Underworld Increases Land Holdings Surrounding the Golden Saddle Discovery
14 Septembre 2009 - 3:00PM
Marketwired
Underworld Resources Inc. (TSX VENTURE: UW) is pleased to announce
that the Company has significantly expanded its land position in
the White Gold District through acquisition and additional staking.
The majority of this new ground is contiguous with the original
claim group hosting the Golden Saddle and Arc gold discoveries.
The majority of new claims were staked by Underworld following
the recent gold discovery on the Golden Saddle Deposit, located 90
km's south of Dawson the location of the famous Klondike Gold
Rush.
In total, Underworld now holds title to or has title pending on
2,907 quartz mining claims for an aggregate area of 589 square
kilometers, doubling the size of the land package.
The 100% owned White Gold Property hosts a significant discovery
at the Golden Saddle Deposit. Underworld's ongoing drilling program
currently has assays pending for a further 23 drill holes at the
Golden Saddle Deposit and has increased the size of the current
drill program at the White Gold Project to 25,000 meters.
Highlights of the 2009 drilling program at Golden Saddle
include:
- WD09-29: 60.5 meters averaging 3.89 g/t Au
- WD09-31: 104.0 meters averaging 3.39 g/t Au
- WD09-47: 31.1 meters averaging 9.20 g/t Au
- WD09-64: 100.4 meters averaging 3.13 g/t Au
- WD09-69: 76.9 meters averaging 3.40 g/t Au
These new claims were staked based on regional geology and
geochemistry, exhibiting favorable similarities to the Golden
Saddle and Arc discoveries at White Gold.
Additionally, the Company has amended the Original Agreement
with Shawn Ryan ("Ryan"), to acquire a 100% interest in an
additional 646 claims in the White Gold District. As compensation
for these claims, Underworld will pay the following:
- reimburse Ryan $250 per claim,
- issue to Ryan 200,000 common shares of Underworld on the date
that is five business days following the date of acceptance of the
TSX Venture Exchange of the Agreement
- issue an additional 200,000 common shares of Underworld on or
before August 12, 2010 and issue an additional 200,000 common
shares of Underworld on or before August 12, 2011.
- pay Ryan $1 per ounce for any ounces of gold on the additional
claims that are categorized as Reserves or Measured or Indicated
Resources in a National Instrument 43-101 technical report publicly
distributed by Underworld (payable within 90 days of the date the
report is published by Underworld) or at the time of the
acquisition of at least 50% of the issued and outstanding voting or
equity securities of Underworld by a third party based on an
internal technical report prepared by Underworld (payable within 90
days of the acquisition).
Some claims recently acquired are subject to a finder's fee.
A plan showing the location of the Company's properties is
available on the Company's web site
www.underworldresources.com.
The Company is currently evaluating its extensive additional
land holdings with reconnaissance mapping, sampling and
prospecting. Underworld has carried out systematic ridge and spur
soil sampling plus selective grid soil sampling on several of these
new areas.
The ongoing 2009 Exploration Program is directed by Adrian
Fleming, M.A.I.G, RPGeo, M.Aus.I.M.M., President of Underworld
Resources and a Qualified Person as defined by NI 43-101. Mr.
Fleming prepared, and approves of the content of this release.
Underworld Resources is a well-structured junior exploration
company focused on expanding its new gold discovery in the
Yukon.
ON BEHALF OF THE BOARD OF DIRECTORS
Adrian Fleming, President
Forward Looking Statement
Some of the statements contained in this press release are
forward-looking statements. Forward-looking statements are not
historical facts and are subject to a number of risks and
uncertainties beyond the Company's control, including, but not
exclusively, statements regarding potential mineralization,
exploration results, completion of work program and studies, and
future plans and objectives of the Company. Resource exploration,
development and operations are highly speculative, characterized by
a number of significant risks, which even a combination of careful
evaluation, experience and knowledge may not eliminate, including,
among other things, unprofitable efforts resulting not only from
the failure to discover mineral resources but from finding mineral
deposits which, though present, are insufficient in quantity and
quality to return a profit from production.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Underworld Resources Inc. Jeff Sundar Investor
Relations 604-684-4001 604-484-7155 (FAX)
info@underworldresources.com www.underworldresources.com
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