ATAC Resources Ltd. Significantly Increases its 2009 Exploration Plans
May 28, 2009
May 28, 2009 - ATAC Resources Ltd. (“ATAC”) (TSX-V:ATC) announces that it plans to substantially increase its 2009 exploration activities. ATAC intends to nearly triple its budget for diamond drilling at its Rau gold project to $3.5 million. The Company also intends to increase its activities at its wholly owned properties near the White Gold discovery of Underworld Resources Ltd. in central Yukon.
ATAC is seeing increased interest in the Rau gold property as it approaches the start of drilling in early June. Discussions are underway with interested parties concerning an option agreement for a 50% interest in the property, but the Company is also considering offers regarding equity financings. If the Company is unable to obtain favourable terms through those discussions, a shareholders’ rights offering is contemplated to augment the Company’s current treasury of $3.1 million.
The recent drilling success that Underworld Resources Ltd. has announced at the Golden Saddle Zone on its White Gold property (See Underworld’s May 26, 2009 news release) is very encouraging and shows potential for additional discoveries in that district. ATAC has four gold properties in close proximity to the White Gold property and exploration is expected to begin on those properties within the next two weeks.
ATAC is a junior mining company focused on gold. Its business model entails acquiring quality gold and silver prospects, advancing them to drill stage and then attracting strong partners to move them toward production. For additional information concerning ATAC Resources Ltd. or its various exploration projects please visit ATAC’s website at www.atacresources.com.
On behalf of the Board of ATAC Resources Ltd.
Graham Downs, CEO
ATAC Resources Ltd.
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 RELEASE.
This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.