer and director of several public companies.
JERRY MINNI
Position: C.G.A. - Director*
Mr. Minni has accomplished record in business investments and corporate reorganizations. He was one of the founding partners of Minni, Bella & Co, Certified General Accountants in Vancouver, BC. Over the past 22 years, Mr. Minni has been active in the venture capital markets and has held various positions as officer and director of various reporting companies such as Amera, IMA, Raytec and Weststar Resources.
DR. GERALD CARLSON
Position: P. Eng. - Director
Dr. Carlson has been involved for over 35 years in managing mineral exploration and mining development companies. His experience has focused on precious and base metal deposits around the Pacific Rim, including western North America, Mexico, Central America, South America, Australia and Asia. This experience has included independent consulting assignments, management or major company exploration programs, junior mining companies and university level teaching. He is currently President of Copper Ridge Explorations Inc. and a Director of several other junior mineral exploration companies. He has taken an active role in professional geosciences associations on both local and national levels and is a past President of the British Columbia and Yukon Chamber of Mines. Dr. Carlson's international reputation and extensive experience in managing mineral exploration and mining development companies throughout the world lends BonTerra a high profile in mining and investment communities.
GRAEME SEWELL
Position: Director
Mr. Sewell, of North Vancouver, British Columbia, age 42, is currently President of Skyridge Consulting Inc. which provides consulting and management services to private and public companies. He has served as a director and officer of numerous public and private companies over the past 15 years. He was previously a registered representative with Canaccord Capital Corp. and an accountant with Amisano Hanson C.A's (now BDO Dunwoody).
Property
Willoughby Property, British Columbia
Target: The exploration target at Willoughby is a high grade lode gold-silver deposit.
Property and Ownership Description: Bonterra has the right to earn an initial 51% interest in the Willoughby property from Copper Ridge Explorations Inc. by paying $25,000, issuing 550,000 shares and completing $1.5 million in exploration work on the property over four years. Bonterra may then increase its interest to 65% by issuing a further 300,000 shares and completing an additional $1.5 million in exploration over the next two years. Bonterra will also be responsible for payments to the underlying property vendor, who will retain the 4% NSR on the property that can be reduced to 1% by payment of $500,000.
Project Description: The Willoughby property is located within a well mineralized trend of the Hazelton Group volcanic rocks in the Stewart-Iskut-Eskay Creek gold district. Highlights of historical drilling on the property include:
- 11.7 m grading 39.8 gpt gold in hole 94-15
- 12.2 m grading 10.8 gpt gold, including 3.0 m grading 32.9 gpt gold in hole 94-27
- 2.9 m grading 398 gpt gold in hole 95-36
- 5.9 m grading 16.2 gpt gold in hole 95-51
- 13.0 m grading 13.3 gpt gold, including 3.0 m grading 31.1 gpt gold in hole 95-53
Other deposits of note within this trend include Red Mountain, 7 kilometres to the west of Willoughby, which has an inferred geologic resource of 1.9 million tonnes of 9.8 g/t gold and 38.1 g/t silver (BC Minfile 103P 086, 1991) and Silbak Premier, 28 kilometres to the northwest of Willoughby, which produced 62.2 million grams (1.99 million ounces) of gold and 1,333 million grams (42.86 million ounces) of silver from 6.6 million tonnes of ore (BC Minfile 104B 054, 1997).
Gold and silver mineralization at Willoughby occurs within andesite volcanics and hornblende feldspar porphyry intrusive rocks. Where mineralized, the rocks have been subject to sericite-carbonate-chlorite-pyrite alteration. To date, eight zones of gold and silver mineralization have been located within a 500 by 1500 m area. Mineralization, consisting of pyrite and pyrrhotite along with minor sphalerite, galena and rare visible gold occurs in veins, stockwork and as fracture fillings. In addition, pyrite and pyrrhotite occur as semi-massive to massive lenses and pods.
Exploration History: Mineralization was first discovered on the Willoughby property in 1941, but the majority of the exploration work on the property was conducted during the period 1994 to 1997, including 90 m of exploration drifting, 2438 m of underground drilling and 6597 m of surface diamond drilling. Much of this work was focused on the North Zone and the Wilby Zone, where several high grade gold and silver intersections were encountered. The structural complexity of the zones made the interpolation and interpretation of the high grade zones difficult. No resource has yet been calculated for the Willoughby Property.
Recent Exploration: Bonterra completed a property examination at Willoughby in August, 2007 and completed a compilation of historical in December, 2007. Late in the 2007 field season, an airborne magnetic and electromagnetic geophysical survey was completed over the property. Some of the conductors detected by this survey correlated with a number of the known mineralized zones. In addition, the survey identified a number of other potentially mineralized conductive trends. A NI 43-101 report has also been completed.
BONTERRA RESOURCES ANNOUNCES ACQUISITION OF RED MOUNTAIN GOLD DEPOSIT
June 25, 2009 -BonTerra Resources Inc. has executed a letter of intent and provided a notice to proceed with Seabridge Gold Inc. to acquire 100 per cent of Seabridge's interest in the Red Mountain property consisting of 47 claims totalling 17,125.2 hectares located near Stewart, B.C.
Highlights of Seabridge's Red Mountain property include:
- High-grade deposit ( > 0.25 opt) of 400,000 ounces in the measured and indicated categories plus an additional 248,000 ounces in the inferred resource category;
- Approximately US$40 million spent by previous owners; Diamond drilling on the property has totaled 134,800 metres in 466 holes. In addition, 2,000 metres of underground workings have been excavated, including a 1,000-metre production-sized decline.
- Large complement of mining equipment included in the proposed sale; and
- An independent engineering study.
(See 43-101 Technical Report and the independent engineering study filed on SEDAR by Seabridge for more information)
BonTerra President and CEO Mitch Adam said, "This acquisition brings a known, high-grade deposit together with the promising high-grade exploration results we have obtained from our immediately adjacent Willoughby property. We think this combination creates the opportunity to develop a sustainable and profitable mining operation within a low-risk political jurisdiction."
Terms of the Transaction
Pursuant to the terms of the letter of intent, BTR has paid a non-refundable deposit of Cdn$50,000 to Seabridge, following which Seabridge has granted an exclusive option to BTR to enter into a binding purchase agreement to acquire the Red Mountain property from Seabridge. The parties have agreed that the terms of the purchase agreement will provide for the transfer of the Red Mountain property from Seabridge to BTR, in consideration for BTR agreeing to pay Seabridge Cdn$11,950,000, comprised of Cdn$6,950,000 in cash and Cdn$5,000,000 pursuant to the issuance of a secured three year 3 per cent convertible debenture, with interest payments due semi-annually. Seabridge may elect to convert any portion of the principal amount of the convertible debenture into common shares of BTR at a conversion price equal to the offering price of the financing as described below. At maturity, any portion of the convertible debenture not converted into common shares of BTR will be paid in cash. Repayment of the convertible debenture will be secured against BTR's interest in the Red Mountain property.
Closing of the Transaction
Closing of the proposed transaction is subject to approval by the TSX Venture Exchange, completion of a financing in an amount necessary to cover the cash consideration of the transaction at a price of not less than Cdn$0.50 per share and receipt by Seabridge of all necessary consents, agreements and waivers of rights of first refusal required to transfer the Red Mountain property to BTR.
In addition, BTR has agreed to replace the Cdn$1,000,000 reclamation deposit plus accrued interest currently held in trust in favour of the BC Ministry of Mines and Energy or, subject to Seabridge's agreement, to reimburse Seabridge with respect to the reclamation deposit and to enter into a standard assignment and assumption agreement with respect to the reclamation deposit.
Willoughby property
BonTerra currently has an option to earn up to a 65 per cent interest in the Willoughby property. The property sits within Seabridge's Red Mountain claim group. Highlights of historical drilling on the property include:
- 11.7 m grading 39.8 gpt gold in hole 94-15 (gpt = grams per tonne);
- 12.2 m grading 10.8 gpt gold, including 3.0 m grading 32.9 gpt gold in hole 94-27;
- 2.9 m grading 398 gpt gold in hole 95-36;
- 5.9 m grading 16.2 gpt gold in hole 95-51; and
- 13.0 m grading 13.3 gpt gold, including 3.0 m grading 31.1 gpt gold in hole 95-53.
(See 43-101 Technical Report filed on SEDAR for more information)
Information with respect to the Willoughby property contained in this press release is approved by Gerald Carlson, P. Geo., Qualified Person for BonTerra.
Financing
The Company would like to further announce a non-brokered unit financing in the amount of Cdn$12,000,000 at a price of Cdn$0.50 per unit, each unit consisting of one share and one share purchase warrant. Each warrant is exercisable into one common share at a price of Cdn$0.75 per share. The securities issued in the proposed financing will be subject to a hold period as required by applicable securities laws.
Additional Acquisition
In addition, BonTerra has executed an acquisition agreement and acquired a 100 per cent undivided interest in 9 claim units (approximately 2,917.337 Ha) located adjacent and contiguous to the Willoughby propertry and the Red Mountain property. The company feels that this constitutes a strategic acquistion as Bonterra now owns or has an interest in a large area adjacent to the Red Mountain property.
Politics
British Columbia, Canada properties with no known political risk.
Paper
Currently issued: 21,757,833
Agent Warrants: 540,000
Options: 1,000,000
Fully Diluted: 23,297,833
Cash position: $400,000.00 (approx)
Current price: $0.60
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