Mr. Matthew Turner of Rockhaven reports
ROCKHAVEN RESOURCES LTD. ANNOUNCES SILVER PREDATOR SHARE PAYMENT AND PURCHASE OF THE MOUNT HINTON PROPERTY
Rockhaven Resources Ltd. has received 1,266,667 common shares of Silver Predator Corp. as the second payment under its option agreement relating to the Plata property (see Rockhaven news release of Feb. 4, 2010). Rockhaven now owns 3,766,667 shares of Silver Predator, approximately 9.1 per cent of its issued and outstanding share capital.
Rockhaven has also recently made a cash payment to an arm's-length syndicate to complete the purchase of a 100-per-cent interest in the Mount Hinton property. The $166,666 cash payment is the last of three staged payments totalling $500,000. Mill City Gold Corp., which held an option on the property from Rockhaven, has terminated its option agreement. Thus, the Mount Hinton property is now wholly owned by Rockhaven, without any underlying royalty interests or outside options.
In conjunction with the termination of this option, Rockhaven has granted Mill City an option to purchase up to one-half of Rockhaven's current Mill City shareholding at five cents per share over a two-year period. Rockhaven currently owns 16,671,332 Mill City shares.
The Mount Hinton property consists of 400 claims and is situated within the eastern part of the Keno Hill mining camp, a district that hosts more than 35 individual mines and is historically Canada's second-largest primary silver producer. Alexco Resources Corp. currently owns most of the mineral claims covering the historic mines. The Mount Hinton property is located two kilometres by road from Alexco's producing Bellekeno mine and four kilometres from its new mill. Although silver mineralization is found in veins on the Mount Hinton property, gold is the most significant component in many of the 74 bedrock showings and float occurrences that have been discovered on the property.