VANCOUVER, BRITISH COLUMBIA–(Marketwired – April 1, 2014) – Citation
Resources Inc. (the “Company” or “Citation”) (TSX VENTURE:CTT) is pleased to
announce that it has received formal written approval from The Ministry of
Environment and Natural Resources (SERMARNAT) that its permit applications for
its planned drill program at its Biricu Project have been approved and permits
have now been issued. The permits, along with the previously announced
permissions from the local community, allow Citation to immediately commence
drilling at its previously announced high-priority exploration targets. The
initial drill program will test the priority high-drill targets in Punto Rojo
and Northern Target areas with an initial exploratory drill program of a minimum
of 5,500 metres and 11 proposed holes. Each of the target areas contain the
geophysical, geochemical and geological characteristics consistent with other
discoveries in the area, including the neighboring Torex properties, Morelos and
Media Luna, and Goldcorp’s Los Filos.
“With the drill permits now in place, we are moving expeditiously to conclude
discussions with potential financing and strategic partners as we look to
advance exploration activity at Biricu into this next exciting phase,” said
Matthew Watson, current CEO and Chairman. In parallel, the Company is moving
towards finalizing the selection process for a CEO.
About Citation Resources
Citation Resources Inc. is a growth-oriented, Canadian mining company
dedicated to the exploration and development of precious and base metal
resources. Citation is based in Vancouver, British Columbia and aims to create
shareholder value through the acquisition, exploration, and development of
profitable mineral properties, in a manner that is consistent with best practice
in environmental stewardship, safety and stakeholder engagement. The Company has
an option agreement with Esperanza Resources Corp. to acquire a 100% interest in
the Biricu Project mineral exploration concession located in Guerrero State,
Mexico. The Biricu Project comprises more than 41,000 hectares of highly
prospectable ground and management believes that the Biricu Project is the
direct on-strike extension of five skarn deposits in the Guerrero Gold Belt (El
Limon-Los Guajes – Torex Gold Resources Inc.; Bermejal, Los Filos, and Nukay –
Goldcorp Inc.; Ana Paula – Newstrike Capital Inc.).
Some statements in this report contain forward-looking information. These
statements include, but are not limited to, statements with respect to future
exploration, expenditures, transactions and financings. These statements address
future events and conditions and, as such, involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of to be materially different from any future results,
performance or achievements expressed or implied by the statements. Such factors
include, among others, risks related to actual results of exploration
activities, the timing and amount of expenditures and the completion of
transactions and financings.
ON BEHALF OF THE BOARD OF DIRECTORS
CITATION RESOURCES INC.
Nigel Kirkwood, CFO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
Citation Resources Inc.