Vancouver, B.C. - September 28th, 2015 - Westhaven Ventures Inc. (TSX-V:WHN) is pleased to report that it has signed an option and purchase agreement with Berkwood Resources Ltd., a TSX-V listed company, to acquire 70% interest in the 10,871 hectare Prospect Valley gold property, located within the prospective Spences Bridge Gold Belt (SBGB), approximately 30 km west of Merritt, British Columbia.
With the addition of the Prospect Valley gold property Westhaven now has over 28,000 hectares within the prospective SBGB, which is situated within a geological and structural setting similar to other significant epithermal gold-silver systems. It is close to existing transportation and power infrastructure allowing for cost effective exploration.
History of the Spences Bridge Gold Belt (SBGB)
Despite historical placer mining in the area, the SBGB remains relatively underexplored. Tributaries to the Fraser and Thompson Rivers located in the SBGB area saw considerable exploration in the mid-1800’s when placer gold findings initiated the Fraser River gold rush. In November 2005, Strongbow Exploration Inc. announced drilling results on their Skoonka Creek property on the northern part of the SBGB, that were highlighted by an intersection grading 20.2 grams per tonne gold over 12.8 metres confirming the presence of high grade epithermal gold mineralization in the SBGB (see Strongbow press releases from November 25, 2005). Westhaven has been working on the SBGB since 2011.
Prospect Valley Gold Property
Option and Sale
Pursuant to the terms of the agreement, Westhaven will pay Berkwood C$20,000 on signing. On or before November 25, 2015, Westhaven may then exercise the option by making a second and final payment to Berkwood of C$80,000 plus 500,000 Westhaven shares which shall have a hold period pursuant to securities legislation and TSX.V rules and policies. In addition Berkwood may not sell the 500,000 Westhaven shares for 5 years after the signing of the agreement or until 5,000 tonnes of rock are mined from the property, whichever is sooner. Westhaven also has a right of first offer for Berkwood’s remaining 30% interest in the property should Berkwood decide to divest it in the future. No finder’s fees were paid with respect to this transaction. The agreement is subject to acceptance by the TSX Venture Exchange.
On behalf of the Board of Directors
WESTHAVEN VENTURES INC.
Gareth Thomas, Director
About Westhaven Ventures Inc.
Westhaven Ventures Inc. is a Canadian based exploration company focused on the acquisition and exploration of prospective resource properties. Westhaven is focused on advancing its Shovelnose, Ben and Ben South projects in British Columbia. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN. For further information, please call 604-681-5558 or visit Westhaven’s website at www.westhavenventures.com
Qualified Person Statement
L. John Peters, P.Geo., who is a Qualified Person within the context of National Instrument 43-101 has read and takes responsibility for this release.
* The inferred mineral resource estimate, the drilling highlights and other technical information on the Prospect Valley Gold Property in this news release were taken from a NI43-101 compliant mineral resource report by Henry J. Awmack and Gary Giroux dated January 11, 2012 and posted on www.sedar.com under the Berkwood Resources profile.
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.