VANCOUVER, BRITISH COLUMBIA–(Marketwire – Jan. 23, 2012) – Reservoir Minerals Inc. (“RMC” or the “Company”) (TSX VENTURE:RMC)(PINKSHEETS:RVRLF)(BERLIN:9RE) is pleased to report that it has signed an Option and Joint Venture Agreement with the Bureau d’Etudes et d’Investigations Géologico-Minières, Géotechniques et Géophysiques (BEIG3 SÀRL) (“BEIG3”) to acquire 90% of two gold exploration properties: Bibémi and So’o, in the Republic of Cameroon.
Dr. Simon Ingram, President and CEO of Reservoir Minerals commented: “We are excited to already be delivering on our mandate to diversify the Company into Africa. These are two of several underexplored greenstone gold targets that our consultants have identified and we hope to acquire additional licenses in the coming months.”
The Bibémi Property is approximately 1,000 square kilometres in area and extends over unexplored greenstone formations, which are prospective for gold mineralization. Previous reconnaissance by BEIG3 and RMC geologists has identified artisanal gold workings on the license area in six locations. The So’o Property is approximately 1,000 square kilometres in size and extends over unexplored greenstone and banded iron formations, which are prospective for gold and iron mineralization. The Company already has a team on site and has begun a program of field mapping and geochemical sampling at Bibémi.
Under the Agreement, BEIG3 and RMC have agreed to form a joint venture company, which will be 90% owned and managed by RMC. Commencing on the transfer of the properties to the joint venture company, RMC will pay to BEIG3 C$ 85,000 over a two year period, refund prior exploration costs of up to C$ 10,000 and incur exploration expenditure of C$ 4,000,000 prior to December 31 2022 or the expiry of the last exploration licence.