CLOUDBREAK ACQUIRES YUKON PROPERTY ADJOINING UNDERWORLD’S WHITE GOLD PROJECT


Cloudbreak Resources Ltd. has acquired lode quartz mineral claims in the Yukon, located adjacent to the White Gold property held by Underworld Resources. The Cloudbreak claims are located directly to the east of the Underworld Resources Cathy 146 and Cathy 144 quartz mineral claims and approximately four kilometres from Underworld’s recently announced┬ádiscovery of 103 metres of 3.4 grams per tonne gold. Underworld is exploring sediment-hosted and vein-hosted gold targets at the 169-square-kilometre (845-claim) White Gold property. Cloudbreak’s approximate 500-hectare and Alix’s property have now been completely surrounded by Underworld staking. GSC mapping by Gordey and Ryan indicates that the Cloudbreak claims appear to be underlain by similar metasedimentary stratigraphy as the Underworld White Gold property.

Cloudbreak will pay the vendor, Blair Naughty, $75,000 in cash, 1.25 million shares of Cloudbreak, plus a 3-per-cent net smelter return with an option to buy back 1 per cent of the NSR for $1-million. The company also agrees to spend $250,000 over the next 12 months as a work commitment. This transaction is subject to TSX Venture Exchange approval.

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