VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 22, 2012) - Adroit Resources Inc. (TSX VENTURE:ADT)(FRANKFURT:A7V)(BERLIN:A7V) -
Claims Acquisition. Management is pleased to report that it has entered into an agreement to purchase a 100% interest in nine claims, 52 claim units (832 Ha), contiguous to the Company's properties in the Shinning Tree and Timmins South mining camps, Ontario for a consideration of 200,000 common shares in the Company which are subject to a four month trading hold period and subject to the transaction being accepted by the Toronto Stock Exchange Venture.
This acquisition will further extend the Company's land position in the Shinning Tree and South Timmins mining camps to a total of 361 km2. If accepted, this will consolidate and add to the Company's large and highly prospective, strategic land package along the Larder Lake fault between the Young Davidson Mine and the Côté Lake deposit. IAMGOLD has a recently updated its National Instrument 43-101 resource estimate on Cote Lake by 274%, to 3.56 million indicated ounces (IAMGOLD, News Release 4th October 2012).
The acquisition includes 40 additional claim units in Moher township, which increases the Company's Nursey Lake property to 902 claim units (144.32km2); five additional claim units, four in Halliday township and one in Sothman township, increasing the Company's Halliday Lake property to a total of 111 claim units (17.76km2); and seven claim units in Sothman township, increasing the Company's Red Vein Property, which extends from the Shining Tree Camp into the South Timmins Camp, to a total of 1,246 claim units (199.36km2).
The Nursey Lake property is approximately 2km from SGX's Edelston Zone. The Edelston zone latest drill results include 57.4g/tonne gold (SGX Resources, Press Release 19th September 2012), the zone has been traced for over one kilometre so far. We have also added a further five units to the Company's Halliday Lake Property which is bounded by SGX Resources Inc. to the north and west and by the Xstrata Sothman Nickel Deposit to the south; the Company's Red Vein Property also abuts the SGX property to the south.
Dr. Mark Fedikow, PhD., P.Eng, PGeo C.P.G, a Qualified Person under the guidelines of National Instrument 43-101, has reviewed and approved the geological information contained in this news release.
Financing: Management is pleased to report that the Company has closed a private placement organized by the Company for $185,000. The Company's September 28th, 2012 news release refers. The financing is comprised of 37 units at $5,000.00 per unit. Each unit is comprised of one hundred thousand (100,000) common shares and fifty thousand (50,000) three year, transferable, share purchase warrants. Each warrant entitles the purchaser to purchase one common share at a price of $0.08 per share in the first six months, at a price of $0.15 per share in the next eighteen months and at price of $0.25 in the last twelve months. The funds will be used for exploration purposes on the Company's projects in Canada and in Italy, and for general corporate purposes.
TSX Venture Exchange approval was received on October 15th, 2012.
An insider of the Company has invested a total of $27,000 in the private placement. Finder's fees of $6,000 and 104,000 common shares will be paid to arms length parties in accordance with TSX Venture Exchange policy with respect to this private placement.
Adroit Resources Inc. is a mineral exploration company currently exploring for Gold, Silver and the strategic metal Antimony in Central Italy and diamonds, precious and base metals in the Timmins South/Shinning Tree/Temagami/Cobalt and Bancroft areas of Ontario, Canada. The issued and outstanding shares of the Company following the closings is 158,507,209.
On behalf of the Board of Directors,
Graeme Rowland, Chairman and President
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.