Happy Creek Announces Default by Vendor on Mineral Claims Comprising BX Property12-03
February 9, 2012: Vancouver, British Columbia - Happy Creek Minerals Ltd. (TSX-V: HPY) (the “Company”) wishes to provide an update on its BX Property (the “Property”). The Company was granted an option to acquire a 100% interest in the Property, located in the Highland Valley, British Columbia, on May 26, 2011.
The Company has been notified by the vendor of the Property that due to a Tenure Amendment (TAME), the claims comprising the Property have been forfeited to the British Columbia Provincial Government, resulting in the loss of the vendor’s interest in the claims. The forfeiture was not the result of any error or omission on the part of Happy Creek as the Company had completed all required payments and exploration work on the Property in accordance with the terms of the option agreement respecting the Property, and such agreement was in good standing at the time of the forfeiture. The British Columbia Mineral Titles Office has indicated that the forfeiture was due to an oversight on the part of the vendor and has resulted in loss of the vendor’s interest in the claims. Attempts by the vendor to rectify the error and have the mineral claims reinstated have not met with success.
As a result of these events, on February 2nd, 2012 Happy Creek delivered to the vendor a notice of default, claiming breach of the Option agreement by the vendor. The Company has retained legal counsel and is reviewing its options at this time.
FOR FURTHER INFORMATION PLEASE CONTACT:
David Blann, President, CEO
Neither 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.
On behalf of the Board of Directors,
“David E Blann”
David E Blann, P.Eng.
You can view the Next News item:March 1st, 2012, Happy Creek samples 1.64% copper, 3.0 g/t gold, 18.0 g/t silver at Hawk property, B.C.
You can view the Previous News item:January 31st, 2012, Happy Creek's drills 0.59% copper, 3.9 g/t silver, 0.11 g/t rhenium in the final 12.5 metres of a deep hole in Zone 1 and Yubet returns 7.5 metres of 1.70% copper, 30.7 g/t silver
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