LUCKY STRIKE IS GRANTED OPTION TO EARN A 50% INTEREST IN PROPERTY LOCATED IN CENTRAL BRITISH COLUMBIA June 25, 2012
VANCOUVER, BRITISH COLUMBIA, June 25, 2012 – Lucky Strike Resources Ltd. (“Lucky Strike” or the “Company”) (TSX-V: LKY), is pleased to announce that it has entered into an option agreement (the “Option Agreement”) with International Samuel Exploration Corp. (“ISS”) (TSX-V:ISS) pursuant to which, subject to acceptance of the TSX Venture Exchange (the “Exchange”), ISS has granted to the Company an option (the “Option”) to acquire a 50% interest in the Jewelry Box property (the “Property”) located approximately 45 kilometres SSE of the town of Smithers, British Columbia. The claim block covers an area of approximately 8,668 hectares. Access to the Property is by way of road and cat trail, or by helicopter. The grant of the Option by ISS to the Company is an arm’s length transaction.
In order to earn a 50% interest in the Property, Lucky Strike is required to fund $1,000,000 of exploration expenditures on the Property within a period of three years, and issue to ISS or its nominee an aggregate of 500,000 common shares in the capital of the Company upon the date of receipt of final acceptance from the Exchange to the Option Agreement. In the event that the Company does not complete all of the funding requirements for exploration expenditures on the Property to earn its 50% interest in the Property, ISS has agreed to return the 500,000 shares to Lucky Strike for cancellation, whereupon Lucky Strike will be deemed to have abandoned its right to earn an Option in the Property and the Option Agreement will terminate The work program for the Property for this field season consists of further ground geophysics, soil sampling and a minimum of 1,000m of drilling. Permits have been issued and work is anticipated to commence within two weeks.
ISS will be the operator on the Property during the currency of the Option.
Upon exercise of its option to earn a 50% undivided interest in the Property, Lucky Strike and ISS will form a joint venture for further exploration and development of the Property.
ON BEHALF OF LUCKY STRIKE RESOURCES LTD.
President and Chief Executive Officer
For further information relating to the Company or this release, please visit the Lucky Strike Resources website at www.luckystrikeresources.com or contact Investor Relations at 604-681-8225, firstname.lastname@example.org
The Company’s shares are listed on the Toronto Stock Exchange under the symbol “LKY” and on the US OTC market as “LKYSF.”
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain “Forward-Looking Statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time with the TSX Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.
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