Aldrin Resource Announces Property Acquisition in White Gold District and Financing


Aldrin Resource Corp. has entered into property option agreements with Ryanwood Exploration Inc. to acquire a 100-per-cent interest in two mineral exploration properties in the Dawson mining district, Yukon Territory.

The Brew property consists of 168 quartz mining claims covering an area of 33 square kilometres or 8,400 acres. The property is located 100 kilometres south of Dawson City and 20 kilometres east of Underworld’s White Gold discovery. The property is accessible by helicopter from Dawson City or by fixed-wing aircraft. An airstrip is located 400 metres from the claim block and a summer access road runs through the property. The property was staked to cover an isolated placer gold mining operation that sits in the same geological environment as Underworld’s White Gold discovery. The property also hosts a major northwest and northeast regional structure.

In order to exercise its option on the Brew property, Aldrin must pay Ryanwood a total of $425,000 over a four-year period ending June 26, 2013. Aldrin must also incur exploration expenditures totalling $1.5-million on or before Nov. 15, 2012, and issue Ryanwood a total of 1.25 million common shares before June 26, 2013.

The Ind property consists of 138 quartz mining claims covering an area of 27 square kilometres or 6,800 acres. The property is located 24 kilometres south of Dawson City and 14 kilometres southwest of the famous Bonanza and Eldorado Creeks. The property is accessible by a summer road and is only 30 minutes from Dawson City. The Ind property hosts one of the most intense gold soil anomalies found in the Klondike area during the last few years. The Ind property’s gold soil anomaly was first discovered in 2004 during a regional soil sampling program. Since 2004, over 900 soil samples have outlined a gold soil anomaly measuring 2,250 metres long and up to 750 metres wide which is still open in two directions. The anomaly starts at 20 parts per billion gold (eight times the regional gold background) with maximum values reaching up to 1,280 parts per billion gold (500 times the regional gold background levels).

In order to exercise its option for the Ind property, Aldrin must pay Ryanwood a total of $575,000 over a four-year period ending June 26, 2013. Aldrin must also incur exploration expenditures totalling $1.5-million on or before Nov. 15, 2012, and issue Ryanwood a total of 1.5 million common shares on or before June 26, 2013.

Aldrin’s 100-per-cent interest in both the Brew and Ind properties is subject to a net smelter return (NSR) royalty of 2.0 per cent. Aldrin is entitled to purchase 50 per cent of the NSR on each property for $2-million.

Aldrin will be undertaking a $325,000 private placement consisting of 2.5 million units at 13 cents per unit. Each unit will consist of one common share and one warrant exercisable at 19 cents per share for a period of one year from closing of the private placement. No new control person will be created as a result of the private placement. Proceeds from the private placement will be used for initial option payments and exploration expenditures on the Brew and Ind properties. All securities issued under the private placement will be subject to a four-month hold period.

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