Britannica Resources Corp.

Britannica Resources Corp.

December 16, 2011 08:54 ET

Britannica Acquires Clairmont Gold Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 16, 2011) - Britannica Resources Corp. (TSX VENTURE:BRR) (the "Company" or "Britannica") is pleased to announce it has completed the acquisition (the "Acquisition") of privately held Clairmont Gold Inc. ("Clairmont") previously announced on October 12, 2011.

Britannica issued an aggregate of 4,000,000 common shares, at the deemed price of $0.20 per common share, to the vendors of the Clairmont Gold Inc. shares (the "Vendors"), for a total consideration of $800,000. The vendors are arm's length parties of the Company.

All securities to be issued in conjunction with the Acquisition will be subject to a statutory hold (the "Hold Period") ending 4 months and one day following the closing date. Furthermore, the Vendors have voluntarily entered into a lock-up agreement, whereby the Vendors agree not to sell or otherwise dispose of their holdings, in accordance to a release schedule ending 13 months following the closing date.

About Clairmont Gold Inc.

Clairmont Gold Inc. holds 100% of the Deltador Property, comprised of 146 mineral claims covering an area of 5,959 hectares approximately 30 km northeast of the city of Rouyn-Noranda, Quebec, in the La Pause, Clericy and Dufresnoy townships, subject to a 2% NSR. The Deltador property is located in the eastern part of the Archean Abitibi Greenstone Belt in the southern Superior Province of the Canadian Shield.

About Britannica Resources Corp.

Britannica is a well funded aggressive junior exploration company having recently completed a $2,125,000 financing (see news release Nov. 30/11). Britannica's management team and consultants have a successful history of gold and mineral exploration, development and operational experience throughout the world, with particular emphasis on the Abitibi Gold Belt.

Britannica's 100% owned Chassiggnole Eagle and Bluebird properties comprised with the acquisition of the Deltador Properties creates a dominate land position covering the Manneville fault zone and the well-known Destor-Porcupine fault, a proven major gold-bearing structure in the Abitibi gold belt in north-western Quebec.

Britannica is currently planning an aggressive 2012 regional exploration program on the 100% owned Chassiggnole Eagle, Bluebird Properties and Deltador Properties. Exploration will be based on compilation from the Company's previous exploration programs, including surface sampling that returned anomalous gold and copper values and historical Ministry of Natural Resources surveys that show overlapping magnetic and gravimetric anomalies along a roughly east-west-striking formation of chloritized andesites.

Eugene Gauthier, Ing (OIQ) acts as the qualified person of the company and has reviewed and approved the contents of the news release.


Jeffrey Cocks, 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.

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