Donald D. McKinnon

August 08, 2005 16:43 ET

The Acquisition by Baltic Resources Inc. of the Coral Rapids and Hawkins Properties from Donald Mckinnon

TIMMINS, ONTARIO--(CCNMatthews - Aug. 8, 2005) - Donald D. McKinnon announces that he has acquired 2,236,232 common shares of Baltic Resources Inc. ("Baltic") pursuant to agreements made as of April 29, 2005 whereby Mr. McKinnon agreed to sell, and Baltic agreed to purchase, certain mining claims located in the Porcupine Mining Division, Ontario and the Sault Ste. Marie Mining Division, Ontario (respectively, the "Coral Rapids Property" and the "Hawkins Property") in consideration for the payment of approximately $447,247, to be satisfied by the issuance and delivery to Mr. McKinnon of 2,236,232 common shares of Baltic, and the reservation of certain royalties pursuant to the respective agreements of purchase and sale. As at April 29, 2005 and prior to the completion of the above-mentioned transaction, Mr. McKinnon beneficially owned approximately 25.65% of the issued and outstanding common shares of Baltic. Immediately after the completion of the transaction, Mr. McKinnon beneficially owned 6,486,232 common shares of Baltic, representing approximately 34.49% of the issued and outstanding common shares of Baltic.

The 2,236,232 common shares of Baltic acquired by Mr. McKinnon were issued by Baltic from treasury pursuant to an exemption from the applicable prospectus and registration requirements and did not take place through the facilities of any market for Baltic's securities. Mr. McKinnon may from time to time acquire additional securities of Baltic, dispose of some or all of the existing or additional securities he holds or will hold, or may continue to hold his current position.

For a copy of the corresponding report required by National Instrument 62-103, please contact:

Donald D. McKinnon
P.O. Box 1130
3130 Airport Road
Timmins, Ontario
P4N 7C3

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Donald D. McKinnon
    (705) 268-8822