Saguenay, October 20, 2010. The management of Arianne Resources Inc. (« Arianne » or « Company ») announces the acquisition of the Lac Chico property in the Chibougamau, area. This property comprises 6 mining claims and covers an area of 96 hectares. It is located south-south-west of the mining town of Chibougamau and contains silicified gold-bearing rocks hosted in the Obatogamau formation.
According to the terms of the transaction, Arianne acquires 100% of the 6 claims in exchange of a cash payment of $6,100 and the issuance of 100,000 common shares of the Company to the seller. The seller will retain a 1.5 % NSR than can purchased for the sum of $1,000,000.
Arianne also announces that it reinforce its Wabamisk property with the acquisition by map designation of 8 new claims covering an additional area of 422 hectares. This property is located in the James Bay area in the greenstone belt of the Medium and of the Eastmain Base. It contains a system of gold and zinc bearing quartz veins hosted in volcanites from the Wabamisk formation. These veins are 2 to 4 meters wide and were identified on a strike of 5 km. A surface sampling returned grades of up to 0.7 g/t Au and 1.08% Zn.
The Company will also issue 137,931 common shares of the Company to a director for rendered services for an amount of $20,000. This transaction is subject to the approval of the TSX Venture Exchange.
Arianne Resources is a Canadian exploration company with the primary mission to explore and develop gold, silver and phosphate-titanium deposits in Canada and Mexico. The Company has approximately 29 M shares issued. Investors are welcome to visit our website at www.arianne-inc.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
