AMANTA SIGNS LETTER OF INTENT FOR LAOS JOINT VENTURE
Vancouver, B.C. Canada, February 24, 2010 – Amanta Resources Ltd. (Amanta) is pleased to announce that it has signed a Letter of Intent with CNP Exploration and Mining Import-Export Co., Ltd. (CNP), to form a Joint Venture company for the purposes of acquiring and developing additional copper exploration properties in the Lao PDR.
The initial shareholdings in the JV Company shall be Amanta (80%) and CNP (20%) and Amanta shall have responsibility for the financing and project management of all exploration activities. CNP will focus on concession applications and other local issues.
CNP is a Lao mining and construction company which holds three exploration licences, each covering 16 km2, in the province of Oudom Xai, northern Laos. Two of these licence areas have been the subject of on-going discussions between Amanta and CNP and the licences are currently under application for renewal and extension.
CNP and Amanta have already identified a prospective exploration area and the JV Company proposes to make application for a copper exploration concession for this area. The application shall be for an area of up to 500 km2 and will be filed with the government as soon as the JV Company is established in Laos.
Gerald Wright, President and CEO of Amanta, stated:
“We are pleased to have the opportunity to work with CNP, a well respected and established company in Laos, and feel that this relationship will strengthen Amanta’s position as the leading junior exploration company in the country.
To date, Amanta is the only Canadian company to have been granted a copper exploration concession in Laos and we are committed to further investment in the country.
Amanta’s experiences in Laos have been very positive and we feel that the country has excellent mineral potential. The Joint Venture with CNP will generate additional project opportunities for Amanta.”
The company’s Luang Namtha project is advancing well under the joint venture with JOGMEC and the initial geochemical and geophysical programmes for the project have recently been completed. The data from these programmes are being assessed and the Company will shortly be in a position to comment upon the results of the programmes.
on behalf of the board of AMANTA RESOURCES LTD.
“Gerald D. Wright”,
President and Chief Executive Officer
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.
