VAL-D'OR, QUEBEC -- (Marketwired) -- 04/02/13 -- CORPORATION EXPLORATION ILEDOR ("ILEDOR" OR THE "CORPORATION") (TSX VENTURE: ILE) is pleased to announce the closing of the acquisition from Bertrand Brassard of a direct property interest of 100% of 232 mining claims in the Coleraine property located in the Thetford Mines region and of 37 mining claims in the Sterret property in the Asbestos in consideration of the issuing of two millions nine hundred forty thousand (2,940,000) class "A" shares in the capital stock of the Corporation (the "Common Shares"), and the payment of a 2% royalty to the vendor from the net smelter returns, of which 1% is redeemable by the Corporation for a lump-sum of $1,000,000 (the "Transaction"). The Common Shares are partially held in escrow for a period of 21 months and will be released in successive tranches until November 10, 2014. In the scope of the Transaction, the Corporation has paid to Seguin Racine, Attorneys, an arm's length party, and intermediation fees of two hundred ninety-four thousand (294,000) Common Shares. Each Common share is subject to a mandatory holding period of four (4) months and one (1) day. The Corporation has obtained all required approvals from the TSX Venture Exchange in order to close.
The Coleraine and Sterret properties, as reported in the National Instrument 43-101 Technical Report dated of March 15 2013 and available on SEDAR (www.sedar.com) under the Company's filed documents, covers about 13,078 hectares and are located in the Appalachian Mountain in the Eastern Townships of southern Quebec. Both areas are underlain by Cambro-Ordovician mantle and lower crustal rocks of the Thetford Mines and Asbestos Ophiolite Complex comprised of an assemblage of differentiated mafic and ultramafic rocks.
The Coleraine Property is located approximately 230 kilometers NE of Montreal and 5 kilometers south of the City of Thetford Mines in the Province of Quebec. The property consists of 232 mining claims totaling 10 852 hectares and lies within the NTS Quadrangles 21E/14 and 21L/03 and is easily accessible by road and secondary roads from Thetford Mines.
Compiling and analyzing of previous work from the Coleraine Property led to confirm the very close relationship between the cumulate sequence of the Thetford Mines Ophiolitic Complex, chromiferous mineralization and Platinum Group Element (PGE) mineralization. More than ten (10) known historical chromite deposits and chromite showings were recognized and defined (Montreal Mine, American Chrome Mine, Greenshields Mine and the showings American Chrome Jr., Cesar, Dumais, Finneth, Gagne, and Lambly-Nadeau). A total of approximately 34,000 tons of ore with an average grade of 40.44% Cr2O3 (27.67% Cr) were produced from the Montreal Mine. Mining of this deposit was carried out during the following periods: 1894-1899, 1901-1903, 1907-1910, 1915-1918 and 1941-1949. The results of the past work are very interesting and significant for Iledor since they not only confirm the presence of platinum and palladium on the Coleraine Property, but also seem to show that PGE mineralization is preferentially associated with the contact between the ultramafic and mafic units of the Thetford Mines Ophiolitic Complex. The later observation opens up very great exploration potential since more than 10 kilometers of the contact is present on the Coleraine Property. Large-scale mapping and prospecting of the contact led to identifying new Platinum Group Elements showings.
The Sterret Property is located approximately 150 kilometers NE of Montreal and 8 kilometers south of the City of Asbestos in the Province of Quebec. The property consists of 37 mining claims totaling 2 226 hectares and lies within the NTS Quadrangles 31H/09 and is centered on coordinates 261,800 mE and 5,062,550 mN (UTM Nad 83). Only the lower unit of the complex underlies the property.
Over the years, many exploration programs have been carried out on the Sterret Property, mainly for the discovery of chromite mineralization. The Sterret mine has produced more than 150 000 tonnes of chromite ore at a grade of about 18% Cr203. The Sterret Property has not been systematically investigated in terms of potential PGE mineralization. In view of the similar ages and lithologies and of the interpreted correlation with the Thetford Mine Ophiolitic Complex, it is significant that the property offers an interesting potential for PGE exploration.
The proceed of the Placement (press release of Iledor dated February 21, 2013) will be mainly used for the advancement of the Coleraine and Sterret properties. The phase one (1) exploration program has the objective of validating the historic results on the Properties. The first phase includes a detailed GIS data compilation (geological maps and Diamond Drill Holes) and a synthesis to delineate the priority targets follow up surface work. This phase will be follow by detailed field prospecting and geological mapping with a systematic sampling.
All technical information included in this press release have been reviewed and approved by Bertrand Brassard (P.Geo., M.Sc.) and Serge Gaudard, P.Geo., OGQ, from Consultant GEM, qualified persons under National Instrument 43-101 rules.
Statements made in this news release that are not historical facts are "forward-looking statements" and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these "forward-looking" statement.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Mr. Bertrand Brassard
President and Chief Executive Officer
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