VANCOUVER, BRITISH COLUMBIA–(Marketwire – Nov. 15, 2011) – Westhaven Ventures Inc. (TSX VENTURE:WHN) is pleased to announce that it has entered into an option agreement with Almaden Minerals Ltd. (TSX:AMM)(NYSE Amex:AAU), whereby Westhaven can earn 60% in Almaden’s Willow Copper-Gold Porphyry property located in Nevada, USA.
“Acquiring the Willow Property is a significant step forward for Westhaven. Projects of this calibre do not come around very often. We are looking forward to drilling this coming spring as the high priority targets are already permitted and ready to drill. We are happy to be partnered with a successful and proven project generator like Almaden,” stated Grenville Thomas, President and CEO.
Located in Douglas and Lyon Counties, the Willow property is approximately 20 km northeast of Yerington, Nevada and is road accessible.
The Property covers an area of hydrothermal alteration interpreted to represent the lithocap to a large preserved porphyry copper-gold system. Geologic mapping has outlined a roughly 2 km by 2 km area of intense hydrothermal alteration characterized by strong argillic alteration, a feature typical of a high sulphidation system overlying a porphyry intrusion at depth. Fluid inclusion analysis supports the presence of a porphyry system. Soil, stream sediment and rock samples over the area have returned anomalous values of copper, gold, molybdenum, silver and trace elements interpreted to be emanating from a mineralized porphyry system.
Almaden recently completed at Titan 24 survey (by Quantec Geoscience Ltd.) on the Willow Property, which has outlined a roughly 2 km by 2 km area of high chargeability, including several peak centers, both near to surface and at depth. The detected anomalous feature is suggested to be related to alteration and disseminated sulphide zones consistent with the existence of a porphyry system and therefore is regarded as a target for copper-gold mineralization potentially analogous to that at the world-class Bingham Canyon Mine.
For more information on the Willow Property please visit our website at: www.westhavenventures.com
It is the Company’s intent to drill test the identified targets next spring. A minimum of $1 million will be spent on the Willow Project in 2012.
Terms of the Agreement
Westhaven can earn a 60% interest in the Willow property by paying $300,000 in cash (to be paid within 5 business days of TSX-V acceptance of the Agreement), incurring $10 million in expenditures and issuing 4,000,000 common shares to Almaden over 4 years as follows:
— $1,000,000 in exploration expenditures in the first year of the Agreement (firm commitment)
— $2,000,000 in exploration expenditures in Year 2 (Optional)
— $3,000,000 in exploration expenditures in Year 3 (Optional)
— $4,000,000 in exploration expenditures in Year 4 (Optional)
Share payment Schedule:
— 500,000 issued within 5 business days of TSX-V acceptance of the Agreement
— 500,000 on or before 1st anniversary of TSX-V acceptance of the Agreement (Optional)
— 500,000 on or before 2ndanniversary of TSX-V acceptance of the Agreement (Optional)
— 500,000 on or before 3rdanniversary of TSX-V acceptance of the Agreement (Optional)
— 2,000,000 shares will be issued upon the completion of a NI 43-101 Compliant Resource Estimate
All information contained in this news release with respect to Almaden and the Willow Property was supplied by management of Almaden. Further information pertaining to the Willow property and Almaden is available at Almaden’s SEDAR profile at www.sedar.com, where investors may review Almaden’s annual and interim financial statements.
On behalf of the Board of Directors
WESTHAVEN VENTURES INC.
Gareth Thomas, Director
About Westhaven Ventures Inc.
Westhaven Ventures Inc. is a resource focused exploration and development company that intends to generate shareholder value by the identification, acquisition and development of high caliber resource properties. Westhaven is advancing its Shovelnose gold project in British Columbia and its Willow project in Nevada, as well as continuing to source new projects. The Company has no debt and is well financed. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN.
Qualified Person Statement
V.A. Tanaka, P.Geo., who is a Qualified Person within the context of National Instrument 43-101 has read and takes responsibility for this release.
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.