Mar 07, 2011
New Dimension Options Lancing Project in the Yukon from Strategic Metals
New Dimension Resources Ltd. (TSXV: NDR) (the "Company" or "New Dimension") is pleased to report that it has executed a binding option agreement (the "Agreement") with Strategic Metals Ltd., ("Strategic Metals") to earn up to a 100% interest in Strategic Metals' Lancing Property ("the Property") located within the prospective Tintina Gold Belt in central Yukon.
The Lancing Property:
The Lancing Project is comprised of 11 claim blocks (410 claims covering about 1,900 hectares) located 40 to 140 kilometres south of ATAC Resources' large Rau gold property.
The claims cover areas anomalous in any or all of gold, silver, copper, lead, zinc, antimony, bismuth and arsenic, as defined by regional GSC stream-sediment surveys.
Additional exploration has been conducted on two specific claim blocks referred to as Husky and Lorne:
Exploration will commence in conjunction with the Company's Gild gold exploration program, which is also a venture with Strategic Metals in the Yukon (see additional information below and in the Company's news release dated November 3, 2010).
Please click on the link below to view the location of the Lancing Property:
New Dimension can earn an initial 50% property interest by spending $1.8 million in exploration expenditures and making payments totaling $450,000 in cash or stock to Strategic Metals over a three year period. The Company can also earn an additional 50% (aggregate 100% property interest), by paying Strategic Metals $3 million over the following 3 years. Upon NDR earning 100%, Strategic Metals would retain a 2% net smelter returns (NSR) production royalty on precious metals and a 1% NSR production royalty on non-precious metals.
The Agreement is subject to regulatory approval, including approval of the TSX Venture Exchange
About New Dimension Resources:
New Dimension is engaged in the acquisition, exploration and development of quality mineral resource properties throughout the Americas with a focus on significant bulk tonnage gold and silver deposits. In addition to its 100% owned Cenepa gold project in northern Peru,
New Dimension has an option to earn a 100% interest in Strategic Metals' Gild gold property within a geological belt that the Company & Strategic Metals believes has similar characteristics to discoveries by ATAC Resources Ltd. in the Yukon (http://media3.marketwire.com/docs/ndr-gild.pdf). Drilling on the ATAC Property has returned significant gold values, as demonstrated by announced intercepts of 9.25 g/t gold over 31.1 metres and 24.07 g/t gold over 28.4 metres from over 25,000 metres of diamond drilling in excess of 130 holes. An initial exploration program is planned by the Company as soon as spring weather conditions allow. Subject to favourable results from this initial program and the receipt of all necessary permits, a drill program is likely to be carried out in the fall of 2011.
ON BEHALF OF THE BOARD
NEW DIMENSION RESOURCES LTD.
"Fred G. Hewett"
Fred G. Hewett, P.Eng.
President & CEO
For further information please contact Fred Hewett or Chris Curran
at (604)687-7545 or (888)338-2200
** INTERNET ADDRESS: www.newdimensionresources.com ** Email: firstname.lastname@example.org
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 news release.
This news release may contain forward looking statements which are not historical facts, such as statements of belief of similarity of geological characteristics or features, statements of unverified drilling and sampling results and expectations of receipt of permits and plans for future work. Forward looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, unexpected geological factors, exploration results, results of verification work and unanticipated regulatory obstacles. See New Dimension's filings for a more detailed discussion of factors that may impact expected results.
This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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