Nov 03, 2009
Vancouver, BC -- November 3, 2009: Kiska Metals Corporation ("Kiska") is pleased to announce that it has signed an option agreement through which Millrock Resources may acquire a 100% interest in Kiska's Uncle Sam property, located approximately 76 kilometres southeast of Fairbanks, Alaska. Under the terms of the agreement, Millrock will conduct US$2,700,000 in exploration and make cash and share payments totaling US$200,000 and 1,000,000 shares, respectively, over a four year period, including $40,000 immediately upon approval by the TSX Venture Exchange.
The Uncle Sam gold project is an intrusion-related gold system hosted in rocks similar in age to those which host the Pogo gold mine, located approximately 60 kilometres to the east. The Pogo deposit was discovered in the mid 1990's and hosts over 5 million ounces of gold. The Uncle Sam project exhibits extensive surface gold geochemistry anomalies and previous drilling returned a highlight intersection of 10.6 metres averaging 6.1g/t gold within a total of 18 individual drill intersections of greater than 1 g/t gold over drilled widths ranging from 3 to 12 m.
This marks the first property agreement signed since the formation of Kiska through the merger of Rimfire Minerals Corporation and Geoinformatics Exploration, which created an extensive portfolio of highly prospective gold and copper projects throughout North America and Australia. With Kiska's exploration team currently focused on the advancement of the wholly-owned Whistler copper-gold porphyry project in Alaska, value for the remainder of the combined property portfolio will be optimized through strategic partnerships, option/joint ventures and property dispositions.
Qualified Person Statement
The content of this release has been reviewed and approved by Mark Baknes, P. Geo. of Kiska Metals Corporation. Mr. Baknes is a Qualified Person as defined under the terms of National Instrument 43-101.
About Kiska Metals Corporation
Kiska Metals Corporation is the recent combination of two international mineral exploration companies, both with renowned technical expertise and sizable exploration portfolios. Bringing Rimfire Minerals Corporation and Geoinformatics Exploration together has created a company which enjoys the benefits of ownership of the multi-million ounce Whistler gold deposit, numerous exciting early stage exploration opportunities around the world, and partnerships with some of the world's largest and most successful gold producers.
On behalf of Kiska Metals Corporation
Jason Weber, P.Geo., President & CEO
CAUTIONARY STATEMENT: No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". Other than statements of historical fact, all statements included in this release, including, without limitation, statements regarding future plans and objectives of Kiska Metals Corporation, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Kiska's expectations are the risks detailed herein and from time to time in the filings made by Kiska Metals Corporation with securities regulators. Those filings can be found on the Internet at http://www.sedar.com and http://www.sec.gov/edgar.