Running Fox Resources: To Acquire Diamond Drilling Company
(Thomson Reuters ONE) - RUNNING FOX RESOURCE CORP. TSX-V "RUN" OTC "RFXRF" Frankfurt"C8Q"Running Fox Resources: To Acquire Diamond Drilling CompanyMonday September 21, 2009 Wayne Waters, Director, reports:Running Fox has entered into an exclusive arrangement that wouldenable it, following successful asset review, to acquire an operatingCanadian diamond drilling company.The private company is technically advanced and operates one to threedrill systems depending on the size of a drilling contract, withcurrent capabilities down to 6,000 feet, including in very roughterrain.This acquisition would mark the beginning of a plan for Running Foxto be more active with the drill bit.The drilling company would operate as a subsidiary of Running Fox andideally conduct drilling operations for Running Fox and partners'resource projects, and secondly to continue drilling for profit oncontract for third party resource companies.The drilling company has extensive experience and would be availablefor drilling projects in Canada and the United States.The principals of the drilling company are well versed in assessingresource projects and, if the deal consumates, are pleased to bereceiving only Running Fox shares as consideration for their companyand are looking forward to Running Fox drilling their High-Grade GoldDevelopment- Brett Gold Project, Okanagan Valley, British Columbia.Gold Mining Canada Silver Mining Gold Gravity Concentrator.Running Fox looks forward to follow-up on previous drillhole #RC93-19, which returned a significant intersection of :55 feet of 1.045 oz Au/ton (16.76 m grading 35.79 gms Au/tonne )including 3.048 mgrading 57.88 gms Au/tonne (1.69 oz Au/ton) and 4.57 m grading 107.88gms Au/tonne (3.15 ozAu/ton) within the main shear zone.(see 43-101 Technical and Brett Gold Assessment Reports located underthe www.foxgold.ca website "Brett Property" tab.)In our last drilling program 15 out of the 17 holes drilledintersected significant gold bearing intersections including thefollowing :Diamond drill Hole # 04-01 intersected 33.5 feet grading 0.154 oz/tAu including 5.5 feet grading 0.640 oz Au/ton; andDiamond drill Hole # 04-02 intersected 38.1 feet grading 0.303 ozAu/ton including 10.2 feet of 0.992 oz Au/ton.In both of these high grade intercepts visible gold was observed anda metallic assay was performed.More importantly, Diamond drill hole # 04-12 intercepted 4.3 feetgrading 5.104 ounces per ton gold, (check assay performed) plus twoother significant but lower-grade (0.03 ounce to 0.07 ounce per tongold) intercepts. This new zone, located on a tuffaceous bed, islocated 160 feet (53 metres) east of the main shear zone andrepresents a totally new zone as none of the previous drill holeswent as far east as this hole. The zone is cut off by severalpostmineral dikes in the core, possibly indicating the presence of asecond parallel shear structure. If so, this would be the firstconfirmation of bonanza high-grade gold values (greater than oneounce per ton gold) on a parallel shear structure, opening thepossibility that similar high-grade zones may be present, along thenumerous other shears identified during surface work. The entirestrike length of the shear zone is unexplored as none of theprevious drill holes were near its projection.The program opened up large areas for exploration and the developmentof additional gold bearing zones.Complete maps, geochem, and drilling history are available forreview/download on the Running Fox website.The project has significant early stage block calculations on a smallportion of one shear zone-- and there are many shear zones, runningunder large undrilled geochem zones with good gold values over largeareas, (see geochem in Assessment Report).Oilfield Services and Technology Division:The Company's oilfield services division has identified severalpotential acquisition partners, with seperate revenues exceeding $10million, and the group's combined, consolidated revenues would bemore stable following any potential acquisition of these operatingpartners.The acquisitions would also be funded by Running Fox common shares,without any cash component, as the new partners believe in theprospective future of the Running Fox group and choose to receivetheir compensation in shares rather than cash.These potential acquisitions would assist Running Fox to continue itsdiversification, and when finances allow to further improve itsproprietary WireDryer recycling technology. Recently there has beeninterest in the WireDryer system for a new application and Claymoreis pursuing that potential. There has also been talk in the oil patchof various mergers that may involve parts of Running Fox.The Company has upside leverage to important commodities: oil/gas,uranium, and gold.Running Fox is a Canadian growth-oriented small cap companydeveloping four key divisions:1. Uranium and Gold Exploration Mineral Projects;2. Oil and Natural Gas Exploration and Production;3. Energy Sector Oilfield Services and Technology; and4. Environmental Services: Encapsulation and Remediation.The Company has approx. 41 million shares issued and outstanding andtrades on the Toronto Stock Exchange- Venture* Note: Source for all drill intercepts are 43-101 Technical andBrett Gold Assessment Reports available at www.foxgold.ca and onSEDAR.On behalf of the Board of Directors: Wayne Waters, Director, RunningFox Resource Corp.1 403 742 0500 www.foxgold.caThe Company relies on legislation applicable to forward lookingstatements, seeking safe harbourThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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Datum: 21.09.2009 - 04:00 Uhr
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