Gold Reach's Ootsa Lake enters LOU with Cheslatta
November 16, 2010
Mr. Conrad Swanson reports
GOLD REACH RESOURCES LTD. AND CHESLATTA CARRIER NATION SIGN LOU
Gold Reach Resources Ltd. has signed a letter of understanding with the Cheslatta Carrier Nation through its wholly owned subsidiary Ootsa Lake Resources Ltd.
The LOU between Ootsa and Cheslatta has been signed so that the two parties can establish a business relationship and understanding regarding the continuing mineral exploration and development work on Ootsa's Ox and Seel properties, located in northwest British Columbia near Burns Lake. The parties have agreed to act in good faith in negotiating the basic terms of a formal joint venture arrangement for the future development of the Ox and Seel properties.
Ootsa owns a 100-per-cent ownership interest in the Ox and Seel properties, which total 19,000 hectares of land located eight kilometres from the producing copper-molybdenum Huckleberry mine. Two separate resources have been identified from over 100 diamond drill holes on the Ox and Seel properties, resulting in NI 43-101 tonnage estimates being compiled for each resource.
Cheslatta is an Indian community located on the south side of Francois Lake near Burns Lake, B.C., and has rights and title over the area that the Ox and Seel properties are located. Cheslatta chief Corrina Leween said that the community is pleased with the LOU and excited about the potential business opportunities that may arise from the agreement. "The Cheslatta Nation recognizes that this agreement is the first step toward developing a formal business relationship with Ootsa that will allow us to work together to develop a project that is environmentally sound as well as economically viable. We are happy to be part of this exciting venture and feel encouraged by the good faith that Ootsa has demonstrated by openly working with us early in the process."
Conrad Swanson, president of Gold Reach Resources and Ootsa, said that the decision to work with Cheslatta on this project was an easy one. "We recognize the role that Cheslatta plays in development of projects located within their territory, and we look forward to a continued positive relationship with the community as the project develops."We seek Safe Harbor.