Valley High Receives Final Option Payment for the Boundary Zone
06 Gennaio 2010 - 11:00PM
Marketwired
Valley High Ventures Ltd. ("Valley High" or the "Company") (TSX
VENTURE: VHV) wishes to announce that it has received the third and
final payment of $100,000 from Imperial Metals Corporation
("Imperial").
Under the option agreement, Imperial was granted the right to
acquire a 100% interest in one complete mineral cell and four
partial cells that are adjacent to Imperial's Boundary Zone deposit
on its Mount Polley mine property located near Williams Lake,
British Columbia. Imperial has exercised its option by paying a
total of $300,000 in cash. Valley High retains to a two stage
royalty on material from the claims that is milled at the Mount
Polley mine concentrator. The stage I royalty is $2.50 per tonne
for the first 400,000 tonnes of material milled. The stage II
royalty is $1.25 per tonne for all tonnes milled in excess of
400,000 tonnes. The stage II royalty can be reduced to $0.62 per
tonne by Imperial making a payment of $1,000,000 to Valley High.
Valley High initially owned a 90-per-cent interest in the tenure
and will receive 90-per-cent of the proceeds. A private company
owned the remaining 10-per-cent interest in the property.
The Company has also recently completed a drill program in the
vicinity of the Boundary Zone, testing a number of geophysical
targets and expects to receive the results from this program
shortly.
The Company also wishes to report that it has granted to a
director of the Company options to purchase up to 300,000 common
shares of Valley High at the price of 60 cents per share expiring
on January 5, 2015 in accordance with the Company's stock option
plan.
VALLEY HIGH VENTURES LTD.
Robert Cameron, President and CEO
About Valley High Ventures Ltd.:
Valley High is a Canadian based precious and base metal
exploration company with projects located in Mexico, British
Columbia and Yukon. The Company's Cordero property in Mexico is
being evaluated for large bulk mineable silver, gold, zinc and lead
deposits geologically similar to the large Penasquito deposit
currently being developed by Goldcorp Inc. Recent drill results
from Cordero include the discovery of a new zone at Pozo de Plata
wherein drill hole C09-5 returned 152 metres grading 80.64 g/T Ag,
0.61 g/T Au, 1.41% Zinc and 1.22% lead. Levon Resources Ltd. has an
option to earn a 51% interest in the project by funding exploration
work totaling Cdn. $1,250,000 plus their proportion of the
underlying option and property maintenance costs.
The Company's Mount Polley project is located in British
Columbia adjacent to Imperial Metals Corporation's ("Imperial") Mt.
Polley copper-gold mine. Valley High also has a production royalty
on the Boundary Property, with Imperial. Valley High also has an
option to acquire a 100% interest in the Flume gold property in the
Yukon which is located within the newly recognized White Gold
District some 30 kilometres from the new Golden Saddle discovery of
Underworld Resources Inc.
This news release includes certain "forward-looking statements"
under applicable Canadian securities legislation. Such
forward-looking statements or information, including but not
limited to those with respect to the prices of copper, estimated
future production, estimated costs of future production, permitting
time lines, involve known and unknown risks, uncertainties, and
other factors which may cause the actual results, performance or
achievements of Valley High to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements or information. Such factors
include, among others, the actual prices of copper, the factual
results of current exploration, development and mining activities,
changes in project parameters as plans continue to be evaluated, as
well as those factors disclosed in documents filed from time to
time with the securities regulators in the applicable Provinces of
British Columbia and Alberta.
"Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
Contacts: Valley High Ventures Ltd. Robert Cameron (604) 682
5546 www.valleyhighventures.com
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