VANCOUVER, Jan. 26 /CNW/ - Amarc Resources Ltd. ("Amarc" or the "Company") (TSX-V: AHR, OTCBB: AXREF) announces that the Company has received $1.5 million in cash from the British Columbia Mining Exploration Tax Credit (METC) program.
The METC initiative was introduced by the BC Government to stimulate new economic activity in the province and includes an enhanced credit for mineral exploration in areas affected by the mountain pine beetle infestation. The pine beetle infestation has affected an area of approximately 13.5 million hectares and has had a significant impact on the Province's forestry industry. Since 2004, Amarc has spent in excess of $20 million on its BC initiative with exploration activities largely focused within the pine beetle affected areas. The objective of Amarc's BC program is to discover the next major metals mine in the Province.
Recent exploration activities by Amarc in the Sitlika Belt of central BC have led to the discovery of a number of new, extensive felsic volcanic centers associated with strongly anomalous copper and zinc signatures, which are highly prospective for the discovery of base metal-rich volcanogenic massive sulphide deposits. The promising Huge South target, located in the northern sector of the Sitlika Belt (also described in the Company's November 24, 2008 news release), is defined by an approximately 5 kilometer in length strong copper-in-soil anomaly that remains open and by an initial induced polarization geophysical survey. The Huge South target is to be tested during the 2009 field season.
Amarc Resources Ltd. is a Vancouver-based exploration and development company, focused on making the next major new mineral deposit discovery in the province of British Columbia. Amarc is affiliated with Hunter Dickinson Services Inc., the personnel and management of which have enjoyed considerable success in BC through their involvement with the Golden Bear, Mt. Milligan, Kemess, Prosperity, Gibraltar and Harmony deposits. Hunter Dickinson expects to further its B.C. success through Amarc.
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 Ronald W. Thiessen President & CEO The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release. Cautionary and Forward Looking Statement 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 possible future exploration results, resource potential or developments that Amarc expects to occur are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not 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, exploitation and exploration successes, effect of and changes to government policies regarding mining and natural resource exploration and exploitation, availability of capital and financing, geopolitical uncertainty and political and economic instability, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. 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.