Vancouver, B.C. - February 3, 2016 - Westhaven Ventures Inc. (TSX-V:WHN) is pleased to report that it has signed a purchase agreement with Berkwood Resources Ltd. (Berkwood), a TSX-V listed company, to acquire the remaining 30% of the 10,871 hectare Prospect Valley gold property, located within the prospective Spences Bridge Gold Belt (SBGB), approximately 30 km west of Merritt, British Columbia. The purchase agreement will replace Westhaven's current joint venture agreement with Berkwood (please refer to news release dated October 21, 2015 for details).
Westhaven now has 100% interests in both the Prospect Valley gold and Shovelnose gold properties, representing over 28,000 hectares within the prospective SBGB, which is situated within a geological and structural setting similar to other significant epithermal gold-silver systems. It is close to existing transportation and power infrastructure allowing for cost effective exploration.
History of the Spences Bridge Gold Belt (SBGB)
Despite historical placer mining in the area, the SBGB remains relatively underexplored. Tributaries to the Fraser and Thompson Rivers located in the SBGB area saw considerable exploration in the mid-1800's when placer gold findings initiated the Fraser River gold rush. In November 2005, Strongbow Exploration Inc. announced drilling results on their Skoonka Creek property on the northern part of the SBGB, that were highlighted by an intersection grading 20.2 grams per tonne gold over 12.8 metres confirming the presence of high grade epithermal gold mineralization in the SBGB (see Strongbow press releases from November 25, 2005). Westhaven has been working on the SBGB since 2011.
Prospect Valley Gold Property
Under the terms of the Prospect Valley gold property purchase agreement with Berkwood, Westhaven will pay on signing C$ 10,000 and on closing C$ 30,000 and issue 500,000 common shares to Berkwood. In addition Berkwood may not sell the 500,000 Westhaven shares for 5 years after the signing of the agreement or until 5,000 tonnes of rock are mined from the property, whichever is sooner. No finder€?s fees were paid with respect to this transaction. The agreement is subject to acceptance by the TSX Venture Exchange.
On behalf of the Board of Directors
WESTHAVEN VENTURES INC.
Gareth Thomas, Director
About Westhaven Ventures Inc.
Westhaven Ventures Inc. is a Canadian based exploration company focused on the acquisition and exploration of prospective resource properties. Westhaven is focused on advancing its Shovelnose, Ben and Ben South projects in British Columbia. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN. For further information, please call 604-681-5558 or visit Westhaven's website at www.westhavenventures.com
Qualified Person Statement
L. John Peters, P.Geo., who is a Qualified Person within the context of National Instrument 43-101 has read and takes responsibility for this release.
Neither the 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.