Alder Resources Ltd.

October 15, 2009 14:58 ET

Alder to Do $1,000,000 Private Placements; Update of Exploration of Canadian Creek Yukon Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 15, 2009) - Alder Resources Ltd. ("Alder") (TSX VENTURE:ALR) has entered into an Agency Agreement dated October 13, 2009 with Delano Capital Corp. ("Delano") a licenced Limited Market Dealer, of Toronto, Ontario, pursuant to which Delano has agreed to act as Alder's agent to offer, on a best efforts basis, 6,666,667 Units ("Offering"). Each Unit will consist of one common share of Alder and one Warrant entitling the holder to purchase an additional share of Alder for the period of 24 months following the Closing. The Units will be sold for $0.15 each and each Warrant will be exercisable to purchase an additional share for $0.25.

There is no minimum set with respect to the Offering. On the closing of the sale of the Units sold ("Closing") Delano will be paid cash commissions equal to 8.0% of the gross proceeds from the Offering raised by Delano. As additional compensation for its services Alder will grant Delano options entitling it, for 24 months from the Closing, to purchase that number of Units as is equal to 10% of the number of Units sold by Delano pursuant to the Offering for $0.15 per Unit; provided that the Warrants included in the Units purchased by the Agent will expire 24 months after the Closing.

The Offering and the Agency Agreement is subject to the completion and signing of final documentation and acceptance for filing by the TSX Venture Exchange – upon which the common shares of Alder are listed for trading.

Alder has now completed exploration work for the season on its optioned Canadian Creek Mineral Property – located approximately 160 km south of Dawson City, Yukon Territory – and the crew and equipment demobilized. Ten core drill holes were completed for a total of 1,431 metres. The drill holes tested a number of soil geochemical and IP geophysical anomalies broadly spaced over an area of 4 km in length. The samples are now all in the lab and the results will be released once they have been received and compiled. Two soil sample lines were added late in the program at the northeastern end of the grid where a new and open ended gold-arsenic soil anomaly was outlined on two lines 200 m apart.

Alder's total expenditures on the Canadian Creek Property are estimated to have been approximately $1,000,000, subject to the receipt of final invoices.

As has been disclosed in previous Alder Releases, Alder can earn a 60% interest in the Canadian Creek Property – from the owner of the property, Cariboo Rose Resources Ltd.

Alder has granted a Director an option to purchase up to 100,000 shares exercisable at $0.15 per share.

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