RIMOUSKI, QUÉBEC--(Marketwire - Aug. 23, 2012) - Ressources Appalaches (TSX VENTURE:APP) is pleased to announce the signature of an agreement to acquire the Dufferin East property, adjacent to the Dufferin Mine in Nova Scotia with Acadian Mining Corporation. This strategic acquisition is related to the future development of the mine, as it is contiguous and directly located to the east of Dufferin Mine. The Company now owns the rights on the anticline structure associated to the Dufferin deposit and its extension over 3.8 km, doubling the current extend.
A hole drilled in 2011 by Acadian located the anticline structure at a depth of approximately 150 metres. Several stratabound laminated quartz veins similar to those found on the Dufferin deposit and typical of "Saddle Reef vein" mineralisation were observed.
The Dufferin project is now composed of: Dufferin North, Mine Dufferin, Dufferin East, and Chocolate Lake, which are all located on the same anticline structure of 8.4 km long. Miller Lake and Ecum Secum properties are located on two other parallel anticlinal structures to the north and to the south of Dufferin, respectively.
With an area of 5.5 km2 (554 hectares), the Dufferin East property was acquired for $125,000 total made in two payments: an initial payment of $50,000 at signature and a final payment of $75,000 six months later. The claims are subject to a 2% net smelter return royalty, which may be purchased for $1 million.
Clarification on the private placement announced last August, 21: the finders can receive a commission of 5% on warrants exercised.
About Ressources Appalaches
Since it was created in 1994, the goal of Ressources Appalaches has been to discover and develop deposits of base and precious metals in Canada, and more especially in Québec and Nova Scotia. Appalaches' primary focus is with the exploration and development of the Dufferin gold mine in Nova Scotia.
The contents of this press release were prepared and checked by Alain Hupé, Eng. a Qualified Person as defined in NI 43-101. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts any responsibility for the adequacy or accuracy of this release.
This press release may contain certain forward-looking statements that include elements of risk and uncertainty. Consequently, actual results may differ substantially from those anticipated in such statements. These risks and uncertainties are described in the quarterly and annual reports, and in the documents submitted to the securities administration.