TSX Venture Exchange Approves Extension of warrants; Tres Marias and Cebollas Drill Program Update
December 14, 2004
VANCOUVER, December 14, 2004 – Canasil Resources Inc. (Canasil, TSXV: CLZ) announces that the TSX Venture Exchange (the “Exchange”) has approved the Company’s application to extend the term of 2,250,000 non-transferable share purchase warrants issued to certain investors (the “Investors’ Warrants”) pursuant to a non-brokered private placement which closed on December 31, 2003, from their current expiry date of 4:00 pm (Vancouver time) on December 31, 2004 to 4:00 pm (Vancouver time) on June 30, 2005. The Exchange has advised the Company that as a matter of policy it will not approve the extension of the 513,000 non-transferable share purchase warrants issued to certain finders (the “Finders’ Warrants) in connection with the placement.
The diamond drill program at the Tres Marias and Cebollas projects in Durango State, Mexico, has progressed as planned, with 6 drill holes completed to date for a total of 830.05 metres. Drilling will resume after the year-end holidays for drilling holes No. 7and 8, planned to a total depth of approximately 400 to 450 metres, to complete the drill program of approximately 1,250 metres. Initial results from the drill program will be announced in early January 2005.
The Tres Marias and Cebollas projects are located 150 kilometres west of the city of Durango and 14 kilometres southeast of Wheaton River / Luismin’s San Dimas/Tayoltita mine, which has produced 9.1 million ounces of gold and 654 million ounces of silver (over 19 million ounces gold equivalent). Canasil entered into an option and joint venture agreement with Wheaton River Minerals and its wholly owned subsidiary Luismin in October 2003 to earn up to a 75% interest in these projects (announced on October 21, 2003).
About Canasil:
Canasil is a Canadian-based mining and mineral exploration company with interests in base and precious metal properties in British Columbia, Canada, and Durango State, Mexico. The Company is reviewing a number of other gold and silver properties in Mexico for acquisition. The management team is focused on identifying and implementing strategies to increase the value of the Company’s mineral properties through cost effective and responsible development.
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of the content of this news release.
For further information please contact:
Mr. Bahman Yamini
President and C.E.O.
Canasil Resources Inc.
604-709-0109
www.canasil.com