Parlane Completes Acquisition of 100% Interest in Big Bear Project in Central British Columbia
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec 4, 2012) - Parlane Resource Corp. (TSX VENTURE:PPP) ("Parlane" or the "Company") is pleased to announce that it has completed the acquisition of an undivided 100% interest in 31 claims covering approximately 14,366 hectares located in the prolific Omineca Mining Division of British Columbia, more commonly known as the Big Bear Project ("Big Bear"). (See press releases of November 29, 2010 and January 5, 2011).
Big Bear is located in central B.C., southwest of Prince George, between two mineralized systems: New Gold Inc.''s Blackwater and the Capoose properties. Parlane completed the acquisition which called for cash payments of $600,000 and the issuance of an aggregate of 1,200,000 common shares and 1,200,000 warrants to the vendor of the property, and $650,000 of exploration expenditures incurred over a two-year period.
Earlier in November, the Company commenced a drilling program on five target areas and expects to complete the planned 1,500 metres of core drilling by the end of December. Drill results will be announced thereafter.
The Company also announces that an aggregate of 212,000 incentive stock options have been granted to directors, officers & consultants at an exercise price of $0.18 per share. The options are exercisable for a period of five years, ending on December 3, 2017, and are subject to the requirements of the Exchange and the Company''s Stock Option Plan.
ON BEHALF OF THE BOARD
Robert Eadie, President, Chief Executive Officer and Director
