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Taranis Resources Inc
Symbol TRO
Shares Issued 43,474,989
Close 2014-10-21 C$ 0.095
Market Cap C$ 4,130,124
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Taranis Resources acquires Finnish Cu-Au deposit

2014-10-22 12:41 ET - News Release

Mr. John Gardiner reports

TARANIS ACQUIRES RIIKONKOSKI COPPER-GOLD DEPOSIT IN FINLAND

Taranis Resources Inc. has been granted the Riikonkoski 1 to 7 exploration licences that cover the historical Riikonkoski copper-gold deposit that was extensively explored by the Geological Survey of Finland (GTK) in the early 1970s. The deposit is now owned 100 per cent by Taranis.

The table summarizes the historical resource at Riikonkoski, but does not include any gold content that was systematically analyzed by Taranis.

  HISTORICAL RESOURCE AT RIIKONKOSKI

Zone           Copper           Tonnes
                   (%)
 
Itamalmi         0.48        9,560,000
Lantinen         0.68        2,450,000
Kangas           0.45          430,000
Total            0.52       12,440,000
 
Source: GTK Report M-19/2734/-72/1/10.

The deposit was discovered and explored in the 1960s and 1970s by the GTK as potential feed for the Outokumpu mine in southeast Finland when copper was trading at 59 U.S. cents/pound and the Outokumpu deposit was almost exhausted. Unfortunately, only grades in excess of 3 per cent copper were economic at the time, and exploration was not continued at Riikonkoski. Advances in mining, particularly block panel caving and higher copper prices, make Riikonkoski very attractive, not to mention its proximity (6.5 kilometres to the southeast) to Naakenavaara that lies in the same geological formation. The GTK completed 16,326 metres in 72 holes (1970 to 1974) and identified four bodies of copper and gold mineralization, National Instrument 43-101 spacing compliant. These bodies are hosted by altered sediments and tuffaceous rocks very similar to Naakenavaara. The presence of gold at Riikonkoski was not investigated by the previous operator, although selected sampling of only 2 per cent of the core by the GTK did yield values greater than two grams per tonne gold, the best interval being 2.13 m grading 10.97 g/t gold.

John Gardiner, president and chief executive officer of Taranis, stated: "The addition of Riikonkoski to the existing Naakenavaara and Kettukuusikko projects now consolidates three large copper and gold resources in the area around Kittila, Finland. With the addition of Riikonkoski, Taranis is planning to joint venture or sell the properties outright to an experienced, capable operator and feels they have the ability to develop into a major copper-gold mining district."

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