VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/21/11 -- Tajiri Resources Corp. (the "Company") (TSX VENTURE: TAJ) is pleased to announce it has signed a letter of intent with Arrowhead Gold Corp. ("the Company") (TSX VENTURE: AWH) whereas the Company will acquire a 51% interest in the hardrock mining rights (the "Rights") in the Guyana Geology and Mines Commission Large Scale Prospecting Licence No. 01/2009 in the Kaburi Area, Mazaruni, Guyana SA. ("the Kaburi Project").
The consideration payable for the Rights the Company must pay the following sums:
(i) $50,000 on approval of the Regulatory Authorities, (the
"Effective date");
(ii) $50,000 on the first anniversary of the Effective Date;
(b) to incur Expenditures on the Property, as follows:
(i) $250,000 on or before the first anniversary of the Effective
Date;
(ii) an additional $500,000 on or before the second anniversary of the
Effective Date; and
(iii) an additional $750,000 on or before the third anniversary of the
Effective Date;
(c) issue to Arrowhead an aggregate of 7,000,000 Shares as follows:
(i) 1,000,000 Shares on the Effective Date;
(ii) 2,000,000 Shares on or before the first anniversary of the
Effective Date; and
(iii) 2,000,000 Shares on or before the second anniversary of the
Effective Date; and
(iv) 2,000,000 Shares on or before the third anniversary of the
Effective Date
The shares will subject to a 4 month restricted period required by the TSX Venture Exchange and applicable securities legislation. The purchase of the Rights is subject to due diligence by the Company and the completion of formal documentation.
The Kaburi Project encompasses approximately 6,421 acres in the Mazaruni Mining District, Guyana, SA. Arrowhead has commenced an independent NI 43-101 Report on the Kaburi Project.
"We are very pleased to option this promising property in Guyana. Guyana, a democratic, English speaking country, has demonstrated itself to be friendly toward foreign investment, particularly in the mining sector. The Kaburi region demonstrates encouraging potential and we will be starting an aggressive exploration effort imminently" comments Rick Timcke, President.
The Option Agreement is a non-arm's length transaction due to common directorships.
About Tajiri Resources Corp.
Tajiri Resources Corp is a Canadian junior exploration company with 80% interest in the Gateau Uranium and Rare Earth group of claims in the Otish Basin of Quebec. The Company also has signed an option agreement to acquire 100% interest in the INCA property, a high grade Silver-Lead-Zinc exploration property located in the Mayo Mining District, Yukon Territory, Canada.
On Behalf of the Board,
Tajiri Resources Corp.
Albert (Rick) Timcke, President
This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements.
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.
Contacts:
Tajiri Resources Corp.
604-642-0115 or Toll Free: 866-345-0115
604-642-0116 (FAX)
info@tajiricorp.com
