May 31, 2012 - Vancouver, BC - Amarc Resources Ltd. (“Amarc”
or the “Company”) (TSX Venture: AHR; OTCBB: AXREF) announces that, effective May
22, 2012, the Participating Interest of Newton Gold Corp. (“NGC”) in the Newton
Joint Venture converted to a 5% Net Profits Interest in accordance with the
terms of the Joint Venture Agreement between the Company and NGC. As a result,
NGC will no longer be a participant in the Joint Venture and the Newton Joint
Venture Agreement has terminated. Amarc now holds a 100% interest in Newton
property, subject only to the 5% Net Profit Interest to NGC and a Net Smelter
Return Royalty to underlying property vendors which can be purchased for $2
million.
Delineation drilling of the Newton gold discovery commenced in late September
and has progressed rapidly, with the completion of approximately 16,000 metres
in 43 diamond drill holes. This recent drill phase brings the total drilling of the Newton deposit to
approximately 23,300 metres in 72 holes. Drilling activities on the project
have now been placed on standby, so that all assay results can be received and
compiled. The camp, core processing facilities and one drill rig remain on
site. Over the next two months Amarc’s geological team will integrate the
incoming assay data with information from various on-going geological studies,
including state-of-the–art drill core imaging technology which will assist in
vectoring towards gold enriched areas of the Newton system. Further assay
results will be compiled shortly and available for release. In addition a
resource estimate for the Newton deposit is underway and is expected in
mid-July. All of this work will inform management’s plans for further
exploration of the Newton property.
Permit applications for extensive Induced Polarization ground geophysical
surveys around the Newton discovery and additional drilling have been submitted
to the provincial government.
Newton lies 175 kilometres south of New Gold’s Blackwater gold deposit and
some 100 kilometres west of the City of Williams Lake, BC, in a region
characterized by gently rolling hills. The district is well served by existing
transportation and power infrastructure and a skilled workforce, which support a
number of operating mines, as well as late-stage mineral development and
exploration projects…
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