Adroit Resources Inc.: Heads of Agreement Signed to Acquire the Skynner Lake Gold Property in Timmins
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/14/10 -- Adroit Resources Inc. (TSX VENTURE: ADT)(FRANKFURT: A7V)(BERLIN: A7V). Management is pleased to announce that the company has signed an arms length heads of agreement to acquire 100% of the Skynner Lake Gold Property located on the Destor-Porcupine fault in Deloro Township, Timmins, Ontario. The property is located along the western part of the mine trend approximately 800 meters west of former producing Delnite Gold Mine property. This acquisition is a reviewable transaction under the policies of the TSX Venture Exchange (Exchange) and is subject to Exchange approval.
This well known mineralized corridor hosts several former and actual Gold producers such as the Dome mine (17.1 M oz Au), Preston mine (1.5 M oz Au), Paymaster mine (1.2 M oz Au), Buffalo-Ankerite mine (0.93 M oz Au), Aunor mine (2.5 M oz Au), Delnite mine (0.93 M oz Au) and Naybob mine (0.05 M oz Au). Historical production from the Timmins Camp since about 1910 is in excess of 68,000,000 ounces of gold.
The Skynner Lake Gold Property consists of eight patented contiguous mining claims (approximately 130 Ha) within the heart of the main mineralized trend of the Timmins mining centre. Adroit intends to carry out a modern exploration program using state of the art geophysics and geochemical techniques to evaluate the project for new zones of mineralization at depth and along strike of known deposits.
The consideration for the acquisition is 800,000 common shares of the Company with a four month hold period on 400,000 shares and with a twelve month hold period on 400,000 shares, both periods commencing on Exchange approval for the transaction and a cash payment of C$40,000. The owner of the property retains a 2% NSRR and rights to certain aggregate and quarry assets on the eastern side of the property. The Company has the right to purchase half the NSRR for $1,000,000 at any time and to purchase the surface rights for C$500,000 within six months of the completion of a positive bankable feasibility study.
Doctor Mehmet Taner, Eng., Ph.D. has verified and approved the geological information contained within this news release. Dr. Taner satisfies the requirements of a Qualified Person as defined in the National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
Adroit Resources Inc. is a mineral exploration company that is currently exploring for Gold, Silver and Antimony in Central Italy and diamonds, precious and base metals in the Shining Tree/Temagami/Cobalt and Bancroft areas of Ontario, Canada and oil and gas in Texas, USA. In addition, Adroit is seeking new precious and base metal projects to add to its expanding portfolio. The Company's issued and outstanding share capital is 94,486,716.
On behalf of the Board of Directors
Graeme Rowland, Chairman and President
Note: The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Adroit Resources Inc.
Graeme Rowland
Chairman and President
(604) 688-3304
info@adroitresources.ca
www.adroitresources.ca
Blackwell (Corporate Advisor)
(416) 364-3123
blackwell@tcn.net