VANCOUVER, BRITISH COLUMBIA- Nov. 17, 2009 – Kent Exploration Inc. (the “Company” or “Kent”) (TSX VENTURE:KEX) is pleased to announce that through its wholly owned subsidiaries, Archean Star Resources Australia Pty Ltd and Archean Star Resources Inc, (together “Archean”), it has entered into an Option Agreement (the “Agreement”), with Teck Australia Pty Ltd (Teck), to earn 100% of Teck’s interest in the Gnaweeda Gold Project in the northern Murchison Province of Western Australia. Teck currently has the right to earn a minimum 70% interest in the Project from Chalice Gold Mines Ltd, an ASX-listed company.
Teck reports that, since 2006, it has conducted limited RC drilling (<300m deep) that returned significant gold intersections at depths ranging from 17m to 280m, including 4m at 17.7g/t, which includes a 1m intersection of 59.27g/t, 5m at 13.49g/t, 5m at 11.64g/t, 3m at 11.87g/t, 3m at 4.85g/t and 3m at 4.39g/t. Newcrest and Australian Gold Resources identified extensive gold and arsenic anomalies in historic intersections on the property in an area along a 15km strike and up to 750m wide.
Following up on the recommendations in the recently completed NI-43-101 report on the Gnaweeda property and subject to permit approvals, an approximately 15 hole diamond drill program, consisting of up to 1,100 meters on the Turnberry prospect and 400 meters on the Bunarra prospect is planned for early in 2010. An approximately AUD$50,000 geological program, including locating the planned drill holes, is projected for completion by approximately the end of December 2009.
Archean will be the operator of the Project during the option period. Ms. Nancy Reardon, M.Sc. P.Geol., the Company’s senior consulting geologist for Australia and New Zealand, is responsible for the Company’s exploration program on the Project. The Gnaweeda Project, which lies approximately 640km northeast of Perth and 35km northeast of the townsite of Meekatharra, comprises a package of two exploration licenses over a strike length of 28km of the Gnaweeda Greenstone Belt. Three gold deposits in excess of 1 million ounces each, Bluebird, Meekatharra and Reedy, occur within the adjacent Meekatharra-Mt. Magnet Greenstone Belt.
To earn its interest in the Gnaweeda Project, the Company is required to fund AUD$3 million in exploration expenditures over 4 years, with a AUD$200,000 first phase exploration program (of which approximately AUD$112,000 has been expended to date) to be completed by March 31, 2010. Once the Company has earned its interest in the Project, Teck has the right to claw back 75% of the Company’s interest by spending 2.5 times the Company’s exploration expenditures.
Kent Exploration Inc is a junior exploration company that has an Option Agreement to earn 100% of Teck’s interest in Chalice Gold Mines Limited’s Gnaweeda Gold Project in West Australia and has acquired the Alexander River, Paparoa and Lyell gold projects in the highly prolific Reefton gold field in New Zealand.
The Company has an option to earn a 100% interest in the Silver Hills property, a silver/lead/zinc prospect in south-eastern British Columbia, and has a 100% interest in the Courtney Lake property, a silver/lead/zinc prospect in north-east Saskatchewan. The Company has a 100% interest in Coal Prospecting Permits covering approximately 92,000 ha in east-central Saskatchewan, a 100% interest in a mining lease option on the Flagstaff Mountain property, a gold/silver/zinc/barite prospect in eastern Washington state, a 100% interest in the mining lease option on the Ivanhoe Creek property, a Midas-style gold/silver target in Nevada’s Carlin Trend, and 50% of a 100% interest in the Ivanhoe Creek placer claims covering a bentonite deposit.
This News Release has been prepared on behalf of the Kent Exploration Inc. Board of Directors, which accepts full responsibility for its contents.
ON BEHALF OF THE BOARD
Graeme O’Neill, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
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Kent Exploration Inc