Tucana Lithium Obtains the Airborne Magnetic Survey for the Abigail Property
Filed under Uncategorized
LAS VEGAS, Sept. 26, 2011 (GLOBE NEWSWIRE) — Tucana Lithium Corp. (OTCQB:TUCA) is pleased to announce the Company has obtained the airborne magnetic survey for the Abigail Property from the Ministry of Natural Resources in Quebec. The airborne survey encompasses the entire Abigail Property covered by NTS Sheets 320/12 and 320/13 in the Lac Des Montagnes and Lac Abigail region of Quebec.
The Company believes the airborne survey is a critical step in the development of the Abigail Property. The Company had budgeted $150,000 for the survey, and fortunately was able to obtain the report from the Ministry of Natural Resources. The Company has retained the services of Donald Theberge, a professional engineer, to fulfill a Canadian NI43-101 report on its field operations, and to review the survey in respect to the planning of Phase II of the Company’s exploration campaign.
In addition, the Company is expecting to receive the preliminary report from Nemaska Exploration’s detailing the initial results from the summer exploration program within the next 2 weeks. Once the report is received, the Company will release the report and provide a further explanation as to the future plans for the Abigail Project.
The Company also wishes to announce that it has fulfilled all of the obligations to the Selling Group for the purchase price of the Abigail Property, and the Ministry of Natural Resources has now transferred all mining claims into the name of Tucana Exploration.
The Company’s main exploration focus is the Abigail Lithium Property located in the James Bay, Quebec region of Canada. The property consists of 222 map-designated cells totaling 11,844 hectares within and adjacent to Nemaska Exploration’s Whabouchi Lithium discovery.
Certain statements in this document that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as “anticipate, “believe,” “expect,” “future,” “may,” “will,” “would,” “should,” “plan,” “projected,” “intend,” and similar expressions. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Tucana Lithium Corp. to be materially different from those expressed or implied. The Company’s future operating results are dependent upon many factors, including but not limited to: (i) the Company’s ability to obtain sufficient capital or a strategic business arrangement to fund its current operational or expansion plans; (ii) the Company’s ability to build and maintain the management and infrastructure necessary to support the anticipated growth of its business; (iii) competitive factors and developments beyond the Company’s control; and (iv) other risk factors discussed in the Company’s periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov under “Search for Company Filings.