VANCOUVER, Nov. 10, 2014 (GLOBE NEWSWIRE) -- ALPHA EXPLORATION INC. ("Alpha" or the "Company") (TSX-V:AEX) is pleased to announce that it has earned its 60-per-cent interest in the Carpenter Lake Property ("Carpenter Lake", or the "Property"), Athabasca Basin, Saskatchewan, Canada.
Alpha has notified Noka Resources Inc. ("Noka") (TSXV:NX) that it has earned a 60-per-cent interest in Carpenter Lake according to the option and joint venture agreement between the two companies dated January 13, 2014. Alpha had the option to acquire a 60-per-cent interest in the Property in consideration of $50,000 cash, 400,000 common shares and $1.25-million in exploration expenditures. Those obligations have been met by Alpha, and a joint venture has been formed, as per respective company interests (60-per-cent Alpha; 40-per-cent Noka). Alpha is the Operator of the joint venture.
Details on follow-up exploration to work done by Alpha in 2014 will be provided once programs and budgets are reviewed and approved by the Carpenter Lake joint venture.
About Carpenter Lake
Carpenter Lake is approximately 85 kilometres west of the past-producing Key Lake uranium mine and covers 20,637 hectares within five contiguous mineral dispositions. The Property spans the Cable Bay Shear Zone, and straddles the southern margin of the Athabasca Basin. Exploration on the Property is governed by a 60/40 joint venture between Alpha and Noka, respectively.
Please see the Alpha's website at www.alpha-aex.com for any additional information on Carpenter Lake, or its other exploration properties.
Alpha is a junior mineral exploration company focused on uranium in the Athabasca Basin in northern Saskatchewan, Canada. The Company is based in Vancouver and its common shares are listed on the TSX Venture Exchange under the symbol "AEX." Alpha is well financed to actively explore a portfolio of early-stage properties. Technical reports are available on SEDAR (www.sedar.com) for three of the Company's active properties. Alpha continually and proactively reviews opportunities for new properties, whether by staking, joint venture or acquisition.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and has been reviewed and approved on behalf of the Company by Dr. Michael H. Gunning, PhD, PEng, PGeo, a qualified person.
On behalf of the Board of Directors of Alpha Exploration Inc.
"Dr. Michael H. Gunning"
Interim CEO and Chairman
For corporate communications please contact:
Robert (Bob) Meister
Alpha Exploration Inc.
Trading Symbol: TSX-V – AEX
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.
This press release contains "forward-looking information" that is based on Alpha's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Alpha's exploration and development plans. The words "will", "anticipated", "plans" or other similar words and phrases are intended to identify forward-looking information.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Alpha's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Alpha disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
Source:Alpha Exploration Inc.