Decade Resources Ltd.
TSX VENTURE : DEC

Decade Resources Ltd.

September 30, 2009 11:47 ET

Decade Resources Ltd.: Corporate Update

STEWART, BRITISH COLUMBIA--(Marketwire - Sept. 30, 2009) - Decade Resources Ltd. ("Decade" or the "Company") (TSX VENTURE:DEC) reports that further to the Company's news release dated August 26th, 2009 wherein the Company announced its intention to complete a private placement of 5,000,000 units of the Company at $0.06 per unit for gross proceeds of $300,000, terms of the financing are being amended such that the Company will now privately place 937,500 units of the Company at a price of $0.32 per unit (the "Units"), gross proceeds remaining at $300,000. Each Unit will consist of one flow-through common share and one warrant, each warrant being exercisable into a common share of the Company at $0.43 for a period of two years.

Further to the Company's news release dated September 3rd, 2009, wherein the Company announced that its partner, Mountain Boy Minerals Ltd. ("Mountain Boy"), had granted Decade an option to acquire an additional 20% interest in the Red Cliff project (the "Proposed Transaction"), on September 28, 2009, Mountain Boy advised Decade that the Proposed Transaction was conditionally approved by the TSX Venture Exchange (the "Exchange"), subject to: (i) Mountain Boy providing the Exchange evidence of value in respect of Red Cliff; and (ii), "disinterested" shareholder approval. Accordingly, Mountain Boy expects a special meeting of its shareholders to be held in January 2010 for the shareholders to consider the Proposed Transaction.

Pursuant to the option agreement between Decade and Mountain Boy dated October 28th, 2008, Decade is earning a 60% interest in the Red Cliff by spending $500,000 on the property before the first anniversary date of the agreement, $500,000 during the second year and $250,000 during the third year. Based on current exploration expenditures, Decade anticipates completing all three years of its earn-in requirements during this program.

As of September 29th, 2009, Martin Kasum has resigned as a director of the Company. Mr. Kasum was a founding director of Decade and has made his board seat available so that the Company can look to increase the geological strength of the board of directors. Discussions are presently underway with a few individuals who possess considerable experience with exploration, resource development and gold mining in the Stewart region.

In addition, Randolph Kasum, director, Chief Financial Officer (CFO) and Corporate Secretary of Decade, has resigned the position of CFO in favour of Andrew Bowering, a founding director of the Company.

Decade Resources Ltd. is a Canadian based mineral exploration company which is actively seeking opportunities in the resource business. It owns 100 % in the Neves Creek gas licences in the Pink Mountain area near Fort St. John BC. The licences are in an area actively being explored for gas in carbonate horizons. The company also has an option to earn a 100% interest in the Silver Crown 6 claim, adjoining the Red Cliff property to the north.

ON BEHALF OF THE BOARD

Ed Kruchkowski, President

"This news release may contain forward–looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements."

"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

  • Decade Resources Ltd.
    Andrew Bowering
    604-662-8184