Aldrin Resource Corp.
TSX VENTURE : ALN

Aldrin Resource Corp.

May 04, 2010 12:34 ET

Aldrin Resources Joint Ventures With Universal Uranium on Brew Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 4, 2010) - Aldrin Resource Corp. ("Aldrin") (TSX VENTURE:ALN) announces that it has entered into a joint venture and property option agreement with Universal Uranium Ltd. ("Universal") dated April 30, 2010 for exploration of Aldrin's Brew Property ("Brew Property").

The Brew Property is located in the White Gold District, Yukon Territory and is comprised of 168 quartz mining claims covering an area of 33 square kilometres. The property is 100 km south of Dawson City and 20 km east of Underworld Resources (Kinross) White Gold discovery. Universal may acquire a 50% interest in the Brew Property over a three year period by paying Aldrin $425,000, incurring exploration expenditures of $1,350,000 and paying Aldrin 50% of the value of the Aldrin shares which are issuable to the optionee of Brew Property, Ryanwood Exploration Inc. These latter payments are capped at $156,250 for 2011 and at $187,500 for 2012 and 2013. These payments may be made either in cash or by the issuance of Universal's shares at Universal's option. If Universal issues shares to satisfy this payment a 10% premium is required on the option payment.

ON BEHALF OF THE BOARD OF DIRECTORS

Johnathan More, President and CEO

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
    President and CEO
    604-687-7741
    604-662-3904 (FAX)