Newstrike Resources Ltd.

Newstrike Resources Ltd.

November 09, 2009 14:00 ET

Newstrike Resources Ltd. Options New Mineral Prospect

TORONTO, ONTARIO--(Marketwire - Nov. 9, 2009) - Newstrike Resources Ltd. (TSX VENTURE:NR) ("Newstrike") is pleased to announce that it has entered into an option agreement with Misema Resources Ltd. ("Misema") pursuant to which Newstrike has been granted the option to acquire up to a 50% legal and beneficial interest in eight mining claims located in Gauthier Township, Ontario (collectively, the "Property"). Mr. John Pollock is the President of Newstrike, and also the President of Misema.

In order to acquire an initial 20% interest in the Property, Newstrike is required to make a cash payment of $10,000 and incur aggregate exploration expenditures on the Property of $90,000 over a one year period. Upon exercise of its option to earn a 20% interest in the Property, Newstrike may thereafter elect to earn an additional 30% interest in the Property (for an aggregate 50% interest) by incurring an additional $400,000 in exploration expenditures on the Property over the subsequent two year period. The acquisition remains subject to the approval of the TSX Venture Exchange.

Misema conducted exploration work on this Property and outlined a circular magnetic low anomaly. This anomaly is proposed to be testing by diamond drilling.

Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Newstrike, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with mineral exploration and mining activities, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Neither 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

  • Newstrike Resources Ltd.
    Donald Rankin
    (416) 628-6556