
Fall 2007
News:
0754545
BC Ltd. (“075”),
the funding partner in the Kaibab JV between 075 and DIR, has
successfully taken itself public through the vehicle of the TVX
capital pool company, Naples Capital Corporation (“Naples”). Prior to
this event, 0754545 BC Limited renamed itself Takara
Resources, Inc. (“Takara”). It is expected that Naples will be
renamed some variant of “Takara Resources” during its first
stockholders meeting to be held after the September 2007 completion
of the Takara/Naples Qualifying Transaction. At this writing, this
meeting is scheduled to be held on November 15, 2007.
As
Takara Resources,
Inc., has previously announced (www.takararesources.com),
the Kaibab JV owns mineral rights – as of the September 1, 2007,
beginning of the 2007-2008 US mining claim assessment year – to
some 217 separate breccia pipe prospects. Approximately 200 of these
prospects were identified, inspected, and sampled by DIR Exploration,
Inc. (“DIR”), the Operator of the Kaibab JV, over the period
October 2006 through August 2007, using funding provided by Takara. The
remainder of the Kaibab JV prospects were contributed to the
Kaibab JV by DIR Exploration, Inc., in July 2006. This latest
prospect generation work was carried out following the plans and
procedures described in the DIR business proposal found within the
pages of this website. The Kaibab JV uranium breccia pipe prospects
are approximately equally distributed on both sides of the Grand
Canyon in Mohave and Coconino Counties, Arizona.
The
exploration work of
Phase II of the Kaibab JV is now underway, and largely consists of
completing preparations for additional drilling of the advanced
exploration properties brought to the JV by DIR in July 2006. See
press releases already provided by Takara at www.takararesources.com
for additional information regarding the relevant Phase II and Phase
III programs of the Kaibab JV. Takara has an option to earn up to a
90% interest in the Kaibab JV, while DIR will retain, at the least, a
10% carried interest in the venture. For any given breccia pipe, this
DIR interest will be carried through to the start of commercial
production of uranium ore from said pipe. The exploration work of
the Kaibab JV is, by the JV Agreement controlling the joint venture,
governed by the equal JV Management Committee voting power of the two
parties to the JV.
Final
news is that DIR
has added a fourth geologist to its group. Amy Titterington,
formerly of Seattle and a recent geology graduate of USC-Santa Cruz,
will be beginning exploration field and office work with DIR near the
end of this November.
On
the behalf of DIR:
Lawrence
D. Turner,
President/Managing Geologist/Director
November
13, 2007
This
news release was
reviewed and approved for publication by I.L. Turner, a NI 43-101
Qualified Person, and Executive-VP/Director of DIR Exploration, Inc.;
Terry Fox, consultant to DIR and NI 43-101 Qualified Person; and has
also been reviewed and approved for publication by the management of
Takara Resources, Inc./Naples Capital Corporation.
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