| March 03, 2010 Agreement Executed on Fireweed Property | |
| Vancouver, British Columbia -- Pachamama Resources Ltd. (TSX.V -- PMA) Pachamama Resources Ltd. ("Pachamama" or the "Company") announces that it has entered into a binding letter agreement with Shamrock Enterprises Inc. ("Shamrock") whereby Shamrock may earn an initial 50% interest in the Company's Fireweed Ag-Zn-Pb-Au property (the "Property") located near Smithers, BC. Terms of the letter agreement include CAD$2,550,000 in exploration expenditures, CAD$650,000 in cash payments and 1,000,000 shares of Shamrock over a four year period. An initial CAD$200,000 in exploration expenditures is a firm commitment which must be completed by February 2011. Upon earning a 50% interest in the Property, Shamrock may elect to earn an additional 10% interest (60% total) by producing a feasibility study within 3 years of the election. Shamrock can subsequently earn an additional 10% interest (70% total) by placing the Property in commercial production within another 3 year time frame. Previous exploration on the Property by the Company and various optionees include soil geochemistry, magnetometer, 3-D Induced Polarization surveys plus 18,200 metres of drilling in 103 holes. The impetus for further work results from targets indicated by the most recent 3-D Induced Polarizaton surveys in an area where mineralized float assaying 1,650 grams/tonnes Ag and 3 grams/tonne Au was previously discovered. Known mineralization at Fireweed consists predominantly of breccias, massive sulphides, disseminations of pyrite-pyrrhotite, sphalerite, galena, chalcopyrite and Ag-sulphosalts hosted in coarse grained sandstones. This news release has been reviewed by John M. Leask, P.Eng., President and CEO of the Company, and a Qualified Person ("QP") as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects). About Pachamama - Pachamama is a mining exploration company formed as a spin-out of Mansfield Minerals Inc. in November 2008. The mineral assets of Mansfield, with the exception of the Lindero gold deposit, were transferred to Pachamama together with certain cash and investments. The Company is currently focused on the Rio Grande copper-gold project in northwestern Argentina. On behalf of the Board of Directors, "John M. Leask" John M. Leask, P.Eng. President, Director and CEO For more information please contact us at (604) 681-4462 or see the Company's website at www.pachamamaresources.com. The TSX Venture does not accept responsibility for the adequacy or accuracy of this release. Caution Regarding Forward-Looking Statements Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf. | |
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