LITHIC CLOSES CRYPTO TRANSACTION
July 30, 2005
Lithic Resources Ltd. (LTH-TSX Venture) (the “Company”) wishes to announce that it has closed the transaction announced in its June 1, 2005 news release pursuant to which it acquired 100% of the issued and outstanding share capital of N.P.R. (US), Inc. (“NPR”) from EuroZinc Mining Corporation in return for the issuance of 1.5 million shares to EuroZinc along with a cash payment of $25,000. NPR owns the Crypto property located in Juab County, Utah. The shares issued to EuroZinc are subject to a four month hold period expiring on November 22, 2005.
Previous drilling on the Crypto property by Utah International and Cyprus Minerals served to outline a large body of carbonate replacement deposit (CRD) style zinc mineralization which is open to expansion in most directions. The Company believes the property has excellent potential for economic, near surface oxide zinc mineralization amenable to open pit mining as well as for deeper sulphide zinc mineralization more suited to underground mining. It plans detailed 3D modelling of the Crypto deposit leading to a significant drill program to expand known mineralization.
Since the remainder of the property has not been explored to any significant degree, an additional exploration objective will be to follow up on several of the outlying drill holes in which a number of intercepts with strong molybdenum and copper-zinc values were encountered, suggesting significant potential for additional CRD as well as porphyry molybdenum mineralization. Also of interest are a number of old mines on the property which exploited high-grade silver-lead replacement deposits. The Company is planning a detailed airborne magnetic survey of the property as a whole to search for other potentially mineralized intrusives and is considering a deep penetrating IP or CSAMT survey to locate sulphide concentrations. Both surveys are expected to generate new targets for additional drill testing concurrent with that on the Crypto deposit itself.
For further information, please contact Chris Staargaard at 604-687-7211 or visit www.lithicresources.com.
LITHIC RESOURCES LTD.
President and CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.