Alix Resources Corp. and Cloudbreak Resources Ltd. have increased their land position in the vicinity of Underworld Resources Inc.’s white gold discovery in the Yukon by optioning approximately 150 new claims in addition to the approximate 145 claims already held.

Terms of the deal are that Alix and Cloudbreak have committed to a minimum $20,000 ground program on the new ground picked subject to this agreement. For this the vendor will transfer all remaining claims (approximately 45) attached to the recently announced “Lucky” acquisition. This will bring the total “Lucky” claims to approximately 170. Upon performing the required work program, the companies then will have the option to acquire the two new claim blocks consisting of an 88-claim block and a 25-claim block by issuing to the vendor, Mr. Blair Naughty, one million shares of Alix Resources and 1.25 million shares from Cloudbreak; $37,500 from each company; a 3 per cent NSR with one per cent purchasable for $1-million at any time plus commit to spend $250,000 in year one.

The Polar/Stewart Property is tied on to the eastern border of Pacific Ridge’s Goldcap Property which in turn is adjacent to the northeastern boundary of mineral claims held by Underworld Resources Ltd. The western boundary of the Goldcap mineral claims is approximately 6,000 metres northeast from Underworld’s White Gold – Golden Saddle gold zone.

The principal terms of the Letter of Understanding, which is subject to regulatory approval, include a cash downpayment of $75,000 to be made and 250,000 post consolidation common shares of Pacific Ridge to be issued, upon the receipt of regulatory approval. Pacific Ridge has the option to earn a 100% interest in the Property on or before June 30, 2013 by making staged cash payments totaling $300,000, share issuances   totaling 1,250,000 shares and exploration expenditures in the aggregate amount of $1.5 million. Ryanwood will retain a 2% net smelter return interest that requires advance royalty payments in the amount of $25,000 per year commencing June 30, 2014. At the option of Pacific Ridge, the net smelter return interest may be reduced to 1 % upon making a $2.0 million payment to Ryanwood. 

Ryanwood is headed by Yukon prospector Shawn Ryan who is credited with the discovery of Underworld’s White Gold property.

The acquisition of the Polar/Stewart Property will add to Pacific Ridge’s property holdings in the region of Underworld’s White Gold discovery.   Pacific Ridge, through it’s Klondike Kate Project, now owns and has rights to 361 mineral claims comprising 4 properties prospective for gold discovery within the Yukon’s South Klondike region.

Pacific Ridge’s exploration plans will include establishment of trenching and drill targets based on results of geochemical and magnetometer surveys plus geological mapping. It is significant that anomalous gold values were obtained by the Geological Survey of Canada’s Regional Geochemical silt sampling survey conducted in the vicinity of the Goldcap and Polar/Stewart mineral claims.

Pacific Ridge’s disclosure of a technical or scientific nature has been reviewed by Wayne J. Roberts, P. Geo., Vice President, Exploration of Pacific Ridge and a Qualified Person under the definition of National Instrument 43-101.

GSC mapping by Gordey and Ryan suggest the claims host similar metasedimentary stratigraphy as found on nearby properties currently being explored, including the White Gold property located approximately 20 kilometres to the northwest, owned by Underworld, where numerous encouraging drill results have been reported. The Thistle Creek area has seen placer gold production over the past 30 years, producing in excess of 63,000 ounces of gold (Yukon Geological Survey Records, 2008). The source of this placer gold is unknown at this time.

The Golden Fox claims have been acquired from an arm’s-length party. Acquisition costs are as follows:

$75,000 due on signing of the agreement;
$75,000 cash and 2.5 million shares of the company due within five days of TSX Venture Exchange approval of the acquisition;
The vendor will retain a 3-per-cent net smelter royalty, of which one-third (1 per cent) can be purchased by the company for $1-million;
The company is also required to spend $250,000 over the next 12 months as a work commitment.

The acquisition is subject to TSX Venture Exchange approval.

Weststar is planning to mobilize a field crew to the property as soon as possible to begin a systematic geological and geochemical survey of the claim block.

“We are very excited to obtain these strategically located claims in an area that has created a substantial amount of news lately, and which looks to contain a significant new gold discovery,” states Weststar president Mitchell Adam. “We’re looking forward to quickly establishing the merits of this gold property, enhancing and diversifying our asset base alongside our coal holdings.”

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.

On June 19, 2009, the company announced that it had entered into an option agreement with Ryanwood Exploration Inc. for a 100-per-cent interest in the Kodiak gold property, also in the Dawson mining district.

The company expects to announce further details pertaining to this second property in the near future as negotiations progress.

Pursuant to the agreement, Taipan has an option to acquire up to an undivided 65-per-cent interest in Copper Ridge’s Lucky Joe mineral claims as described below.

About the property

The Lucky Joe copper-gold property is located in the Yukon approximately 40 kilometres northeast of Underworld Resources Inc.’s recent discovery. The property consists of 548 claims with a total area of approximately 11,000 hectares. The property is located 50 kilometres south of Dawson City, with access by helicopter.

The property hosts a unique style of copper-gold mineralization that has similarities to Capstone’s Minto mine, approximately 150 kilometres to the southeast. Total recent exploration expenditures on the property are approximately $2.9-million, of which over $1.5-million was spent by Kennecott.

In the late 1970s, drilling of a small part on the fringe of this potentially mineralized area by Riocanex gave values of 0.3 per cent copper to 0.6 per cent copper over thicknesses of 20 to 30 metres, with values up to 0.95 per cent copper over 5.2 m. Gold was shown to have close to a 1:1 correlation with copper. When copper assays are in the 0.9-per-cent range, gold values are in the 0.8-gram-per-tonne to 0.9-per-tonne gold range.

Drilling in 2005 and 2006 encountered a broad area in the core of the 13-kilometre-long Bear Cub soil anomaly with low-grade, porphyry-style copper-gold alteration and mineralization to depths of in excess of 300 m. Late in 2006, Copper Ridge drilled a hole (LJ06-09) at the south end of the seven-kilometre-long Ryan’s Creek trend, on a coincident induced polarization chargeability and soil copper-gold anomaly. A mineralized zone consisting of trace to 2 per cent chalcopyrite and trace to 2 per cent pyrite was encountered between 48 and 91 m. Within this zone, copper assayed 0.75 per cent over three metres and gold assayed three grams per tonne over 2.4 m. Additional drilling in 2007 consisting of 2,000 to 3,500 m north of the initial intersection, encountered 7.3 m at 0.905 per cent Cu and 0.5 g/t gold in hole LJ07-19, 26.6 m at 0.152 per cent Cu in hole LJ07-18 and 15.3 m at 0.176 per cent Cu in hole LJ07-22.

J. Greg Dawson, PGeo, vice-president of exploration for Copper Ridge, is the qualified person for the Lucky Joe project, and is responsible for the technical content of this news release.

Proposed financing

Concurrent with the qualifying transaction, Taipan will conduct a non-brokered private placement of units for up to $345,000 in gross proceeds. The financing will consist of up to 1.5 million flow-through units and up to one million non-flow-through units. Each flow-through unit will consist of one flow-through common share in the capital of the company and one non-transferable share purchase warrant, offered at a price of 15 cents per flow-through unit. Each non-flow-through unit will consist of one non-flow-through common share in the capital of the company and one non-transferable share purchase warrant, offered at a price of 12 cents per non-flow-through unit. Each share purchase warrant forming a part of the flow-through units and non-flow-through units will entitle the holder thereof to acquire one additional non-flow-through common share of the company at a price of 15 cents per share at any time prior to the date that is 24 months from the date of issuance. Net proceeds from the private placement will be used to finance the proposed work program on the property and for working capital. Finders’ fees may be payable in connection with the private placement as permitted under the policies of the exchange.

Insiders of Taipan

Upon completion of the transaction, it is anticipated that there will be no change in the officers and directors of Taipan, except for the addition of Gerald G. Carlson to the board. Mr. Carlson will provide Taipan with geological expertise. Please refer to Taipan’s prospectus filed on SEDAR for detailed backgrounds on Harry Chew (president and proposed chief financial officer and secretary), Trent S. Hunter (proposed chief executive officer) and Sonny Chew, who will also remain as directors of Taipan upon the completion of the transaction. A brief biography of Mr. Carlson, a proposed nominee to the board, is highlighted below.

Proposed qualifying transaction

Under the terms of the agreement, the company can acquire an initial 51-per-cent interest in the property by incurring a total of $2-million in exploration expenditures on the property as follows: a minimum $200,000 in expenditures on the property to be incurred by the first year following exchange acceptance of the agreement, a minimum $400,000 in expenditures by the second year, a minimum $600,000 in expenditures by the third year and a minimum $800,000 in expenditures by the fourth year. In addition, the company must make cash payments to Copper Ridge of $25,000 on signing of the agreement, $25,000 on the first year following exchange acceptance, $30,000 on the second year, $35,000 on the third year and $40,000 on the fourth year, as well as issue to Copper Ridge 100,000 shares of the company on exchange acceptance and 100,000 shares on each of the first year, second year, third year and fourth year following exchange acceptance.

The company has a further option to acquire an additional 14-per-cent interest (for a total undivided 65-per-cent interest) in the property by incurring an additional $2.5-million in exploration expenditures on the property as follows: a minimum of $1-million in expenditures on the property to be incurred by the fifth year following exchange acceptance and a minimum $1.5-million in expenditures by the sixth year. In addition, the company must make cash payments to Copper Ridge of $50,000 by the fifth year following exchange acceptance and $50,000 by the sixth year, as well as issue to Copper Ridge 250,000 shares of the company by each of the fifth year and sixth year following exchange acceptance. The property is subject to a 1.5-per-cent net smelter return, of which one-half of the NSR (0.75 per cent) may be purchased for $2-million on a pro rata basis by Taipan and Copper Ridge, and the issuance of up to 500,000 bonus shares upon certain criteria being met to an arm’s-length third party, of which 200,000 shares are to issued by Copper Ridge and the balance of 300,000 will be split pro rata by Taipan and Copper Ridge depending on Taipan’s interest earned pursuant to the agreement. Completion of any and all transactions contemplated by the agreement is subject to, among other things, acceptance by the exchange and all other necessary regulatory approvals. The completion of the transaction is also subject to completion of the private placement.

Sponsorship of a qualifying transaction of a CPC is required by the exchange unless exempt in accordance with exchange policies or waived by the exchange. Taipan intends to apply for an exemption or waiver from sponsorship requirements; however, there is no assurance that Taipan will be able to obtain this waiver. Upon completion of the qualifying transaction, the company will be considered a Tier 2 mining issuer under the policies of the exchange.

Taipan will, subject to exchange acceptance, pay a finder’s fee consisting of 260,000 common shares to Voelpel Gold Medal Investments Ltd. in connection with the transaction.

Completion of the transaction is subject to a number of conditions, including, but not limited to, exchange acceptance and if applicable pursuant to exchange requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a CPC should be considered highly speculative. The exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Valley High Copper Property Map

The Flume property is located 60 kilometres southwest of Dawson City, Yukon, and 30 kilometres northwest of Underworld Resources Inc.’s white gold discovery and comprises 191 mineral claims totaling approximately 3900 hectares. It covers the headwaters of Ten Mile creek, a well known placer mining location, as well as the headwaters of Sestak creek, a drainage with reported historical placer mining activity.

The Flume property was staked by PDC in 1998, to cover drainages with anomalous gold and arsenic in government stream sediment samples. PDC subsequently completed property wide soil sampling, geological mapping, prospecting and limited trenching that defined two main target areas primarily characterized by elevated gold and arsenic soil anomalies with minor anomalous antimony (Sb) and molybdenum (Mo). The most recent exploration done on the property was a small mechanical augur program completed in 2007.

The northern Flume target has dimensions of 3.5 kilometres by three kilometres with gold in soil values ranging from 10 ppb to a high of 615 ppb. The best rock sample collected from this area returned 2.7 grams per tonne gold from quartz stockwork-bearing intrusive float. The southern Sestak target has dimensions of 3.7 kilometres by one kilometre as defined by a combined arsenic and gold soil anomaly (max gold value 1,317 ppb). Rock samples collected from this area include 10 samples that assayed greater than 1000 ppb with the best sample returning 3.5 g/t Au from a lead- and zinc-rich skarn developed in a limestone horizon within meta-sediments.

Valley High may earn a 100-per-cent interest in the Flume property from PDC by making cash payments totalling $225,000 and by completing $500,000 worth of work over four years. The initial payment of $10,000 is due on the six-month anniversary of the option and Valley High commits to completing a $200,000 work program by the second anniversary. PDC retains a 2-per-cent NSR royalty of which one-half can be repurchased by Valley High for a sum of $1-million. PDC also retains the right to share in the proceeds derived from the sale or option of the property to a third party in the amount of 50 per cent of proceeds received during the first year and 25 per cent of the proceeds in any subsequent year.

Robert Cameron states, “Having been involved from the staking and initial exploration of this exciting property for PDC, I am pleased to be able to continue with its advancement on behalf of Valley High. The recent gold discovery by Underworld at their White Gold project and the historical gold production from this placer mining region certainly supports the bedrock gold potential of this newly recognised and under explored area. Valley High continues to implement its business model of acquiring high-calibre exploration projects and may seek a joint venture partner to rapidly advance the exploration of this large promising target.”

Robert Cameron, PGeo, who is a qualified person within the context of National Instrument 43-101 has prepared and takes responsibility for this news release.

Under the acquisition agreement Network has agreed to pay $75,000 cash and to issue two million common shares of Network. The vendor will retain a 3-per-cent net smelter return (NSR) of which 1 per cent will be purchasable by the company for $1-million (leaving a 2-per-cent NSR).

Network’s work commitment on the newly acquired land is $25,000 by June 1, 2010, and an additional $225,000 by Sept. 1, 2010.

In an effort to increase shareholder value, Network continues to be on the lookout for strategic property acquisitions near emerging discoveries as well as for historical finds such as the company’s Caldera project in Chile.

Specifically, Network is actively seeking to acquire additional land in the emerging Yukon gold rush to complement its current portfolio and continuing work program in South America. “This acquisition is part of a strategy to maximize our exposure to new gold discoveries,” stated Richard Schnoor, director of international operations. “We will mobilize a field crew to begin a systematic geological work program as soon as reasonably possible,” added Mr. Schnoor.

This transaction is subject to TSX Venture Exchange approval.

The consideration payable to the vendor consists of cash payments totalling $135,000; total share issuances of 200,000 shares; and exploration or work commitments on the property in the amount of $1-million all payable over a four-year period.

The property is subject to a 2-per-cent net smelter return royalty upon commencement of commercial production.

Newcastle will pay or issue to the vendor, Blair Naughty, $75,000 cash, three million shares of Newcastle and a 3-per-cent net smelter returns royalty. The company may repurchase 1 per cent of the royalty for $1-million. Newcastle also agreed to spend $25,000 to explore the property by June 1, 2010, and $225,000 by Sept. 1, 2010.

In conjunction with this acquisition, Newcastle Minerals has negotiated, subject to regulatory approval, a non-brokered private placement consisting of up to six million units at a price of three cents per unit, to qualified investors.

Each unit will consist of one common share and one warrant. Each warrant will, in turn, entitle the holder to purchase an additional common share for a period of two years following the closing date at a price of seven cents per share during the first 12 months and 10 cents per share thereafter.

The proceeds from the private placement will be used for exploration of the Yukon claims and working capital.