For Immediate Release - Vancouver, Canada: Mr. Edward Farrauto, President and CEO of TLC Ventures Corp. (TLV.TSX Venture Exchange) is pleased to provide an update on the Company’s exploration programs. Through the Company’s 95.1% controlled subsidiary Cybele Resources Inc. (“Cybele Resources”), TLC Ventures has initiated a field program for locating major gold deposits based on new concepts developed by Dr. Richard Henley, Chairman of TLC Ventures. From a field office in Townsville, Australia, Cybele Resources uses leading-edge digital database technology to identify and target major gold exploration properties. To date, Cybele has acquired one Exploration License and two Prospecting Licenses in Vanuatu totaling 1,053 square kilometers and two Prospecting Licenses in the Solomon Islands totaling 430 square kilometers. Additional licenses have also been applied for in Papua New Guinea and the Solomon Islands and land access agreements are currently being negotiated on the acquired licenses.
An experienced geological team has been assembled by Cybele Resources to conduct a Phase One exploration program on the acquired licenses which will include prospecting, reconnaissance geological mapping, geophysics and rock and soil geochemistry. Under the direction of Dr. Richard Henley, the Cybele Resources exploration programs will be supervised by Rob Smillie, Vice President Exploration and Andrew Allibone, Chief Geologist. To date, TLC Ventures has invested $477,000 in Cybele Resources with additional funding being provided as projects are advanced.
TLC Ventures has granted a total of 500,000 incentive stock options to Cybele Resources officers and directors at an exercise price of $1.25 per share. The grant of options is subject to regulatory and exchange approval.
In addition to the Cybele Resources exploration programs, TLC Ventures is continuing assessment of its wholly owned Point Leamington property and to aggressively review global, development-stage gold and base metal projects for acquisition.
TLC VENTURES CORP.
“signed Edward Farrauto”
President and CEO
For more information contact TLC Ventures Corp. Tel: 604 681 9944.
TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this release.
The statements contained in this release that are not historical facts are forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from the targeted results. The Company relies upon litigation protection for forward looking statements.