Aug 19, 2008
METALS CREEK RESOURCES CORP.COMMENCES DRILLING ON THE TILLEX COPPER DEPOSIT, 45 KM EAST OF THE KIDD CREEK METALURGICAL SITE
Toronto, August 18 2008. Metals Creek Resources Corp. (the “Corporation”, TSXV: MEK) is pleased to announce the commencement of a 400 meter drill program on its Tillex property, located in Currie Township, 65 km east of Timmins, Ontario. The planned drilling will include two confirmation holes focused on the Tillex Copper Deposit, which was originally discovered in 1973 by Westmin Resources Ltd.. At the time, 17 drill holes were completed and the claims were taken to lease. A near-surface mineral resource of 1,338,000 tonnes grading 1.56% Cu was calculated in 1990 for the deposit (Pacifica Resources Ltd., 2005-6 Canadian Mines Handbook, page 318) however management notes that this calculation does not meet the standards as outlined in National Instrument 43-101, “Standards of Disclosure for Mineral Projects”, has not been independently validated or verified by the Corporation, and should not be relied upon. Since acquiring the Tillex property, the available data has been compiled and an EM and magnetic survey was completed on a recently established grid. The mineralization targeted by the Corporation’s drilling can be described as chalcopyrite and minor bornite within a mixed sequence of andesite, graphitic argillite, dacitic tuff and feldspar porphyry. Of particular note is that the Tillex mineralization is near surface and within 45 km of Xstrata Canada Corporation’s Kidd Creek metallurgical site. The Currie Township land package controlled by the Corporation now totals 152 contiguous patented and unpatented claim units covering 2400 hectares along the volcanic horizon which hosts the deposit.
The Corporation also announces today the entering into of an engagement letter with M Partners Inc. pursuant to which the Corporation intends to complete a non-brokered private placement to raise gross proceeds of up to $2,000,000 through the issuance of units, comprised of both flow through and non-flow through common shares and common share purchase warrants. The Corporation will pay a finders fee to M Partners Inc., and the pricing of the securities to be offered will be determined by the board of directors of the Corporation depending on market prices and the determination of fair market value. This offering will be subject to approval by the TSX Venture Exchange.
Management of the Corporation would also like to clarify that the 200,000 options granted to First Canadian Capital Corp. pursuant to a contract for investor relations services and previously announced by the Corporation in a press release on June 4, 2004, have an exercise price of $0.35.
Wayne Reid, PGeo, Vice President of Corporate Development for the Corporation and a qualified person as defined in National Instrument 43-101, is responsible for this release, and supervised the preparation of the information forming the basis for this release.
About Metals Creek Resources Corp.
Metals Creek Resources Corp. is incorporated under the laws of the Province of Ontario, is a reporting issuer in Alberta, British Columbia and Ontario, and has its common shares listed for trading on the Exchange under the symbol “MEK”. The Corporation is engaged in the identification, acquisition, exploration and development of mineral resource properties, and presently has mining interests in Ontario and Newfoundland and Labrador. Additional information concerning the Corporation is contained in documents filed by the Corporation with securities regulators, available under the company’s profile at www.sedar.com.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Alexander (Sandy) Stares, President and CEO
Metals Creek Resources Corp
telephone: (709)-256-6060
fax: (709)-256-6061