Symbol: TSX.V - VQA
OTC Markets - VRSCF

1100 - 1199 West Hastings Street
Vancouver, BC V6E 3T5

Telephone: 604.684.9384
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News 2007

Company Update

August 3, 2007
Valterra Resource Corporation (the "Company") reported today details of its current situation and plans for the future.

Cease Trade Orders

The British Columbia Securities Commission (the "BCSC") and the Alberta Securities Commission (the "ASC") issued full revocation orders today of the cease trade orders issued by the BCSC on June 3, 2003 and the ASC on July 18, 2003.  The Company was previously granted a partial revocation order on November 7, 2006 by the BCSC and a variation order dated December 14, 2006 by the ASC which permitted certain trades in the shares of the Company.  

Stock Exchange Listing

The Company has applied to list its shares on the Canadian Trading and Quotation System Inc. (the "CNQ").  On May 10, 2007 the CNQ granted the Company conditional listing approval.

Financial Plan

Upon reactivation of the Company, the Company will carry out an equity offering by way of private placement for gross proceeds of $1,500,000 and intends to expend the funds as set out hereunder:

Phase II of the exploration program is contingent upon results of Phase I.

 

$

Gross Proceeds from Private Placement

1,500,000

Commissions

150,000

Net Proceeds from Private Placement

1,350,000

 

 

Funds available as at March 31, 2007

88,486

Total Funds Available

1,438,486

 

 

Phase I Exploration Program as per Technical Report on Swift Katie Property*

 

450,000

Current Liabilities as at March 31, 2007

532,208

General and administrative and professional fees (6 months)

145,000

Unallocated

311,278

Total Expenditures

1,525,846


Swift Katie Property

On July 21, 2006 the Company acquired the option to acquire up to a 100% interest in the Swift Katie mineral claims (the "Property") located in the Nelson Mining District of British Columbia. 

The Swift Katie Copper-Gold Property Technical Report (the "Technical Report") dated July 23, 2007 by David K. Makepeace, B.Sc., M.Eng., P.Eng and Barry Price, M.Sc., P.Geo was prepared in compliance with National Instrument 43-101.  The following excerpt from the Technical Report indicates details of the exploration program recommended by David K. Makepeace and Barry Price:

"The Swift Katie Property is a Property of Merit. It is recommended that a success-contingent, phase-type exploration program of the property be initiated. The Phase I objectives would be to:
  • Complete a digital three-dimensional compilation of all data related to the property to identify all anomalies and prioritize them.
  • Locate and mark all past drill holes; survey if necessary.
  • Undertake a new Induced Polarization (IP) survey combined with a ground magnetometer survey over, and adjacent to, both the Katie deposit and Swift prospect.
  • Drill 3-4 confirmatory holes to determine optimum drilling directions and confirm past results.
These objectives will provide the data necessary to plan and complete the Phase II program.

Phase II program would combine possible trenching with diamond drilling of warranted targets. The drilling of the Katie deposit would be designed to delineate the dimensions and grade of this deposit and to provide a new resource estimate in compliance with NI 43-101 and presently-accepted CIM resource categories.

Phase I Exploration Program

As noted above, three to four holes are recommended to determine the optimum drilling directions and angles; these would preferably be in the Main Katie deposit and the adjacent "17" zone. The holes could also be used to verify past drill intercepts to assist in validation of the deposit size and grade. If funding is available, a few drillholes could be completed on the Swift mineralization. Reanalysis of a number of past diamond drill core holes is suggested with the available core in storage. Re-boxing the best of the drillholes should be considered. All past drillholes should be located, marked and surveyed with theodolite or precise GPS systems.

There are many interesting anomalies and showings that have been reported but not followed up on the property. The vast majority of exploration dollars and time have been spent focusing on the Katie deposit. It is recommended that the data and maps be compiled into a 3-D digital model in UTM NAD83 coordinates. Superimposing the various surveys may locate additional targets.

An IP survey over the Katie deposit and Swift prospect should be undertaken. The two showings may be related and a deep penetrating IP pole-dipole-type survey may identify the relationship of the two showings and aid in the Phase I and Phase II drilling. The survey lines should run northeastsouthwest over the two showings and parallel to lithological units and structural controls. The main baseline should be approximately 4 kilometers long and centered between the centers of the Katie deposit and Swift prospect, (i.e. 1 kilometer northeast of the Katie and 1 kilometer south of the Swift). The dipole spacing should be 100 meters and the pole spacing should be n = 1 to 6. This configuration should give a good resolution to at least 200-meter depth. Initially there should be 2 two-kilometer cross lines centered over each showing (i.e. northwest-southeast) to indicate the general geometry of the mineralized shells (copper and pyrite) before establishing the full grid. It is anticipated that 11 lines (44 kilometers) would cover the mineralized shells in both showings although the lines may have to be extended to completely cover the pyrite shell(s). A ground magnetometer survey should be completed at the same time over the IP grid to possibly better define subsurface geology. The property geologist should be on site during the geophysics program so that survey modifications can be made in a timely manner.

Phase II Exploration Program

Contingent on the success of the Phase I program, a substantial drill program should be initiated on the property to delineate the Katie deposit. This has been tentatively set at 10,000 meters, but the budget will be contingent on favourable results from the initial program."

The full text of the Technical Report is available for viewing on SEDAR at www.sedar.com.
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David Makepeace and Barry Price are Qualified Persons as defined by National Instrument 43-101 and were responsible for preparing the information in the Technical Report.  Mr. Makepeace and Mr. Price are both independent from the Company.

On Behalf of the Board of Directors

"Lawrence Page"

Lawrence Page, Q.C.
President and Director
Valterra Resource Corporation
This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Valterra Resource Corporation relies upon litigation protection for forward looking statements.
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