JOURNEY RESOURCES CORP.
1208 – 808 Nelson Street
Vancouver, B.C. V6Z 2H2
Tel: (604) 633-2442
NEWS RELEASE
| October 24, 2007 | TSX-VENTURE: JNY |
| | FRANKFURT: JL4 |
| JOURNEY ENTERS DEFINITIVE PURCHASE AGREEMENT |
| TO ACQUIRE SILVER MOUNTAIN MINE |
| |
VANCOUVER, BRITISH COLUMBIA-Journey Resources Corp. (“Journey” or the “Company”) is pleased to announce that, subject to regulatory approval, it has entered into a mineral claim purchase agreement (the “Purchase Agreement”) with Marlene Lamilla (the “Owner”), an individual who owns a 100% right, title and interest in and to certain mining claims comprising the Silver Mountain property in Lima, Peru (the “Property”). Pursuant to the Purchase Agreement, Journey has the exclusive right to acquire a 100% right, title and interest in and to the Property through its wholly owned Peruvian subsidiary, Minera Journey Resources SAC.
The Property is an advanced stage exploration property covering approximately 1,684 hectares, located approximately 75 kilometers east of Lima City and 50 kilometers south of Peru Copper’s Toromocho property and Pan American Silver's Morococha Mine. The deposit is on the southern border of the long hydrothermal alteration trend known as the Central Polymetallic Belt, situated in the Western Andeen range at an average elevation of 4,200 meters. The mine is currently comprised of 4 drifts, developed on 4 levels, approximately 2 kilometers long in total. The target area is 800 meters by 400 meters in surface area and is characterized by tectonism developing compressive folds, reverse faults and transverse faults aligned northwest-southeast, along with volcanism depositing flows and tuff. The veins are open, along strike in both directions and open at depth.
Under the terms of the Purchase Agreement, Journey must fulfill certain payment requirements. In consideration for a 100% right, title and interest in and to the Property, Journey shall pay to the Owner a cash amount equal to CDN$80,000 and shall issue to the Owner 2,500,000 common shares of Journey’s capital on or before November 1, 2007. In addition to such payment requirements, Journey has agreed to pay Owner a 1% net smelter royalty in the event of commercial production of the Property.
A finders’ fee will also be payable in connection with the acquisition of the Property.
Jack Bal, President and CEO of Journey commented: “The Company has hired a local Peruvian company to clean and revitalize underground workings to allow access to the project. The Company plans to commence an underground sampling and mapping program as soon as possible to confirm past results."
Journey Resources Corp. is a growth oriented, mineral-exploration resource company trading on the TSX Venture Exchange (Symbol : JNY) and the Frankfurt Stock Exchange (Symbol : JL4). The Company is currently exploring three advanced exploration-stage projects; the Vianey Mine Silver Project in Mexico, the Musgrove Gold Project, Idaho, USA and the Empire Mine Project, Idaho, USA. The Company is aggressively pursuing additional acquisition opportunities.
– 2 –
For additional information, contact Jack Bal at (604) 633-2442, toll free 1-800-667-1442, e-mailjackbal@journeyresourcescorp.com , or visit websitewww.journeyresourcescorp.com
ON BEHALF OF THE BOARD OF DIRECTORS
“Jatinder (Jack) Bal
JATINDER (JACK) BAL
Director
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the contents herein.
