Far Resources Ramping up to Explore Winston Project in New Mexico and Provides Update on Winston Project Spin Out
December 12, 2017 – Vancouver, BC: Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTCPK:FRRSF) (www.farresources.com) (“Far Resources” or the “Company”) is pleased to provide an update regarding the planned annual general and special meeting of shareholders (the “Meeting”) and a planned visit to the Winston property in New Mexico.
The Company will be holding the Meeting early in the new year and will be sending out meeting materials as soon as they are ready announcing all the details of the Meeting including date and location of the Meeting, record date for shareholders entitled to vote at the Meeting and full details of the Company’s proposed plan of arrangement (the “Arrangement”). The preparation of the meeting materials, including an information circular, a Technical Report prepared in accordance with the requirements of NI 43-101 (the “Technical Report”), and financial statements, is underway. For information regarding the Arrangement please refer to Far Resources’ previous news releases dated October 4 and July 18.
NI 43-101 Technical Report
The Company has engaged James Moors, P. Geo. to prepare a Technical Report on the Winston property (the “Winston Property”) located in New Mexico. The Winston Property consists of a group of 16 unpatented claims known as the LG Claims; a group of 4 unpatented claims known as the Little Granite Gold claims and 2 patented claims, namely the Ivanhoe Lode and the Emporia Lode claims, all located in the Chloride Mining District of Sierra County, New Mexico, USA.
Winston Property Visit
The Company has assembled a team to visit the Winston Property in the middle of December that includes James Moors P.Geo., co-author of the Technical Report, Ray Strafehl of Redline Minerals Ltd, who has long experience and first-hand knowledge of the Winston Property, and several others who will be reviewing alternatives for an initial exploration program that the Company intends to undertake in the new year after shareholders have approved the Arrangement.
President and CEO, Keith Anderson states: “We are moving forward with our plans to spin out the Winston Property into a separate company and the visit by our team will help us determine an appropriate plan of action and next steps for the newly formed company. These are busy times, and we are keen to realize the full potential in both our projects, Zoro Lithium and Winston. The spin out will provide tremendous upside potential for our shareholders as they gain a stake in two companies with meaningful projects.”
About the Company
Far Resources Ltd. is an exploration company, publicly traded on the Canadian Securities Exchange under the symbol FAT, focused on the identification and development of high potential mineral opportunities in stable jurisdictions. Far Resources may acquire or option properties of merit to meet its ongoing goal to locate, advance and unlock the potential of these mineral opportunities. Far Resources has two option agreements in place. The Zoro Lithium Property covers a number of known lithium pegmatite occurrences and is located near Snow Lake, MB. Manitoba has been ranked as the world’s second best jurisdiction for mining investment by the Fraser Institute. The second option is on the Winston Property in New Mexico, USA, another historic mining property with potential for silver and gold; New Mexico is also listed by the Fraser Institute, ranking in the top 25 mining jurisdictions in the world. Please visit our updated website at www.farresources.com for full details on our current projects. Far Resources has optioned its wholly owned Tchentlo Lake Property in British Columbia, Canada to Alchemist Mining Inc.
The technical content of this news release has been reviewed and approved by Lindsay Bottomer P.Geo., a Qualified Person as defined under NI 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS OF
FAR RESOURCES LTD.
Keith C. Anderson, President
FOR FURTHER INFORMATION, PLEASE CONTACT US AT
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
This news release contains forward-looking statements, which relate to future events or future performance (including our planned exploration for the Winston Project and the Zoro Lithium Property) and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.