Appleton Exploration Inc. to Acquire Three Chilean Properties
March 4, 2008 – Vancouver, British Columbia. Appleton Exploration Inc. has signed a Letter of Intent to acquire the Chilean subsidiary of ProElement Resources Corp. which contains three precious metal or base metal properties in Region III of Chile, located near the city of Copiapo.
Julia
Julia is a conglomerate hosted copper manto. The conglomerate has been traced for a distance of at least 6 kilometres and ranges from 1 metre to over 30 metres in width. Limited grab rock sampling conducted for ProElement returned values ranging from
1.37% to 5.19% total copper. The soluble or oxide portion of the copper ranged from 1.14% to 4.26% copper. Analyses for gold and silver were not included in the data provided.
Garin
Garin is a bulk tonnage silver- copper + lead +zinc stockwork and vein property. The property lies in the Garin Silver District, host to several old producers. Grab rock sampling conducted for ProElement returned values ranging from 1 to 1385 grams per tonne silver, 0.01% – 5.71% copper, 0.01% – 4.31% lead and 0.01% – 4.37% zinc.
Perth Caliza
Perth Caliza is an iron oxide copper-gold property. The property consists of intense vein swarms associated with a metamorphic terrain proximal to a granite batholith. This area also hosts a number of old workings. Grab rock sampling conducted for ProElement returned values ranging from 0.01 to 10.7 grams per ton gold and 0.02% to 1.7% copper.
The rock sampling undertaken and reported on the three projects was not completed by a Qualified Person as defined in NI 43-101, nor has the data been verified and should not be relied upon. Appleton’s in house and independent Qualified Persons will be travelling to Chile to commence the property due diligence review on March 6th. This review will include verification of the sampling completed for ProElement.
Under the terms of the agreement, Appleton will issue 3,000,000 common shares in the capital of the Company, at a deemed price of $0.15 per share, to ProElement for a 100% undivided interest in ProElement’s Chilean subsidiary company, which holds the exploration concessions and exploitation concessions comprising the three properties.
The agreement is subject to:
- A title opinion confirming ProElement ownership of the concessions;
- A successful conclusion to a 60 day due diligence review of the titles and property by Appleton and corporate review by ProElement;
- Completion of a minimum $500,000 financing by Appleton; and
- Approval and acceptance by the TSX Venture Exchange
On Behalf of the Board of Directors,
“R. Tim Henneberry”
R.Tim Henneberry, P.Geo.
President and CEO
For further information, please contact:
Tim Henneberry: (604) 694-0741
For Investor Relations Information contact:
MarketSmart Communications:
(604) 261-4466 | (Toll Free 1-877-261-4466)
R. Tim Henneberry, P.Geo. , President, CEO & Director of the Company, is the Qualified Person as defined in
National Instrument 43-101, who has reviewed and approved the technical content of this news release.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
