VANCOUVER, British Columbia, Feb. 20, 2018 (GLOBE NEWSWIRE) — Irving Resources Inc. (CSE:IRV) (“Irving” or the “Company”) is pleased to announce it has received the final approval and registration of the Omui Mining Right from the Ministry of Economy, Trade and Industry (“METI”), Hokkaido Bureau. The Omui Mining Right encompasses an area of roughly 2.98 sq km (298 hectares) covering a hot spring centre hosted by Miocene intermediate and felsic volcanic rocks and is part of Irving’s 100% controlled Omu high-grade gold-silver vein project.
Registration of the Omui Mining Right allows Irving to now submit plans for trial mining and exploration activities within Omui Mining Right. Irving plans to undertake trenching and bulk sample extraction and diamond core drilling as part of exploration and evaluation of high-grade veins discovered at surface at Honpi, Nanko and other recently identified target areas (Please refer to Irving’s news releases dated September 21 and December 6, 2017 and January 3 and January 22, 2018 for further details.). Irving is currently working with Mitsui Mineral Development Engineering Co., Ltd (“MINDECO”) to develop trial mining plans and exploration for submission to METI Hokkaido Bureau.
“Irving would like to thank MINDECO for their tireless effort to complete the transfer of the Omui Mining Right and for their exceptional work and continuing support for Irving in Japan,” stated Mrs. Akiko Levinson, President and Chief Executive Officer of Irving.
Over the past 18 months, Irving has filed a total of 50 prospecting licenses covering an area of approximately 152.03 sq km in the vicinity of the Omui mine including another past producing mine, Hokuryu, situated 8 km west of Omui. In addition, the Company has secured 1.99 sq km (198.68 hectares) of surface rights by way of land acquisitions and long-term lease agreements. These key properties are considered critical for proceeding with exploration and test mining work and put the Company in a strong position to advance the Omu Gold-Silver Project. Granting of approval to exploration license applications in areas surrounding the Omui Mining Right, including those that cover the newly discovered Omu sinter target, is awaited.
About Omui Mining Right:
In a news release dated August 29, 2016, Irving announced it had entered into an agreement to purchase the Omui Mining Right. The total purchase price for the Omui Mining Right is JPY40,000,000 cash (CAD $477,000) and JPY10,000,000 (CAD $118,100) worth of Irving common shares. Now that the registration is complete, the Company will issue 135,747 common shares of the Company. The shares will be subject to a statutory hold period of four months from the date of issuance.
About Irving Resources Inc.:
Irving is a junior exploration company with a focus on gold in Japan. Irving also holds, through a subsidiary, Project Venture Agreements with Japan Oil, Gas and Metals National Corporation (JOGMEC) for joint regional exploration programs in the United Republic of Tanzania, the Republic of Malawi and the Republic of Madagascar. JOGMEC is a government organization established under the law of Japan, administrated by the Ministry of Economy, Trade and Industry of Japan, and is responsible for stable supply of various resources to Japan through the discovery of sizable economic deposits of base, precious and rare metals.
Additional information can be found on the Company’s website: www.IRVresources.com.
President & Director
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CONTACT: For further information, please contact: Tel: (604) 682-3234 Toll free: 1 (888) 242-3234 Fax: (604)641-1214 info@IRVresources.com