SHELTERED OAK SIGNS OPTION AGREEMENT TO ACQUIRE INTEREST IN CONTIGUOUS GOLDCORP PROPERTY
21 Avril 2011 - 8:00PM
PR Newswire (Canada)
TORONTO, April 21 /CNW/ -- Trading Symbol: TSX-V OAK TORONTO, April
21 /CNW/ - Sheltered Oak Resources Corp. ("OAK" or the "Company")
(TSXV: OAK) today announced that it, and its wholly-owned
subsidiary, Sheltered Oak Resources Inc. ("SOR"), have entered into
an option agreement ("Option Agreement") with Goldcorp Canada Ltd.
("Goldcorp") and Goldcorp Inc. concerning the mining rights of
certain leases located in Kerrs Township in the Larder Lake mining
division (the "Property"). The Property is held by the Porcupine
Joint Venture ("PJV") between Goldcorp and Goldcorp Inc. The
Option Agreement provides SOR with the opportunity to earn a 60%
interest in the Property by spending $2.6 million in exploration
expenditures, completing 14,000 metres of core diamond drilling and
making option payments of $150,000 prior to December 31, 2014, and
issuing $900,000 worth of common shares of OAK prior to the
exercise of the option. Whether or not SOR exercises the
option, the Option Agreement provides that SOR is committed to
spending $1.1 million in exploration expenditures, completing 5,000
metres of core diamond drilling, making option payments of
$100,000, and issuing $300,000 worth of common shares of OAK prior
to December 31, 2012. Once a 60% interest is earned in accordance
with the terms of the Option Agreement, SOR, OAK and PJV will enter
into a definitive joint venture agreement. SOR will be the
operator of the Property during the option term and remain the
operator unless and until the PJV acquired a majority interest in
the joint venture. Upon SOR earning a 60% interest, Goldcorp may
elect to earn back from SOR a 20% interest in the Property by
performing $2.6 million of exploration expenditures within two
years of exercising its earn-back right. If Goldcorp
successfully exercises this earn-back right SOR would own a 40%
interest. Upon SOR earning a 60% interest and if Goldcorp does not
exercise its earn-back right, following the expenditure of $5
million on joint venture operations on the Property, Goldcorp would
have the right to exercise the right to acquire from SOR a 20%
interest in the Property by paying SOR 125% of the aggregate of the
total minimum qualifying expenditures incurred by SOR during the
option period plus 100% of SOR's pro rata contribution to the joint
venture expenditures. On execution of the Option Agreement, SOR
paid $25,000 to Goldcorp, as manager of the PJV, and OAK issued
255,000 common shares to Goldcorp and 245,000 common shares to
Goldcorp Inc. The common shares are subject to a hold period
expiry August 22, 2011. ABOUT SHELTERED OAK RESOURCES CORP.
Sheltered Oak Resources Corp. is focused on mineral exploration
opportunities in northeastern Ontario and owns a 100% interest in
26 mining claims, one mining claim under option and one mining
lease which comprise the Kerrs gold property located approximately
90 kilometres east-northeast of Timmins and 70 kilometres north of
Kirkland Lake. 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. Forward-Looking Statements. This news
release contains certain information that constitutes
forward-looking statements such as the exercise of the Option
Agreement and the entering into of a joint venture agreement
contemplated thereby. Forward-looking statements are
frequently characterized by words such as "plan," "expect,"
"project," "intend," "believe," "anticipate" and other similar
words, or statements that certain events or conditions "may" or
"will" occur. Forward-looking statements are based on the opinions
and estimates of management at the date the statements are made,
and are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those projected in the forward-looking statements
such as future financings, timing of exploration programs, meeting
the conditions required to exercise the Option Agreement. The
Company disclaims any obligation to update or revise any
forward-looking statements if circumstances or management's
estimates or opinions should change. The reader is cautioned not to
place undue reliance on forward-looking statements. To view
this news release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/April2011/21/c6212.html
p /p table border="1" cellspacing="0" class="cnwBorderedTable" tr
valign="top" td align="center" bSheltered Oak Resources Corp./bbr/
J.J Elkinbr/ President and CEObr/ (T) 416-628-5802br/ (F)
416-628-5051br/ (E) a
href="mailto:jj@shelteredoak.com"jj@shelteredoak.com/a /td td
align="center" bSheltered Oak Resources Corp/b.br/ Art Hampsonbr/
Chief Financial Officerbr/ (T) 416-628-5802br/ (F) 416-628-5051br/
(E)a
href="mailto:ahampson@shelteredoak.com"ahampson@shelteredoak.com/a
/td td align="center" bCHF Investor Relations/bbr/ Jeanny Sobr/
Director of Operationsbr/ (T)416 868 1079 ext. 225br/ (F)416 868
6198br/ (E)a href="mailto:jeanny@chfir.com"jeanny@chfir.com/a /td
/tr /table p Should you wish to receive informational updates on
Sheltered Oak Resources Corp. please contact Jennie Guay at a
href="mailto:jennie@chfir.com"jennie@chfir.com/a. /p p /p
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