Aldrin Resource Corp.
TSX VENTURE : ALN

Aldrin Resource Corp.

September 08, 2009 09:30 ET

Aldrin Closes Property Acquisition and Private Placement Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 8, 2009) - Aldrin Resource Corp. (TSX VENTURE:ALN) ("Aldrin") announces that it has received final TSX Venture Exchange approval to acquire a 100% interest in two mineral exploration properties in the Dawson Mining District, Yukon Territory from Ryanwood Exploration Inc. ("Ryanwood").

The Brew Property is comprised of 168 quartz mining claims covering an area of 33 square kilometers or 8,400 acres. The property is located 100 km south of Dawson City and 20 km 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 meters 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 north west and north east 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 $1,500,000 on or before November 15, 2012 and issue Ryanwood a total of 1,250,000 common shares before June 26, 2013.

The Ind Property is comprised of 138 quartz mining claims covering an area of 27 square kilometers or 6,800 acres. The property is located 24 km south of Dawson City and 14 km south west 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 a favourable gold soil anomaly which was first discovered in 2004 during a regional soil sampling program.

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 $1,500,000 on or before November 15, 2012 and issue Ryanwood a total of 1,500,000 common shares on or before June 26, 2013.

Aldrin's 100% interest in both the Brew and Ind Properties is subject to a net smelter return royalty of 2.0%. Aldrin is entitled to purchase 50% of the NSR on each property for $2 million.

Aldrin has closed a $325,000 private placement consisting of 2,500,000 units at $0.13 per unit. Each unit will be comprised of one common share and one warrant exercisable at $0.19 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 which expires January 11, 2010.

Johnathan More, CEO and President of Aldrin Resource Corp. states, "This is an exciting start for Aldrin. We have assembled a significant land position in a very prolific area. We will commence exploration on our 2 properties immediately and we will continue to identify and acquire additional land claims."

ON BEHALF OF THE BOARD

Johnathan More, CEO and Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Aldrin Resource Corp.
    Johnathan More
    CEO and Director
    (604) 687-7741
    (604) 662-3904 (FAX)