VANCOUVER, Feb. 20 /CNW/ - Amarc Resources Ltd. ("Amarc" or the "Company") (TSXV: AHR; OTCBB: AXREF) announces that, further to its press release dated December 19, 2008, the Company has completed the previously announced private placement financing and has issued 5,000,000 equity units (the "Units") at a price of $0.10 per Unit for gross proceeds of $500,000. Each Unit consists of a flow-through common share and a non-flow-through warrant (a "Warrant"). Each Warrant is exercisable to purchase an additional common share at a price of $0.10 for a 24 month period. The Units are subject to a four month hold period under applicable Canadian securities legislation.
Proceeds from the offering will be used for Canadian exploration expenses.
Amarc also reports that analytical results have been received from the diamond drilling program at the Bodine-Warren property located in the central area of the highly prospective Sitlika Copper-Zinc Belt, near Fort St. James, British Columbia. The 2,241-meter diamond drill program was designed to test targets defined by strong copper and zinc, with associated silver and lead, soil anomalies and induced polarisation geophysical signatures, over a 2,000 meters by 700 meter area. Drilling intercepted thick sequences of favourable felsic volcanic rocks confirming the favourable geological environment for volcanogenic massive sulphide mineralisation. Strong rock alteration was found associated with significant intervals of disseminated to stringer-like zones of sulphide mineralisation that returned strongly anomalous zinc and copper values. However, no economic mineralisation was encountered.
Amarc Resources Ltd. is a Vancouver-based exploration and development company. In recent times Amarc has been focused on early stage exploration with efforts primarily directed towards making the next major new mineral deposit discovery within B.C. Amarc has also recently expanded its search, evaluating proposals from favorable mining jurisdictions around the world. Amarc is affiliated with Hunter Dickinson Services Inc., the personnel and management of which have enjoyed considerable success both in B.C. Examples of successful projects world-wide include Golden Bear, Mt. Milligan, Kemess, Prosperity, Gibraltar, Pebble, Xietongmen, Campo Morado and Burnstone.
Mark Rebagliati, P.Eng., a Qualified Person as defined under National Instrument 43-101, is supervising the exploration and quality assurance and quality control programs on behalf of Amarc and has reviewed the content of this release.
ON BEHALF OF THE BOARD Robert A. Dickinson Chairman Neither the TSX Venture Exchange nor any other regulatory authority accepts responsibility for the adequacy or accuracy of this release.
Forward Looking and other Cautionary Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address estimated resource quantities, grades and contained metals, possible future mining, exploration and development activities, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements should not be in any way construed as guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices for metals, the conclusions of detailed feasibility and technical analyses, lower than expected grades and quantities of resources, mining rates and recovery rates and the lack of availability of necessary capital, which may not be available to the Company on terms acceptable to it or at all. The Company is subject to the specific risks inherent in the mining business as well as general economic and business conditions. For more information on the Company, Investors should review the Company's annual Form 20-F filing with the United States Securities and Exchange Commission and its home jurisdiction filings that are available at www.sedar.com.