|May 11, 2009|
Bitterroot Increases Ownership Of Mineral Creek Project To 100 Percent
|Bitterroot Resources Ltd. (BTT, TSX-V) and Mineral Creek Ventures Inc. have entered into an agreement whereby Bitterroot will increase its ownership of the Mineral Creek gold property in British Columbia from 75 percent to 100 percent. Bitterroot will acquire the additional 25 percent interest in the Mineral Creek gold property by issuing 2,000,000 common shares and granting a 0.5 percent net smelter returns royalty to Mineral Creek Ventures Inc. |
Mineral Creek Ventures Inc. will retain the right to;
2.remove an additional 2,500 tonne bulk sample from the Linda Zone, with the costs and proceeds shared by Bitterroot and Mineral Creek Ventures Inc. on a 55/45 basis,
3.remove a 500 tonne bulk sample from the 900 Zone, with the costs and proceeds shared by Bitterroot and Mineral Creek Ventures Inc. on a 50/50 basis.
Bitterroot has also increased its ownership in four adjoining, privately-held claims from 75 percent to 100 percent by issuing 34,000 common shares to the vendor.
In April, Mineral Creek Ventures Inc. crews resumed work on the bulk sampling program. A ball mill with a capacity of approximately one tonne per hour is currently being installed. Mining, processing and exploration drilling activities are expected to resume in May. Drilling will test the high-grade Ember and Linda veins with a program of close-spaced drilling designed to establish a resource compliant with NI 43-101 reporting standards.
Bitterroot's acquisition of the remaining 25 percent interest in the Mineral Creek property and adjoining claims is subject to the approval of the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael S. Carr
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.