VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 22, 2011) - Further to its press release of September 8, 2010, Parlane Resource Corp. (TSX VENTURE:PPP) (the "Company") is pleased to announce that it has reached new agreements with Galena Capital Corporation ("Galena Capital") and Rodolfo Cuevas Coffey ("Coffey") the owner of the Mercedes Property (the "Property"), which gives Parlane the right to earn a 100% interest in the Property and all rights thereto.
The Property is located approximately 200 kilometres southeast of Hermosillo, in the state of Sonora, Mexico and consists of three contiguous mineral claims totaling 360 hectares: La Mina del Oro, 16 hectares; Ampliacion Mina del Oro, 251 hectares; C.R., 93 hectares. (See press release dated September 8, 2010.)
Subject to the Termination & Settlement agreement summarized below, Parlane, through its wholly owned Mexican subsidiary, entered into an Option Agreement directly with Coffey for the acquisition of a 100% interest in the Property (subject to a net smelter royalty) in consideration of:
Upon full payment of the US$500,000, Coffey will immediately transfer all right, title and interest in the Property to Parlane and will register ownership in the name of Parlane's Mexican subsidiary.
In conjunction with the Option Agreement above, the three parties entered into a Termination & Settlement Agreement which provides for the following:
A finder's fee will apply in this transaction in accordance with regulatory policies.
ON BEHALF OF THE BOARD
Robert Eadie, President, Chief Executive Officer and Director
Contact Information: Parlane Resource Corp.
Robert Eadie
President, Chief Executive Officer and Director
1-604-602-4935
1-604-602-4936 (FAX)
info@parlaneresource.com
www.parlaneresource.com