VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 3, 2013) - Citation Resources Inc. (the "Company") (TSX VENTURE:CTT) is pleased to announce the raising of $420,000 through the exercise of warrants prior to the expiration of all warrants on March 25, 2013. Citation has already satisfied its Biricu Project exploration expenditure requirements for calendar 2013 ($500,000) under its Option Agreement with Esperanza Resources Corp.
Citation has initiated the process for obtaining the environmental permits and required permissions for a drill program in the four target areas at the Bircu Project identified in the Company's news release dated January 29, 2013. Each of the four target areas contain the geophysical, geochemical and geological characteristics consistent with other discoveries in the area, including the neighboring Torex properties, Morelos and Media Luna, and Goldcorp's Los Filos.
The Company's board of directors has approved the granting of 600,000 incentive stock options to directors and officers of the Company in accordance with its stock option plan. The options are exercisable at $0.10 per share and have an expiry date of May 2, 2018.
The exploration program is being carried out under the direction of David M. Jones, technical consultant to the Company. David M. Jones has over 30 years' experience in mineral exploration and project management. As Chief Geologist of Teck's Nukay Project from 1994- 1999, Mr. Jones is credited with the discovery of the Goldcorp's Los Filos gold-skarn deposit, which is located 10 km from the Biricu Project and became Mexico's largest gold producer in 2010. Application of his model to other properties in the region dramatically expanded the conceptual extent of the Guerrero Gold Belt and led to the discoveries of El Limon and Los Guajes, also major gold-skarn deposits. Mr. Jones has published numerous technical articles and is considered to be the foremost expert on Guerrero Gold Belt type deposits. Mr. Jones has worked extensively throughout the Guerrero Gold Belt for clients including Teck, Wheaton River, Goldcorp, Peñoles, Grupo Mexico, Torex, and a number of other Canadian juniors.
The technical content of this news release has been reviewed by and has been verified by and is the responsibility of Richard Graham, P. Geol., who is a Qualified Person as defined in NI 43- 101.
About Citation Resources
Citation Resources Inc. is a growth-oriented, Canadian mining company dedicated to the exploration and development of precious and base metal resources. Citation is based in Vancouver, British Columbia and aims to create shareholder value through the acquisition, exploration, and development of profitable mineral properties, in a manner that is consistent with best practice in environmental stewardship, safety and stakeholder engagement. The Company has an option agreement with Esperanza Resources Corp. to acquire a 100% interest in the Biricu Project mineral exploration concession located in Guerrero State, Mexico. The Biricu Project comprises more than 41,000 hectares of highly prospectable ground and management believes that the Biricu Project is the direct on-strike extension of five skarn deposits in the Guerrero Gold Belt (El Limon-Los Guajes - Torex Gold Resources Inc.; Bermejal, Los Filos, and Nukay - Goldcorp Inc.; Ana Paula - Newstrike Capital Inc.).
Some statements in this report contain forward-looking information. These statements include, but are not limited to, statements with respect to future exploration, expenditures, transactions and financings. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, risks related to actual results of exploration activities, the timing and amount of expenditures and the completion of transactions and financings.
ON BEHALF OF THE BOARD OF DIRECTORS
CITATION RESOURCES INC.
Nigel Kirkwood, CFO