Zone Resources Inc (fka TSXV:ZNR)

[sumisu]

Zone Resources Inc. Adds to its Labrador Trough Iron Project, Quebec

Wednesday 06/01/2011 09:04 AM ET - Marketwire via COMTEX

Marketwire

Zone Resources Inc. (Zone) (TSX VENTURE: ZNR) announces that it has acquired an option to earn a 100% interest in the Bob Lake Iron Property, consisting of approximately 7,500 hectares, located in Nunavik, northern Quebec. The Property is situated between the Moore-Ross Mountain Property to the north and the Girard Lake Property to the south bringing the total project size to 41,500 hectares in the "Labrador Trough Iron Project".

The Property covers a historic Iron Formation occurrence, called Bob Lake, which was described in a 1952 Frobisher Limited report as a new showing associated with a syncline structure. In addition to this, a 1952 Fort Chimo Mines map outlines the Bob Lake occurrence as Enriched Iron Formation within an Upper Iron Formation.

Zone intends to include the Bob Lake Iron Property in the recently announced airborne survey which is scheduled to be flown during the time period of June 10-15th, 2011.

Pursuant to the terms of the option agreement, Zone will pay a cumulative amount of $150,000 cash and issue 1,500,000 common shares over a three year period. The Bob Lake Iron Property is subject to a 2.0% Net Smelter Royalty ("NSR"). Zone shall have an option to purchase 1% of the NSR for the sum of $1,000,000 at any time up to when a production decision is made. The terms of the agreement are subject to regulatory approval of the TSX Venture Exchange.

Technical information in this news release has been reviewed by Mike Magrum, PEng, a qualified person as defined in NI 43-101.

About Zone Resources Inc.

Zone Resources Inc. is in the business of evaluating and acquiring mining, and oil and natural gas properties for exploration and development. The Company's shares trade on the TSX Venture Exchange under the symbol ZNR.

Cautionary note:

This report contains forward looking statements. Resource estimates, unless specifically noted, are considered speculative. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.

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.

Contacts:
Zone Resources Inc. - Vancouver Office
Archie Boyce
Director
[phone] ext 227
[phone] (FAX)
[e-mail]
http://www.zone-resources.com


SOURCE: Zone Resources Inc.