| ||May 10, 2012|
2012 Work Program to Commence
| ||Habanero Resources Inc. ("Habanero" or the "Company") (TSX VENTURE: HAO.V) wishes to report that the summer work program is anticipated to commence shortly in Quebec. Details are being formulated and are expected to be finalized shortly. On March 1, 2012, the Company announced samples up to 22.99% Al2O3 on the Grand Vallée North Aluminous Clay Prospect. This prospect is located in Gaspe, Quebec and comprises of claims covering approximately 7,400 hectares (ha) and lies adjacent to Orbite Alumina Inc.'s 6,441 ha Grand-Vallée Property. |
Jason Gigliotti President of Habanero Resources stated, "We are eagerly anticipating the re-commencement of operations. The small scale sample program we completed previously on the Grand-Vallée North Aluminous Clay Prospect encountered very encouraging initial results and we are optimistic regarding what a larger program may uncover. The summer has historically been the most active time in terms of operations for Habanero and management anticipates this trend to continue this year."
Habanero is a diversified junior company with the following prospects: the White Gold Prospect in the White Gold Region Yukon, bordering Kinross' Golden Saddle discovery; the Haldane Silver Prospect in the Keno Hill Silver Region of the Yukon bordering Alexco Resources Corp.'s Bellekeno property; the Lezai Multi-Element Prospect comprising of approximately 55,100 contiguous acres in Quebec; and the Grande-Vallée North Aluminous Clay Prospect consisting of approximately 7,400 hectares (18,285 acres) near Murdochville Quebec, bordering Orbite Aluminae Inc.'s deposit.
The Company has amended the Option Agreement entered into with an arm's length vendor on March1, 2011, where by the vendor has agreed to amend the Option Agreement regarding the work commitments due to be spent on the prospect. The Company was originally due to spend $100,000 on exploration by June 21, 2012 and a further $250,000 on exploration by June 21, 2013. Instead the Company is now required to spend the following:
a) $34,000 in exploration on the prospect by June 21, 2012, which has been spent;
b) $66,000 in exploration on the prospect by June 21, 2014; and
c) $250,000 in exploration on the prospect by June 21, 2015.
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To view maps of these projects please go to http://www.habaneroresources.com.
Habanero Resources Inc.
Tel: 604 646 6900
Jason Gigliotti, President
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.
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