June 24 2008 - Supreme Resources Ltd. (“the Company - SPR-TSX.V”) is pleased to announce that it has procured an option agreement on a potential porphyry copper silver gold deposit.
The TAS Project is located in the Copper Mountain Mining Camp, approximately 160kms east of Vancouver and 17kms southeast of the town of Princeton in southern British Columbia. The TAS Project consists of the TAS Mineral Claim covering 1,306 hectares (3,227 acres). The claim adjoins the Copper Mountain Mining Corporation’s property (Similco Mines) on its southeastern boundary.
The Copper Mountain Mining Corporation property is undergoing extensive exploration for more copper-ore mineralization around the old open pits. Deeper targets have been identified by a Titan 24 geophysical survey. Drilling of the targets has intersected new copper mineralization below the old pits. In a news release dated June 4, 2008, Copper Mountain Mining announced a significant mineralized intercept of 957 feet at 0.55% Cu includes 322 feet of 1.31% Cu, 5.53g/t Ag and 0.34g/t Au.
The TAS Project contains favourable geology, several Cu occurrences and three exploration target areas. The TAS geology is similar to the Camp geology that contain the copper orebodies. The three exploration target areas are highlighted by TAS North and TAS South Cu showings and their associated geochemical and geophysical anomalies. The targets containing porphyry-style copper mineralization:
10.0m at 0.081% Cu, 1.62g/t AG (east-west)
11.0m at 0.113% Cu, 1.76g/t Ag (north-south)
10.0m grading 0.324% Cu and 3.64g/t Ag (north-south)
7.0m grading 0.203% Cu and 2.17 g/t Ag (east-west)
The TAS North target is situated along the camp’s main orebody trend (CMOT) and proximal to the Oriole deposit. The Oriole deposit is located just northwest of the TAS claim on the Copper Mountain Mining Corporation claims. The Oriole deposit contains 2,651,453 tonnes grading 0.437% Cu and an associated deep-Titan 24 target. Their trend is towards the TAS claim.
The Company has signed an arms length option agreement dated June 21, 2008 with Grant F. Crooker of Keremeos, BC, to option the TAS Mineral Claim, Tenure # 511400, comprising 1,306 hectares (3,227 acres) located in the Similkameen Mining Division, of BC. The Company will pay $5,000 initially and then pay $425,000 and issue 850,000 shares over five years commencing on August 1, 2008 and ending on August 1, 2013 as follows:
. . . 2
Supreme Resources Ltd.
June 23, 2008
Year 1 - $25,000 and 200,000 shares;
Year 2 - $40,000 and 200,000 shares;
Year 3 - $60,000 and 200,000 shares;
Year 4 - $100,000 and 150,000 shares; and
Year 5 - $200,000 and 100,000 shares.
The Company will also expend $3,550,000 in exploration expenditures over the five years as follows:
Year 1 - $150,000 by July 31, 2009;
Year 2 - $400,000 by July 31, 2010;
Year 3 – $750,000 by July 31, 2011;
Year 4 - $1,000,000 by July 31, 2012; and
Year 5 - $1,250,000 by July 2013.
Mr. Crooker will receive a 2% net smelter return (“NSR”) royalty, ½ of which can be purchased at any time for $1,000,000. Instead of paying an advance minimum royalty prior to commencement of commercial production, the Company shall issue, to the Optionor, 250,000 shares on August 1, 2013.
The Agreement is subject to the approval of the TSX Venture Exchange.
Supreme Resources Ltd. is a growing resource company dedicated to generating profitable growth acquisitions, exploration and drilling opportunities throughout North America. Currently the Company has interests in a mineral project in the Lillooet Mining Division in British Columbia, Canada.
ON BEHALF OF THE BOARD
“Allan E. Levien”
Allan E. Levien
This Company Press Release contains certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.