March Wins Final Approval for Chilean Project

March Resources Corp. said that the execution of the definitive Special Operations Contracts (SPOC) with the Chilean government was completed Wednesday at Palacio Astoreca, a national monument in Iquique, Chile.

Representatives of March, the Ministry of Mining and Energy, the Governor of Iquique, the Mayor of Pica and representatives of the Canadian Ambassador to Chile, were among the dignitaries who were on hand for the event.

The SPOC was the final approval needed to begin the oil and gas exploration and development work on two blocks in Northern Chile in the Tamarugal Basin. The Pica North and Pica South blocks in this basin consist of approximately 9,500 square km (2.5 million acres). SPOC delineates the exploration and development rights on the blocks, which are valid for a period of 35 years and will detail the work commitments that are required for each of the two blocks.

Field work in the area and preparation of the drilling site will begin immediately in order to meet an anticipated spud of the initial well in September.