🕐10.02.12 - 22:27 Uhr
APELLA RESOURCES INC. NEWS - LAC DORE VANADIUM-IRON-TITANIUM PROJECT SOLD TO PRE STIGE MINING CORPORATION
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LAC DORE VANADIUM-IRON-TITANIUM PROJECT SOLD TO PRESTIGE MINING CORPORATION
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Vancouver, BC - February 9th, 2012
Apella Resources Inc.
which trades on (TSX.V: "APA"), (U.S.A.
OTCQX: "APAFF"), and
(Frankfurt Symbol: "NWN") is pleased to report that the Company has sold its Lac
Dore Vanadium-Iron-Titanium Project to its wholly-owned subsidiary Prestige Mining
Corporation ("Prestige Mining").
Apella Resources Inc.
("Apella") presently owns
100% of the issued and outstanding shares of Prestige Mining.
Under the terms of the sale agreement Prestige Mining will pay Apella $1,500,000
secured by way of a promissory note, 81,666,667 non-restricted common shares of
Prestige Mining.
Under the agreement Prestige Mining will pay to Apella 35% of
any and all funds received as a result of the Province of Quebec mining/exploration
incentive and tax refund programs.
Prestige Mining will grant a 3% Net Smelter Royalty
(NSR) in favour of Apella.
Apella has been engaged as the operator of the Lac Dore
Project and will receive an Operators Management Fee equal to 15% of the total
expenditures spent on the Lac Dore project in each fiscal year for the services
rendered.
The services will be as per general industry practices.
In addition, Prestige
Mining is obligated to deliver to Apella a Bankable Feasibility Study for the Lac
Dore project on or before June 30th, 2014.
This is the first move within Apellas 2012 go-forward plan and the Company expects
to undertake similar agreements of sale for its other Vanadium-Iron-Titanium Projects
in the near-term.
The company believes that its current and future potential will
be fully maximized from its initiatives targeted toward moving its extensive Canadian
Vanadium-Iron-Titanium projects into production.
Apella has entered into preliminary discussions, directly and indirectly, with several
international mining and investment entities about potential equity investments
directly into Prestige Mining.
Management will consider all proposals based on the
particular merits of each.
In other news, Prestige Mining plans to undertake its first phase of diamond drilling
on its 100% owned Lac Dore Vanadium-Iron-Titanium Project in spring 2012.
Drill
targets have now been identified for Phases 1 and 2.
Apella will be providing more information and details on its initiatives as they
proceed.
Additional information, as it is available, will be contained on the Companys website
at www.apellaresources.com or the company can be contacted at 604-683-8990.
ON BEHALF OF THE BOARD OF DIRECTORS OF APELLA RESOURCES INC.
"Patrick D.
OBrien"
Patrick D.
OBrien, ICD.D - Chairman
SEC Exemption 12(g)3-2(b) File no.
82-3822, Standard & Poors Listed, Dun & Bradstreet
Listed
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.
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For more information contact:
W.
Adrian Bakker
Vice President of Corporate Communications
Apella Resources Inc.
APA-TSX-V
1600-543 Granville St.
Vancouver, BC, Canada V6C 1X8
Ph.604.683.8990
Direct.604.641.4474
Toll Free:1-800-663-8990
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