Navy Resources Corp. announced that it has acquired an option to purchase the Spanish Moon Project and Barcelona Property collectively the Spanish Moon District or the Property, located approximately 13 km SE from the active Round Mountain mine that has produced over 15 million ounces of gold. The Property has been consolidated for the first time and is characterized by an 8 kilometer trend of skarn and epithermal styles of mineralization with four main zones of mineralization recognized to date. The Property has seen sporadic historical high-grade silver production from 1879 ­ 1922 at a reported grade of 25 ounces per tonne as well as limited historical drilling from the 1980s and 1990s that produced significant gold intercepts of 13.5 meters of 7.6 g/t Au, 25.2 meters of 2.2 g/t Au, and 1.5 meters of 24.5 g/t Au. Navy has entered into an option agreement with Nevada Select Royalty Inc. a wholly owned subsidiary of Ely Gold Royalties Inc. whereby the Company will have the option to purchase 100% of Spanish Moon. It has also entered into a lease-option agreement with patent holders who own 87.25% of the contiguous Barcelona. The Company has up to five years to acquire a 100% interest in the Property, totaling approximately 600 hectares, consisting of 70 unpatented claims at Spanish Moon and 2 patented claims at Barcelona, by making cumulative cash payments of USD1,395,000 and cumulative share payments of 1,250,000 common shares in the capital of the Company. The Property is located in Nye County, Nevada. The Property lies approximately 97 km north-northeast from the town of Tonopah, Nevada and thus has proximal infrastructure and is easily accessible, being within 1.5 hours drive of the town. Property situated between two intrusions providing the heat, structural preparation and fluid flow required for major deposits. The later emplaced calderas in the area likely provided additional heat and fluid flow, leading to the multiple styles of mineralization seen on the property. Sedimentary rocks that characterize the property are deformed and contain abundant mineralized veins. Preferred host rock is a unit of silty limestone that has been delineated across the property package, which is consistent with large Carlin style systems. There are two primary targets (Barcelona and Antone Canyon) and two secondary targets (Flower and Van Ness) outlined to date. The Barcelona Target is centered on a historical high-grade silver mine that produced approximately 200,000 ounces of silver between 1871 and 1922 at a reported grade of 700 g/t from quartz veins that overprint skarn mineralization. Significant exposures of lower grade (+400g/t) silver were reported to have been left in the ground due to the high cost of milling and transportation and low silver prices at the time of production. In addition, field notes from that time indicate five mineralized bodies were encountered during the development of a long underground drainage tunnel. The two largest, the Oriental and Barcelona veins, have reported true widths of 31 and 26 meters respectively. It was further reported that these mineralized quartz sulphide veins extend for at least 1.1 km from the historical mine workings. There has been no modern systematic grid sampling or trenching programs to test these targets, which represent a significantly large, near surface bulk mineable target. The Antone Canyon Target is characterized by a weakly metamorphosed limestone that hosts high grade epithermal style gold mineralization that has been encountered in drilling, trenching, and rock chip sampling programs. Freeport-McMoran (1983-1985), Royal Standard Minerals with JV partner North Mining Corp. (1996 ­ 2000), and Golden Spike/Bullion River Gold/Antone Canyon Mining collectively took 1000 soil samples, completed 19 trenches totaling 5088 meters, and 63 drill holes for a total of 6430 meters. The majority of this work focused on finding Carlin-style deposits in silty limestones (Freeport-McMoran); however subsequent junior companies targeted high grade veins but faced low gold prices and lack of funding and were never able to expand on their successful trench and drill programs. The last drill hole on the property delivered one of its best intercepts delivered 13.5meters of 7.6g/t gold. Currently the Antone Canyon Target has a gold in soil anomaly over 1.5 kilometers long that will be the focus of Navy's exploration effort at the target area. These targets are characterized by strong Mercury and Antimony mineralization that may represent the higher levels of an underlying precious metals system (Figure 3). Importantly these target areas have never been explored for precious metals. As the district has never previously been consolidated and explored as a package, the company expects that a large, integrated exploration program, encompassing the entire district, may uncover the potential for large, high value precious metal deposits.