VANCOUVER, Sep 24, 2009 -- Anglo Swiss Resource Inc. ("Anglo") (ASW)(US:ASWR.F) (FRANKFURT: AMO.F), is pleased to announce, subject to regulatory approval, that it has entered into an Option/Joint Venture Agreement (the "Agreement") with Klondike Gold Corp. ("Klondike") wherein Anglo will earn up to a 60% interest in the Klondike's Ron Gold property.
The Ron Gold Property consists of 37 contiguous staked mineral claims and one crown granted mineral claim covering 1,492 hectares. Consideration from Anglo consists of paying $200,000, issuing 100,000 Anglo shares and incurring up to $650,000 in exploration expenditures by the 4th anniversary of this Agreement. This Agreement is subject to an underlying agreement with an arm's length party that comes with a 2% net smelter return royalty (the "Original Royalty Interest"). Anglo may at any time purchase three-quarters (1.5%) of the Original Royalty Interest from the holder of the Original Royalty Interest for $500,000. Klondike also holds an additional royalty equal to 1% of net smelter returns (the "Second Royalty Interest"). Anglo may at any time purchase 100% of the Second Royalty Interest from Klondike for $500,000.
Upon completion of the 60% earn-in, a joint venture will be formed between the Anglo and Klondike.
The Ron Gold claims are situated on the eastern, western and southern borders of Anglo's 100% owned Kenville Gold Mine Property. This acquisition greatly enhances Anglo's land position to the south, which extends the potential strike length of the regional geological trend along the Silver King Shear. The Silver King Shear is the host to numerous historical gold and silver mines in southeastern British Columbia including Anglo's Kenville Gold Mine.
Anglo's consultants are presently developing a geological computer model of the Kenville property area, which includes structural geology, the mineralized quartz vein system, and previously mined underground workings. The addition of the Ron Property geological data will allow Anglo Swiss to expand its geological model to include more regional geology, which will assist in determining mineralized zones of interest on both properties.
Ted Nunn, P.Eng., a Qualified Person under National Instrument 43-101, has approved the technical content of this News Release.
About Anglo Swiss
Anglo Swiss Resources Inc. is a mineral exploration company with its current focus on gold, silver and base metals at its Kenville Gold Mine property in Nelson, British Columbia where recent results have generated high grade gold assay results.
For further information, investors are asked to visit the Anglo Swiss Resources Investor Relations Hub at www.agoracom.com/IR/AngloSwiss or email to ASW@agoracom.com Sign up for free SMS News Release service, simply text ASW2 in the body of the text message to 32075 or visit the Mobile FRC link at the Company's website. Please visit the Company's website at www.anglo-swiss.com
Reader Advisory
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Cautionary Statement on Forward-Looking Information:
This release contains certain "forward-looking statements" including, without limitation, expectations, beliefs, plans and objectives regarding the potential transactions and ventures discussed in this release. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are the risks inherent in mineral exploration, the need to obtain additional financing, the availability of needed personnel and equipment for exploration and development, fluctuations in the price of minerals, and general economic conditions.
Anglo Swiss Resource Inc.
Company contacts:
Len Danard, President and Chief Executive Officer, (604) 683-0484
Fax: (604) 683-7497
info1@anglo-swiss.com
or
The Howard Group Inc.
Investor Relations Contacts:
Jeff Walker or Grant Howard
Toll Free: 1-888-221-0915
www.howardgroupinc.com
