LAS VEGAS, July 12, 2012 (GLOBE NEWSWIRE) -- Tucana Lithium Corp. (OTCQB:TUCA) wishes to announce the Company has entered into a non-binding letter of intent with Zahav Resources Inc. pursuant to which the Company will acquire 100% interest in 3 gold properties located in Nevada, USA. The mining properties known as Rimrock Property, Pony Spur, and West Silver Cloud comprise of almost 2,000 acres of land and are located on or in close proximity to the Carlin Trend and Midas Trend.
The Rimrock Property is situated approximately 8 kilometers northwest of Great Basin Gold's Hollister mine and approximately 16 kilometers east-southeast of Newmont's Midas Mine property. The West Silver Cloud Property is situated approximately 12 kilometers Southwest of Great Basin Gold's Hollister Mine and approximately 22 Kilometers southeast of Newmont's Midas Mine. Newmont's Midas Mine has produced over 2 million ounces of gold and Great Basin Gold's Hollister mine has resources of over 2 million ounces of gold.
The Letter of Intent provides that the acquisition is subject to the due diligence of all signatories and the negotiation and execution of a definitive agreement, and such agreement will be subject to certain conditions including a capital raise.
"This proposed acquisition represents another significant milestone in our business plan and we expect to finalize a definitive agreement shortly," said Jordan Starkman, CEO of Tucana.
The Company's main exploration asset is the Abigail Lithium Property located in the James Bay, Quebec region of Canada. The property consists of 220 map-designated cells totaling 11,000 hectares within and adjacent to Nemaska Lithium's Whabouchi Lithium discovery.
Certain statements in this document that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate, "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Tucana Lithium Corp. to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to: (i) the Company's ability to obtain sufficient capital or a strategic business arrangement to fund its current operational or expansion plans; (ii) the Company's ability to build and maintain the management and human resources and infrastructure necessary to support the anticipated growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov under "Search for Company Filings."