$1 Million Financing Completed and Prospector Mountain Option Agreement Transfer

Tarsis Resources Ltd. (TSXV:TCC) has completed a non-brokered private placement of 4 million units at $0.25 per Unit for gross proceeds of $1 million, subject to acceptance by the TSX Venture Exchange. This financing will be taken up by a group of investors who are long term supporters of exploration companies such as Tarsis. Tarsis has also amended its option agreement with Silver Quest Resources on its Prospector Mountain property in the Yukon.

As quoted in the press release:

Each Unit is comprised of one common share and one half of a non-transferable common share purchase warrant. Each warrant entitles the holder to purchase one additional common share for a period of 18 months at a price of $0.40 per common share.

The Company recently amended its option agreement with Silver Quest Resources (TSX VENTURE:SQI) on its Prospector Mountain property, Yukon. Tarsis has consented to Independence Gold Corp. (TSX VENTURE:IGO) assuming the obligations of the option agreement and has also granted a three month extension on cash and share payments due under the agreement to allow Independence time to review the project results. Exploration results including diamond drilling from the 2011 season are yet to be released.

Independence was formed as part of an arrangement where New Gold Inc. (TSX:NGD) acquired Silver Quest Resources, primarily for its Davidson/Blackwater Project, BC. Independence now holds all of Silver Quest’s Yukon assets and is run by the Silver Quest management team, headed by Mr. Randy Turner.

Tarsis President and CEO, Marc G. Blythe, said:

“We had the opportunity to expand our shareholder base with some strategic investors who liked our recent Yukon results so we decided it was a good long term move to complete this offering.”

Click here to read the Tarsis Resources Ltd. (TSXV:TCC) press release