Amarc Resources Ltd. (“Amarc” or the “Company”) (TSX Venture: AHR; OTCBB: AXREF) announces that it has entered into a purchase agreement to acquire six mineral claims comprising approximately 70 square kilometres (the property) adjacent to its Hubble property in south-central British Columbia. Pursuant to the agreement, Amarc can acquire a 100% interest in the property by issuing 80,000 common shares and making a cash payment of $50,000. The agreement is subject to acceptance by the TSX Venture Exchange. The Amarc shares will be subject to a statutory four-month hold period under Canadian securities requirements.
Amarc holds a 100% interest in the Hubble property, located within the Blackwater district approximately 35 kilometres northeast of New Gold's Blackwater deposit for which an Indicated Resource of 184 million tonnes at 0.94g/t gold and 4.9 g/t silver and an Inferred Resource of 43 million tonnes at 0.88 g/t gold and 4.7 g/t silver at a 0.3 g/t gold cut?off has been announced (New Gold website). New Gold acquired the Blackwater deposit from Richfield Ventures Corp. in June 2011 through a transaction valued at approximately $550 million (see New Gold press release April 4, 2011)…
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