Teck Australia exercises option on Gnaweeda Gold Project, Kent Exploration to start drilling in March

Kent Exploration ("Kent") (TSX-V: KEX) reported that Teck Australia ("Teck") has exercised its second option with Chalice Gold Mines ("Chalice") over the Gnaweeda Gold Project in Western Australia.

Through exercise of the Second Option Teck’s total holding has increased to 70%, and has now entered into a 70%/30% joint venture with Chalice. Chalice also has an option to convert its 30% participating interest to a NSR royalty, whereby Teck will hold 100% of the property.

The Gnaweeda Gold Project lies 35km north-east of the town-site of Meekatharra, and includes two exploration licenses over a strike length of 28km of the Gnaweeda Greenstone Belt.

Since 2006, Teck has returned significant gold intersections at depths ranging from 17m to 280m, including 4m at 17.7 grams per tonne (g/t) gold (Au) , 5m at 13.49g/t Au, 5m at 11.64g/t Au, 3m at 11.87g/t Au, 3m at 4.85g/t Au and 3m at 4.39g/t Au.

Kent Exploration has an option to earn 100% of Teck’s interest in the Gnaweeda Project by expending A$3 million over four years. Once Kent has earned its interest in the Project, Teck has the right to earn-back 75% of the Company's interest by spending 2.5 times the Company's exploration expenditures.

A Phase I, 1,500 meter drill program is planned to commence the first week of March.  http://www.proactiveinvestors.com/companies/news/3490/teck-australia-exercises-option-on-gnaweeda-gold-project-kent-exploration-to-start-drilling-in-march-3490.html