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 It is only included as a historical reference.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
DX World EXPO, LLC, a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Conference Guru has been named “Media Sponsor” of the 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great deals to gre...
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
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 develop...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...