VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 18, 2010) - Redzone Resources Limited ("Redzone") (CNSX:REZ) announces today that it has executed an amendment (the "Amending Agreement") to the previously announced definitive option agreement (the "Option Agreement") between its wholly owned subsidiary Compañia Minera Oyamel, S.A. de C.V. ("RZ Mexico") and Minera Teck, S.A. de C.V. ("Teck"), a wholly owned subsidiary of Teck Resources Limited. Pursuant to the terms of the Option Agreement, RZ Mexico has the option to acquire an initial 50% interest in the Las Palmas property located in Mexico's Oaxaca and Veracruz states (the "Property"), as previously announced in Redzone's press release dated November 6, 2009 (available on SEDAR at www.sedar.com). Under the terms of the Option Agreement, RZ Mexico may initially acquire a 50% interest in the Property (the "R-1 Option") by making $1,000,000 in property expenditures by no later than August 31, 2010 and thereafter an additional $2,000,000 in optional expenditures by no later than August 31, 2012 (collectively the "Expenditures"). Once the Expenditures have been made, RZ Mexico will earn a 50% interest in the Property subject to certain options that Teck has retained, as previously announced.
Pursuant to the Amending Agreement, Redzone agrees to endeavour, in consultation with Teck, to negotiate and enter into surface access agreements with local eijdos on industry standard terms in order to provide RZ Mexico with access to the surface lands covering areas of the Property. The Amending Agreement further provides that should such access agreements not be entered into within three months of the date of the Amending Agreement providing sufficient access for RZ Mexico to complete the current exploration program or incur expenditures required to advance the R-1 Option, then the time period for exercising the R-1 Option shall be extended accordingly in accordance with the terms of the Amending Agreement.
For further details regarding the Property, please also refer to Redzone's press release dated September 16, 2009 as available on SEDAR at www.sedar.com.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Redzone, including, but not limited to the impact of general economic conditions, industry conditions, risks associated with mining activities, volatility of commodity prices, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.