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| | March 02, 2009
Water Hen Acquisition Solidifies Land Package
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| | Calgary, AB (March 2, 2009) Prime Meridian Resources Corp (TSX-V, PMR: FRA, DYD) (PMR) has entered into an Exploration Rights Agreement ("Agreement") with The Morley Group (Morley) to acquire rights to certain mineral interests and leases, a total of approximately 500 acres within PMR's Water Hen Project Area (the "Property").The Property is located approximately 25 kilometers south of the Town of Hoyt Lakes in Minnesota, USA.
Water Hen Project
PMR initiated acquisition and exploration at the Water Hen Project because previous exploration programs discovered Cu-Ni-PGE mineralization with high grade shows. PMR believes there are good indications for the discovery of a significant, high grade Cu-Ni -PGE deposit and is compiling additional historic geophysical, geological and drill data for its exploration program at Water Hen.
PMR has been working for several years to acquire key land parcels that comprise the Water Hen Project Area ("Water Hen"). The land position now includes almost 1,500 acres. This solid land package will allow PMR to implement an effective mineral exploration program on Water Hen. The Project is located within the Midcontinent Rift System and the Duluth Complex, where proven geology is favorable for the discovery of mineable Cu-Ni-PGE deposits.
Subject to completion of additional due diligence satisfactory to PMR for the Morley acquisition and, if required, the approval of the TSX Venture Exchange and other regulatory bodies, PMR will have the right to earn a 90% working interest in the Morley mineral interests and leases by making an initial payment of $50,000.00 and payments of $50,000.00 per annum to Morley and making a minimum expenditure of $200,000 within 24 months of execution of the agreement. PMR's working interest will be vested by incurring total cumulative expenditures of two million dollars.
About Prime Meridian Resources Corp.:
Prime Meridian Resources Corp. is an exploration company with a portfolio of projects located in the Midcontinent Rift System of Michigan and Minnesota, Prime Meridian is recognized as a specialist within this historic area which is known to contain large and valuable base metal deposits. Our focus is on advancing projects to the drill ready stage and beyond while increasing shareholder value. PMR remains committed to exploring and developing its assets and to continue its Cu-Ni-PGE project development primarily focusing on the Midcontinent Rift System.
John F. Gartner, MSc. P.Geol, is PMR's Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, and has reviewed the technical information disclosed in this news release.
Prime Meridian Resources Corp
John Boreta
President
For further information, please refer to our website www.primemeridianres.com or contact:
Prime Meridian Resources Corp.
John Boreta
Tel: (403) 539-0192
info@primemeridianres.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
Certain disclosures in this release, including management's assessment of Prime Meridian's plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Prime Meridian's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Prime Meridian expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise. |
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