Welcome!

News Feed Item

Declan Resources Inc. Announces Property Acquisitions, Completion of VTEM Program and $2 Million Financing

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/30/14 -- Declan Resources Inc. ("Declan" or the "Company") (TSX VENTURE: LAN) announces that it has acquired four Saskatchewan Athabasca basin mineral claims ("Athabasca Property") and ten Wyoming mineral claims ("Copper Mountain Property") as part of its ongoing exploration program.

The Copper Mountain Property covers the majority of the North Canning Uranium Deposit drilled by Rocky Mountain Energy Corp. in the 1970s and 1980s. According to "Uranium Deposits of the World, Volume 2" by Franz J. Dahlkamp, published in 2010, page 247, "This deposit has resources of approximately 2,500 t U at grades averaging .05% (cutoff .017% U)." 2,500 tonnes U is approximately 6.5 million pounds U3O8. Declan does not control the database at this time. This calculation does not meet NI 43-101 guidelines and should not be relied upon. It is only included as a historical reference.

The Athabasca Property has been acquired from a non-arm's length vendor in consideration for 9,000,000 common shares of Declan. The Copper Mountain Property has been acquired from one arm's length and one non-arm's length party for total consideration of 2,000,000 common shares of Declan. The share payments are to be made on final receipt of TSX Venture Exchange ("TSX-V") approval of the acquisitions. The vendors of the Copper Mountain Property retain a 2% gross overriding royalty. No royalty is payable on the Athabasca Property.

All securities to be issued in connection with the property acquisitions are subject to a four month hold period from the date of issuance. Closing of the property acquisitions is subject to final TSX-V approval.

The Company also wishes to update that it has completed a 1004 line kilometer VTEM plus program on its newly acquired Maybelle North and Richardson River properties in the Athabasca Basin, Alberta. Preliminary data from the airborne EM, flown by Aeroquest International Limited, reveals 4 electromagnetic trends that link up with the regional magnetic linears. Further analysis of this dataset will assist in locating graphitic conductive features within meta-sedimentary rocks that are associated with unconformity-style uranium deposits in the Athabasca Basin.

A 2005 VTEM survey by Red Dragon Resources successfully mapped the graphitic conductor associated with the Dragon Lake Deposit located approximately 25 kilometres to the south of the Maybelle River North Project. The results of that survey indicated that more than one parallel zone trends toward the Declan properties.

The Maybelle North and Richardson River properties, both located within relatively shallow parts of the western Athabasca Basin, cover potential northerly extensions to the structure which is host to a significant uranium deposit along the Maybelle River Shear Zone. This deposit includes an intersection with 21% U3O8 across 5 metres and reported grades of up to 54.5% U3O8, according to the Alberta Geologic Survey website. Declan believes that the same or parallel structures trend to the north onto Declans Maybelle North Project.

The Company also announces a non-brokered private placement of up to 20 million units at a price of 10 cents per unit for gross proceeds of $2-million. Each unit shall comprise one common share and one non-transferable share purchase warrant. Each warrant entitles the holder to purchase one common share at any time within 24 months of the date of issuance at a price of 15 cents per share. A finder's fee shall be payable in connection with this private placement, in cash, shares, warrants or a combination of the foregoing.

The Company also advises that its board of directors (the "Board") has adopted an advance notice policy (the "Policy") which includes, among other things, a provision that requires advance notice be given to the Company in circumstances where nominations of persons for election to the Board are made by shareholders of the Company other than pursuant to: (i) a requisition of a meeting made pursuant to the provisions of the Business Corporations Act (British Columbia) (the "Act"); or (ii) a shareholder proposal made pursuant to the provisions of the Act.

Additionally, the Policy sets a deadline by which holders of record of common shares of the Company must submit director nominations to the Company prior to any annual or special meeting of shareholders, sets forth the information that a shareholder must include in the notice to the Company, and establishes the form in which the shareholder must submit the notice for that notice to be in proper written form.

In the case of an annual meeting of shareholders, notice to the Company must be made not less than 30 days nor more than 65 days prior to the date of the annual meeting. However, in the event that the annual meeting is to be held on a date that is less than 40 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the tenth (10th) day following such public announcement.

In the case of a special meeting of shareholders (which is not also an annual meeting) notice to the Company must be made not later than the close of business on the fifteenth (15th) day following the day on which the first public announcement of the date of the special meeting was made.

The Company will, at its next annual meeting, seek shareholder approval to amend the articles of the Company to include the provisions of the Policy. The Company's next annual general meeting has been scheduled for June 10, 2014.

The full text of the Policy is available under the Company's SEDAR profile at www.sedar.com.

Declan also announces the cancellation of 2,400,000 existing stock options.

Terrence Osier is the "Qualified Person" as defined in National Instrument 43-101, who has reviewed and approved the technical content in this news release.

About Declan Resources Inc.

Declan Resources Inc. is a junior mineral exploration company based in Vancouver, B.C. which is currently pursuing uranium exploration in the Athabasca Basin in Alberta and Saskatchewan.

Neither the 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:
Declan Resources Inc.
Tyson King
(604) 639-4472
www.declanresources.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
With over 720 million Internet users and 40–50% CAGR, the Chinese Cloud Computing market has been booming. When talking about cloud computing, what are the Chinese users of cloud thinking about? What is the most powerful force that can push them to make the buying decision? How to tap into them? In his session at 18th Cloud Expo, Yu Hao, CEO and co-founder of SpeedyCloud, answered these questions and discussed the results of SpeedyCloud’s survey.
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
SYS-CON Events announced today that MangoApps will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
Redis is not only the fastest database, but it is the most popular among the new wave of databases running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 19th Cloud Expo, Dave Nielsen, Developer Advocate, Redis Labs, will share the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, discussed using predictive analytics to mon...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
In his session at @DevOpsSummit at 19th Cloud Expo, Yoseph Reuveni, Director of Software Engineering at Jet.com, will discuss Jet.com's journey into containerizing Microsoft-based technologies like C# and F# into Docker. He will talk about lessons learned and challenges faced, the Mono framework tryout and how they deployed everything into Azure cloud. Yoseph Reuveni is a technology leader with unique experience developing and running high throughput (over 1M tps) distributed systems with extre...
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
As companies gain momentum, the need to maintain high quality products can outstrip their development team’s bandwidth for QA. Building out a large QA team (whether in-house or outsourced) can slow down development and significantly increases costs. This eBook takes QA profiles from 5 companies who successfully scaled up production without building a large QA team and includes: What to consider when choosing CI/CD tools How culture and communication can make or break implementation
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.