Posts Tagged Stina Resources

Stina Acquires the Option to Earn 100% in Dime Property from Ryanwood

Stina Resources is pleased to announce that it has entered into an option agreement with Ryanwood Exploration to acquire a second claim group in the Dawson Mining District, Yukon Territory. Pursuant to the agreement REI has agreed to grant the Company an option to purchase a 100% beneficial interest in 128 claims referred to as the Dime Property (covering an area of 25 square kilometers or 6,400 acres), subject to a 2% net smelter interest in favor of REI (The Company has the option to purchase one half of the NSR for a payment of two million dollars). The Option Agreement is subject to the approval of the TSX Venture Exchange.

Pursuant to the Option Agreement, to exercise the option the company must:
i) Pay to REI:
a. $125,000 within fifteen days after the approval date of the Option Agreement by the TSX Venture Exchange;
b. $125,000 on or before June 26, 2010;
c. $100,000 on or before June 26, 2011;
d. $100,000 on or before June 26, 2012;
e. $150,000 on or before June 26, 2013;
ii) Issue and deliver to REI:
a. 250,000 common shares of the Company within five days after the approval date of the Option Agreement by
the TSX Venture Exchange;
b. 200,000 common shares of the Company on or before June 26, 2010;
c. 300,000 common shares of the Company on or before June 26, 2011;
d. 300,000 common shares of the Company on or before June 26, 2012;
e. 250,000 common shares of the Company on or before June 26, 2013;
iii) Incur Expenditures:
a. in the amount of $100,000 on or before November 15, 2009;
b. in the additional amount of $250,000 on or before November 15, 2010;
c. in the additional amount of $500,000 on or before November 15, 2011;
d. in the additional amount of $750,000 on or before November 15, 2012;

The Dime Property is located 42 kilometers north west of Underworld’s White Gold Project and covers a well known placer gold creek called Ten Mile. Ten Mile creek has produced coarse placer gold since the turn of the century and the placer deposits are believed to be locally derived. In 1998 Teck Corp. staked the ground surrounding two placer gold districts in the Dawson area. One was the area now covered by Underworld’s White Gold Property and the second one was a claim package in the Ten Mile Creek area. Teck worked on both properties for two or three seasons and successfully identified several promising targets however, the Company changed its focus in 2000 and dropped all their gold exploration efforts in the Dawson area. Shawn Ryan, a local prospector from Dawson City (and the principal of REI), understood the significance of Teck regional exploration work and staked the Dime Claims to cover a large co-incident gold and arsenic soil anomaly that was never followed up. Teck’s data shows that there is a broad anomalous zone up to 750 meters wide that and 1,200 meters in length and the anomaly appears to be open along strike within the Dime Claims.

The Company has retained an independent geologist to confirm the results reported by Teck and propose an exploration program to fast track the evaluation of the target area. Mining regulations in the Yukon Territory permit small scale, fast track exploration work including preliminary drill testing of targets like the gold-arsenic soil anomaly on the Dime Claims.

There has been insufficient exploration to define a Mineral Resource on the Dime Property, and it is uncertain as to whether, or not, further
exploration will result in the discovery of a Mineral Resource on the property. Carl Von Einsiedel, P. Geo, Inc. is a designated Qualified Person for the Company and was responsible for review of this news release.

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Stina Resources has Closed Private Placement

Stina Resources Ltd. has closed the private placement sale of three million common shares at a price of 47 cents per common share reported on June 19, 2009. The company also issued 250,000 common shares to Ryanwood Exploration Inc. pursuant to the Kodiak property option agreement previously announced on June 19, 2009.
Stina is also pleased to announce the closing of the non-brokered private placement of 1,923,076 flow-through units at 52 cents per flow-through unit to the MineralFields Group.
Stina announces Nov. 11, 2009, as the hold period expiry date in respect of the shares issued pursuant to the above-mentioned private placements, including the shares issued upon exercise of the shares purchase warrants comprising the flow-through units and the 250,000 common shares issued to Ryanwood Exploration.
On July 8, 2009, the TSX Venture Exchange accepted for expedited filing documentation an option agreement dated June 18, 2009, between Stina and Ryanwood Exploration whereby the issuer was granted an option to earn a 100-per-cent interest in certain mining claims (the Kodiak gold property) located in the Dawson mining district of the Yukon.

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Stina Resources Completes Private Placement

Stina Resources Ltd. has closed the private placement for the sale of three million common shares at the price of 47 cents per common share which was announced in Stockwatch on June 19, 2009. The company has also issued 250,000 common shares to Ryanwood Exploration Inc. pursuant to the Kodiak property option agreement announced in Stockwatch on June 19, 2009.

The company has also closed a non-brokered private placement of 1,923,076 flow-through units at 52 cents per FT unit to the MineralFields Group which was announced in Stockwatch on June 24, 2009.

“We are very pleased to be entering into this relationship with MineralFields,” said Edward Gresko, president. “This is an important milestone in the growth of the company and we look forward to working with MineralFields Group as we develop our property located in the Dawson mining district, Yukon Territory, and other future exploration projects.”

The company provided Nov. 11, 2009, as the hold period expiry date in respect of the shares issued pursuant to the above mentioned private placements, including the shares issued upon exercise of the shares purchase warrants comprising the FT units, and the 250,000 common shares issued to Ryanwood Exploration Inc.

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Stina in Talks for a Second Yukon Gold Property

Stina Resources Ltd. has entered into preliminary negotiations for a potential gold property in the Dawson mining district of the Yukon Territory.

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.

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STINA ACQUIRES TIE ON CLAIMS TO THE UNDERWORLD DISCOVERY PROPERTY IN THE NEWLY RECOGNIZED WHITE GOLD DISTRICT

Stina Resources Ltd. has entered into an option agreement with Ryanwood Exploration Inc. pursuant to which REI has agreed to grant the company an option to purchase a 100-per-cent beneficial interest in certain mining claims located in the Dawson mining district, Yukon Territory, generally known and described as the Kodiak property, subject to a 2-per-cent net smelter interest in favour of REI.

The option agreement is subject to the approval of the TSX Venture Exchange.

Pursuant to the option agreement, to exercise the option the company must:

Pay to Ryanwood:

$75,000 within five days after the approval date of the option agreement by the TSX-V;
$50,000 on or before June 15, 2010;
$100,000 on or before June 15, 2011;
$75,000 on or before June 15, 2012;
$75,000 on or before June 15, 2013.

Issue and deliver to Ryanwood:

250,000 common shares of the company within five days after the approval date of the option agreement by the TSX V;
200,000 common shares of the company on or before June 15, 2010;
200,000 common shares of the company on or before June 15, 2011;
200,000 common shares of the company on or before June 15, 2012;
200,000 common shares of the company on or before June 15, 2013.

Incur expenditures:

In the amount of $100,000 on or before Nov. 18, 2009;
In the additional amount of $200,000 on or before Nov. 15, 2010;
In the additional amount of $300,000 on or before Nov. 15, 2011;
In the additional amount of $500,000 on or before Nov. 15, 2012.

The Kodiak property claim block consists of 152 claims covering 30 square kilometres or 6400 acres and ties on to the southern side of Underworld white gold property. The Kodiak claim block also straddles Thistle creek which was the richest placer gold-producing creek in the area given up more than 63,000 ounces of placer gold since the turn of the century.

Ryanwood is the property vendor for Underworld’s white property and has re-evaluated the Geological Survey of Canada database for similar positive indicators for white-style mineralization. The GSC airborne magnetic data indicate the Kodiak claims are sitting on the same regional north — south magnetic high anomaly that Underworld’s white gold property is now covering. The GSC silt survey of the Thistle area indicates a 90-per-cent percentile gold anomaly, a 98-per-cent percentile arsenic anomaly and up to 99-per-cent percentile silver anomaly all draining from the Kodiak property. Again, all positive indicator elements in white-gold-style mineralization. The third piece of data that increases the Kodiak potential is the GSC geology map. The GSC geology map has noted a northwest and northeast trending regional structure and the same geological units were mapped by the GSC on both the white and Kodiak properties which consist of DMa amphibolites, DMogt orthogneiss, and DMps quartz mica schist.

There has been insufficient exploration to define a mineral resource on the Kodiak property, and it is uncertain as to whether, or not, further exploration will result in the discovery of a mineral resource on the property. Ed Ullmer, PGeo, Inc., is a designated qualified person for the company and was responsible for review of this news release.

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