Resolve
Raglan Ni-Cu-PGM-Co Project
Vancouver, BC September 22, 2003: Resolve Ventures Inc. ("RVN") is pleased to announce that RVN has entered into an Option Agreement ("Agreement") with Acrex Ventures Ltd. ("Acrex") of Vancouver, Canada - Symbol "AKV" on the TSX-V, whereby RVN will have the right to acquire up to a 70% interest in the Acrex's interest in the Raglan property, located in the Ungava belt of Northern Quebec. The 15,350 acre property consists of 150 map-designated units covering the favorable geology ("the Property"). The Ungava belt hosts Falconbridge's Raglan nickel mine, and Canadian Royalties' Mesamax northwest nickel-copper-PGE (platinum-palladium) discovery, Falconbridge's Delta deposit, the Expo-Ungava deposit and many other nickel-copper-PGE occurrences.
Under the terms of the Agreement, RVN may earn an initial 60% interest in the Property by paying Acrex $25,000 in cash, incur expenditures exploration program in the amount of $850,000 and issue 250,000 in common shares of RVN stock over a three-year term:
Cash payment schedule:
i) $15,000 shall be paid upon TSX Venture Exchange approval;
ii) $5,000 on or before September 22, 2004; and
iii) $5,000 on or before September 22, 2005.
Expenditures exploration schedule:
i) a minimum of $100,000 on or before January 1, 2005;
ii) an additional minimum of $250,000 on or before January 1, 2006; and
iii) an additional minimum of $500,000 on or before January 1, 2007.
Shares payment schedule:
i) 75,000 shares upon TSX Venture Exchange approval of the Agreement;
ii) 75,000 shares on or before September 22, 2004; and
iii) 100,000 shares on or before September 22, 2005.
RVN can increase its interest in the Property by an additional 10% by expending additional $1,000,000 expenditures exploration by January 1, 2010.
These transactions are subject to regulatory approval. The maximum allowable finder's fee shall be paid in shares and cash with regard to the value derived from the Agreement as per the TSX Venture Exchange's policy guidelines.
On Behalf of the Board of Directors
Resolve Ventures Inc.
Simon Tam
Director
Disclaimer:
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY SECURITIES IN ANY JURISDICTION. "SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THIS NEWS RELEASE CONTAINS FORWARD LOOKING STATEMENTS THAT ARE NOT HISTORICAL FACTS AND ARE SUBJECT TO RISKS AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE SET FORTH IN OR IMPLIED HEREIN.