May 9, 2012 - Vancouver, BC - (TSX-V:ATC) ATAC Resources Ltd. (ATAC) is pleased to announce that it has completed an agreement with Klondike Silver Corp. (“Klondike”) under which ATAC will acquire Klondike’s 50% interest in the Connaught silver property bringing ATAC’s total interest in Connaught to 100%. The Connaught property is located in the Dawson Mining District in west-central Yukon and lies immediately south of the Sixtymile placer gold camp, approximately 65 km west of Dawson City.
Under the terms of a 2009 joint venture agreement, ATAC and Klondike each hold a 50% interest in the property. Subject to TSX Venture Exchange acceptance, ATAC will issue 75,000 shares to Klondike for its 50% interest in the property. Klondike will not retain any working or royalty interest in the property.
The Connaught property hosts a number of silver-lead-gold veins within a 13 by 5 km area of anomalous soil geochemical response which approximately coincides with a pronounced magnetic high. Although the area has good road access, work to date has been limited to trenching and a few drill holes along lightly vegetated ridge tops. Where exposed, the veins are typically 0.3 to 2 m wide and grade 100 to 2,000 g/t silver with 0.3 to 2 g/t gold and 3 to 60% lead.
The technical information in this news release has been reviewed by Robert C. Carne, M.Sc., P.Geo., a qualified person for the purposes of National Instrument 43-101.
ATAC is a well-funded, Yukon-based exploration company focused on developing Canada’s only Carlin-type gold discoveries at its 100% owned, Rackla Gold Project. For additional information concerning ATAC Resources Ltd., please visit our website at www.atacresources.com.
Graham Downs, CEO
ATAC Resources Ltd.
For further information, please contact:
Vanessa Pickering, Manager, Corporate Communications
ATAC Resources Ltd.
T: 604-687-2522 ext. 60
NEITHER THE 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.
This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors