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News: Crazy Horse signs LOI to buy Philippines port

News bei Crazy Horse Resources Inc. – LOI abgeschlossen zum Erwerb eines Hafengebietes:

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Crazy Horse signs LOI to buy Philippines port

Crazy Horse Resources Inc (C:CZH)
Shares Issued 49,489,123
Last Close 2/25/2011 $1.30

Monday February 28 2011 – News Release

Mr. Johan Raadsma reports


Crazy Horse Resources Inc. has entered into a letter of intent with a private Philippine company to acquire a 16-hectare port facility in Batangas, Philippines, to handle the production from the company’s Taysan copper-gold project, assuming its successful development.

The site is on the southern end of Batangas Bay and adjoins the Shell Malampayan Onshore Gas Plant, the primary gas supply point to the Philippines. The facility comprises a 6m x 147m T-pier with two dolphins, licensed foreshore lease, administrative buildings, security fencing and site services, including power and water. Access from Taysan Copper Gold Project is via 20 km’s of paved road.

The Company anticipates the port facility to be able to handle all potential loading and shipping of production from the Taysan Copper Gold Project, as well as importation of construction materials and operating consumables, and will serve as the site for a power plant for its required 70MW of project power.

Johan Raadsma, President of Crazy Horse states, „We are extremely excited about this strategic asset, which is well positioned near a substantial gas supply for our power requirements, with existing port facilities to ship (assuming its successful development) copper/gold/silver concentrate from our Taysan project as well as magnetite product, with ample room for construction and operating logistics.“

Under the terms of the letter of intent, the Company has until April 24, 2011 to complete technical and legal due diligence of the port facility. Assuming satisfactory due diligence, a definitive asset purchase agreement will then be signed by the parties, and the Company will then be required to make stage purchase payments. The final terms of the acquisition will be provided upon the Company entering into a definitive asset purchase agreement.

Taysan Project

A copy of the National Instrument 43-101 („NI 43-101“) report by R.Sowerby, of Geosynthesis Pty Ltd. entitled „A Technical Review of Exploration and Resource Estimates of the Taysan Project, Batangas Province, Philippines“, in collaboration with Mining Associates Inc. of Australia, can viewed under the Company’s profile on SEDAR (

The Project contains a drill defined copper-gold porphyry deposit, and is comprised of two mining exploration permits and three mining exploration permit applications (permits: EP-IVA-005 and EP-IVA-016, and permit applications: EPA-IVA-108, EPA-IVA-111 and EPA-IVA-081) over five contiguous claim blocks covering a combined total area of 11,254 hectares. The Project hosts a large and only partly explored copper-gold porphyry deposit similar to other copper-gold porphyry deposits previously mined in the Philippines. The Project is located in southern Luzon, Philippines in a well-developed mining province and readily accessible by road located 20km east of the provincial capital and deep-water commercial port of Batangas City. The Company is currently conducting a confirmatory scoping study under the management of AMEC Minproc Limited, which remains on track and on schedule.

Stock Option Grant

The Company announces the grant of stock options to certain of its directors, officers and consultants to purchase up to 1,900,000 common shares. Each option is exercisable to acquire one common share of the Company at a price of $1.30 until February 28, 2016 in accordance with the terms of the Company’s stock option plan.

We seek Safe Harbor.

Unsere Einschätzung:

Auf Basis der heutigen News legt der Akienkurs von Crazy Horse aktuell knapp 8 % an der kanadischen Börse zu – die Investoren scheinen die heutige Unternehmensmeldung also für einen guten Schritt zu halten – dem schließen wir uns an.

Beachten Sie unbedingt unseren Disclaimer sowie unseren Hinweis zum “Interessenkonflikt bei Crazy Horse Resources Inc.“.

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