July 17, 2008
Raytec Metals Corp. Granted Exploration Permit on KP441 Potash Claim; Applies for Additional Potash Permit
Raytec Metals Corp. (the "Company") (TSX-V: RAY) is pleased to announce the receipt of its first exploration permit from the government of Saskatchewan on the Company's KP441 Potash claim in central Saskatchewan. The company is now in the process of awarding a contract for the commencement of 2D and 3D seismic work on the claim in advance of a proposed phase two drill program.
The KP441 exploration permit grants the Company the right to explore approximately 55,436 acres of the claim block in an area of both highly prospective properties and producing potash mines. A NI43-101 compliant resource was recently calculated on the KP441 claim block based on two historic holes drilled by Canadian Exploration Ltd. in 1969. The resource estimation, which covers approximately 17% of the KP441 application area, included a net recoverable indicated resource of 12.49 million metric tonnes of K2O and a net recoverable inferred resource of 12.24 million metric tonnes of K2O. The NI43-101 report has been filed and is available on www.sedar.com.
Additionally, Raytec is pleased to announce the filing of permit application KP500 with the government of Saskatchewan. The application consists of 8,640 acres of land located directly southwest of Raytec's KP441 potash disposition and lies within an area of influence to the Company's recently announced NI43-101 resource estimate. This area was also previously drilled by Canadian Exploration in 1969 and lies within BHP Billiton Diamonds Inc./Anglo Potash Ltd.'s KP279 and KP305 potash dispositions. Once this permit has been granted, Raytec plans to recalculate its NI43-101 resource estimate to include the new land position.
"With the receipt of our exploration permit on the KP441 claim and the recent release of the NI43-101 report, we are effectively a year ahead in our exploration program," states Brian Thurston, President of Raytec. "The company is now committed to increasing shareholder value by focusing on its potash projects and commencing work that will lead to the expansion of our existing potash resource."
The company is now awaiting the receipt of exploration permits on its KP455, KP466 and KP467 claims which are contiguous with the KP441 potash claim along with the KP452 potash claim in south-central Saskatchewan. These claims cover an additional 202,560 acres. As such, the recent NI43-101 compliant resource represents only 7% of the Company's total potash applications. The company anticipates that these will be granted in the next several weeks and will be making announcements as each is received.
The Company also wishes to announce the resignation of Jerry A. Minni from its Board of Directors. The Company thanks Mr. Minni for his contribution over the years and wishes him success in the future.
Raytec Metals Corp. is a dynamic Canadian exploration company focused on the development of nearly 300,000 acres of potash claims located in Saskatchewan, Canada -- the largest producing region for potash in the world. The potash claims are located near two world-class potash mines in production since the 1960s and are directly adjacent to claims held by BHP Billiton. The company also holds iron ore projects in Ontario and uranium projects in the Athabasca Basin of Saskatchewan. Active work programs are planned for all projects in the fall of 2008.
On behalf of the Board, RAYTEC METALS CORP. "Brian Thurston," President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
Contact: Raytec Metals Corp. Brian Thurston Email: [email protected] Phone: 604-669-9330
SOURCE: Raytec Metals Corp.