Vancouver, B.C. - September 8, 2015 - Westhaven Ventures Inc. (TSX-V:WHN) is pleased to report that it has signed a purchase agreement with Strongbow Exploration Inc., a TSX-V listed company, to acquire 100% of the 18,412 hectare Shovelnose gold property, located within the prospective Spences Bridge Gold Belt (SBGB), approximately 30 km south of Merritt, British Columbia. The purchase agreement will replace Westhaven’s current option to earn up to 70% of the Shovelnose gold property (please refer to news release dated July 24th, 2011 for details).
Management believes the SBGB will continue to be subject to thorough exploration for high grade epithermal gold deposits. It is situated within a geological and structural setting similar to other significant epithermal gold-silver systems and it is close to existing transportation and power infrastructure allowing for cost effective exploration. Shaun Pollard, CFO stated, “Exploration on the Shovelnose property is still at a very early stage, however limited drilling has confirmed the widespread occurrence of gold on the property and, perhaps more importantly, a significant alteration zone that could indicate the presence of a large gold bearing system. Though near-surface, low-grade breccia-hosted deposits are an attractive exploration target, focus will continue to be on the mineralogy related to depth and the environment of formation in the interest of finding higher grade gold and silver. ” Pollard goes on to say, “This new agreement ensures that we have more flexibility and a better opportunity to fund the future exploration of the Shovelnose project, which is aligned with the long term interests of our shareholders.”
History of the Spences Bridge Gold Belt
Despite historical placer mining in the area, the SBGB remains relatively underexplored. Tributaries to the Fraser and Thompson Rivers located in the SBGB area saw considerable exploration in the mid-1800’s when placer gold findings initiated the Fraser River gold rush. In November 2005, Strongbow announced drilling results on their Skoonka Creek property on the northern part of the SBGB, that were highlighted by an intersection grading 20.2 grams per tonne gold over 12.8 metres confirming the presence of high grade epithermal gold mineralization in the SBGB (see Strongbow press releases from November 25, 2005). Westhaven has been working on the SBGB since 2011.
For further information on the Shovelnose Gold Property, please visit:
Under the term of the property purchase agreement with Strongbow, Westhaven will acquire a 100% interest in the Shovelnose gold property by issuing 2,000,000 common shares to Strongbow. In addition, Strongbow will be granted a 2% Net Smelter Returns Royalty (NSR) on the property. Westhaven will retain the right to reduce the NSR to 1% by paying Strongbow $500,000 at any time. D. Grenville Thomas, a Director of Westhaven, is also a Director and Chairman of Strongbow. Mr. Thomas abstained from the approval of the purchase agreement and did not participate in the negotiation of the business terms of the transaction. The agreement is subject to acceptance by the TSX-Venture Exchange.
On behalf of the Board of Directors
WESTHAVEN VENTURES INC.
Gareth Thomas, Director
About Westhaven Ventures Inc.
Westhaven Ventures Inc. is a Canadian based exploration company focused on the acquisition and exploration of prospective resource properties. Westhaven is focused on advancing its Shovelnose, Ben and Ben South projects in British Columbia. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN. For further information, please call 604-681-5558 or visit Westhaven’s website at www.westhavenventures.com
Qualified Person Statement
L. John Peters, P.Geo., who is a Qualified Person within the context of National Instrument 43-101 has read and takes responsibility for this release.
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.