Stina Resources Ltd.

February 02, 2010 19:33 ET

Stina Resources Ltd. (TSX Venture:SQA) Announces Dime Property Agreement Accepted by TSX Venture Exchange

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 2, 2010) - Stina Resources Ltd. (TSX VENTURE:SQA) (The "Company") is please to announce that the TSX Venture Exchange has accepted for filing a property option agreement dated July 23, 2009, between Ryanwood Exploration Inc. and Stina., where the Company has acquired the option to earn a 100-per-cent interest subject to a 2-per-cent net smelter return royalty, in the Dime property located in the Dawson mining district, Yukon territory. To earn its interest the company must pay $600,000 and issue 1.25 million shares over four years as follows:

  • $125,000 and 250,000 shares upon exchange acceptance;
  • $125,000 and 200,000 shares by June 26, 2010;
  • $100,000 and 300,000 shares by June 26, 2011;
  • $100,000 and 300,000 shares by June 26, 2012;
  • $150,000 and 250,000 shares by June 26, 2013.

Stina must also spend $1.6-million on exploration over four years as follows:

  • $100,000 by Nov. 15, 2009;
  • $250,000 by Nov. 15, 2010;
  • $500,000 by Nov. 15, 2011;
  • $750,000 by Nov. 15, 2012.

The company can purchase half of the net smelter return royalty for $2-million.

The Geo Technical Report outlines a two stage exploration program on the Dime Property, which the Company plans to initiate this spring. The report is available on the Company's website and at

The Dime property is located 42 kilometres northwest of Underworld's White Gold project and covers a well-known placer gold creek called Ten Mile, which has produced coarse placer gold since the turn of the century and the placer deposits are believed to be locally derived. In 1998 Teck Corp. staked the ground surrounding two placer gold districts in the Dawson area. One was the area now covered by Underworld's White Gold property and the second one was a claim package in the Ten Mile Creek area. Teck worked on both properties for three seasons and successfully identified several promising targets, but changed its focus in 2000 and dropped all their gold exploration efforts in the area.

Shawn Ryan of Dawson City, Yukon, principal of Ryanwood Exploration, understood the significance of Teck exploration work and staked the Dime claims to cover a large co-incident gold and arsenic soil anomaly that was never followed up.

Teck's data indicates a broad anomalous zone that appears to straddle the southern boundary of the Dime claims and the adjacent property held by Solomon Exploration Ltd. The Company has already initiated discussions with Solomon regarding a joint work program on the target.

We will be at the PDAC Trade Show in Toronto from March 7 – 10, 2010. Our booth number is 3333, near the Underworld booth.

On behalf of Stina, Rod Sinn, President

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