Tower Resources Terminates Option for JD Property; Focuses on Rabbit North Copper and Gold Property
Vancouver, B.C. / TheNewswire / April 1, 2016 - Tower Resources Ltd. (TSX.V: TWR) has elected to terminate the JD property option agreement dated September 7th, 2011, later amended January 28th, 2015, to acquire 100% interest in the JD Property, northern British Columbia.
Tower's management and board wish to thank the JD Property vendors, Mr. Victor Erickson and Mr. Cameron Scott, for their contributions during this multi-year partnership.
Mark Vanry, President and CEO, states, "We feel that with the current downturn in the market that further JD option expenditures are not warranted. We will now focus on advancing our exciting Rabbit North copper and gold porphyry project located in a significant and active mining district."
The road accessible Rabbit North copper and gold property is located in the Kamloops Mining District of southern British Columbia. The property consists of 34 mineral tenures covering 16,400 hectares, which are in-part abutting New Gold Inc.'s tenures which cover the New Afton mine. The producing New Afton copper and gold mine is approximately 14.5 kilometers east of the main Rabbit North targets. These Rabbit North targets are also 28 kilometers east-northeast of the producing Highland Valley copper mine operated by Teck Resources Ltd., Canada's largest copper producer.
Despite the current downturn in the junior mining industry, Tower remains well positioned with a dedicated board and management team, capital in its treasury and a diversified portfolio of three prospective and commodity diversified projects at different stages of development.
The technical content of this news release has been reviewed and approved by Christopher Leslie, M.Sc., P.Geo., Vice President, Exploration for the company and qualified person as defined by National Instrument 43-101.
Mark Vanry - Director, CEO & President
(604) 558-2565
mvanry@towerresources.ca
www.towerresources.ca
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statement Caution
This news release contains certain "forward-looking statements", as defined in the United States Private Securities Litigation Reform Act of 1995, and within the meaning of Canadian securities legislation. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change, except as required by law. There are numerous risks and uncertainties that could cause actual results and Tower's plans and objectives to differ materially from those expressed in the forward-looking information. The reader is urged to refer to the Company's public disclosure which is available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.
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