The TSX Venture Exchange has granted approval to Tarsis Resources Ltd. (TSXV:TCC) for the extension of the term of warrants which would have expired on April 1, 2012. The company has also received notice that its optionee on the Prospector Mountain project has decided to hand the project back after completing $2.7 million in exploration work.
As quoted in the press release:
4,100,000 warrants granted on October 1, 2010 with the original expiry date of April 1, 2012, are now extended to expire on April 1, 2013, with each warrant entitling the holder to purchase one common share of the Company at $0.50 per share. This will allow Tarsis to have two sets of warrants coming due during the next two years which have the potential, if exercised, to provide most of the funding that Tarsis would need to continue operating under the prospect generator model.
Tarsis optioned out the Prospector Mountain project in the Yukon in 2009 to Silver Quest Resources Inc., lead by a well qualified exploration team. Silver Quest was taken over late in 2011 and the project was transferred to a new company called Independence Gold Corp. which has returned the project. Tarsis is in the process of collecting all of the data on the project and now has the opportunity to re-assess the data and either find better targets on the project or drop the project. We expect our review of the data to be positive and that further exploration work on the project will be warranted. Exploration work costing $2.7 million was done at no cost to Tarsis shareholders and Tarsis thanks the Silver Quest team for their efforts. Management plans to provide further details on the work completed by the optionee once it has received and analysed the data, as well as its future plans for the project.