ATAC Resources Ltd. Farms Out Three More Projects
May 16, 2006
May 16, 2006 - ATAC Resources Ltd. (TSX-V: ATC) is pleased to announce that it has entered into option agreements with three separate companies to farm out three more of its properties, all located in Yukon Territory. The option agreements for the Arn, Panorama and Nikki properties are with private companies that are preparing for initial public offerings.
Terms for all three agreements are identical. Each agreement grants the optionee the right to earn a 50% interest in the respective property by making cash payments totalling $185,000, issuing a total of 2,000,000 of its shares to ATAC and completing a total of $800,000 in work expenditures, all over a three year period. Following earn-in, joint ventures will be formed to explore the respective properties. ATAC will be operator so long as it maintains at least a 50% interest in each property.
ATAC is a well funded junior mining company focussed on gold. Its business model entails acquiring quality gold prospects, advancing them to drill stage and then attracting strong partners to move them toward production. At present ATAC has nine properties under option and all are scheduled to be explored in 2006. The Company continues to research and acquire additional properties.
For information concerning ATAC or its properties please visit www.atacresources.com or contact Graham Downs at 604-688-2568 or 1-800-598-4155.
ATAC RESOURCES LTD.
Per: Robert C. Carne, President
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