Raytec Metals Corp.: Drilling Starts on Riverlake Property, Saskatchewan
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Aug. 26, 2008) – Raytec Metals Corp. (the “Company”) (TSX VENTURE:RAY) along with its joint venture partner Triex Minerals Corp. (“Triex”) (TSX VENTURE:TXM), is pleased to announce the commencement of the 2008 summer diamond drill program at the Riverlake & Highrock properties located in the Athabasca Basin of Saskatchewan. Approximately 2,500 metres of diamond drilling is planned to test three main areas. The targets are near-surface, basement-hosted uranium deposits associated with steeply dipping, laterally continuous conductors. The conductors were identified by an airborne EM survey in 2007, and later confirmed and refined by a ground HLEM survey in 2008. During historic exploration in the 1970′s, surface geochemical anomalies were identified on the properties but conductors were not known and no drilling was undertaken.
Concurrent with this drill program, reconnaissance surface geochemistry and prospecting programs will be conducted to cover other prospective areas on the properties.
The Riverlake and Highrock properties consist of eight mineral claims covering 31,762 ha. The claims are in two groups, located on either side of Highway 914 at the southern margin of the Athabasca Basin, south of the Key Lake uranium mine. Triex has the right to earn an initial 51-per-cent joint venture interest in the two properties by making $1.2-million in staged exploration expenditures on or before Nov. 24, 2008. Triex can increase its ownership interest to 70-per-cent by incurring an additional $2.4-million in staged exploration expenditures on or before Nov. 24, 2011.
The Company announces that it has granted stock options to contractors under its stock option plan, for the purchase of up to 100,000 common shares of the Company at a price of $0.80 per share for a period of two years.
Raytec Metals Corp. is a dynamic Canadian exploration Company focused on the exploration and commercialization of potash in Saskatchewan, Canada – the largest producing region for potash in the world. The company has been permitted to prospect 91,549 acres with 207,360 acres still pending. The Company’s potash claims are located near two world-class potash mines that have been in production since the 1960s and are also directly positioned 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
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.
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