January 20, 2006 - ATAC Resources Ltd. (TSX-V: ATC) announces that it has signed a letter of agreement granting New Shoshoni Ventures Ltd. the optional right to earn a 50% interest in the Hartless Joe and Byng gold-silver properties, located about 30 km northeast of Whitehorse in southern Yukon. To earn a 50% interest, New Shoshoni must issue a total of 500,000 of its common shares to ATAC over a two year period and make work expenditures totalling $1,000,000 over a three year period. Following earn-in, New Shoshoni will have the optional right to earn a further 20% interest in the property by making a $1,000,000 cash payment and taking the property to production. If commercial production does not commence within 6 years of signing, New Shoshoni will have to make annual cash payments of $100,000 to maintain its interest.
The Hartless Joe and Byng properties host low sulphidation gold- and silver-rich quartz veins, breccias and replacement zones. Work by ATAC and previous owners has identified six showings within broad areas of anomalous soil geochemistry. Mineralized specimens of quartz veined material taken from talus slopes often grade from 2 to 10 g/t gold and 30 to 70 g/t silver and occasionally return bonanza-type values to 251 g/t (7.32 opt) gold and 5780 g/t (168.6 opt) silver.
For information concerning ATAC or its properties please contact Graham Downs at 604-688-2568 or 1-800-598-4155 or email [email protected].
ATAC RESOURCES LTD.
Per: Robert C. Carne, President
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