Hinterland Metals Inc.

Hinterland Metals Inc.

February 01, 2011 16:53 ET

CORRECTION FROM SOURCE: Hinterland Provides Details of Yukon Spin Off Into Stakeholder Gold Corp.

VAL D'OR, QUEBEC--(Marketwire - Feb. 1, 2011) - There was a typographical error in the first paragraph of the press release disseminated today, February 1, 2011 at 4:05 PM ET for Hinterland Metals Inc. (TSX VENTURE:HMI). The referenced release should be to the January 20, 2011 news release. The corrected release is as follows.


Hinterland Metals Inc. (TSX VENTURE:HMI) wishes to provide, further to the January 20, 2011 news release, details of the intended spin off its Yukon gold assets by a plan of arrangement (the "Arrangement") that will involve the incorporation of a new company called Stakeholder Gold Corp. ("Stakeholder") and the distribution of Stakeholder shares pro rata to existing Hinterland shareholders. Included in the assets to be spun off are the Ballarat, Culvert, Erin, Divide and Coffee gold properties. Hinterland will retain 7.5 per cent of the Stakeholder shares and a 1.0 per cent net smelter return royalty on any future mineral production from certain of the transferred assets. The Arrangement will also involve a consolidation of Hinterland's share capital on a one for four basis. The net effect of the Arrangement will be that existing shareholders of Hinterland will receive one post-consolidation share of Hinterland and 0.925 shares of Stakeholder for each four pre-consolidation Hinterland shares held. Shareholders will then have an interest in two distinct, well structured public companies each with a clearly defined exploration focus.

The proposed transaction is subject to a number of conditions, including the execution of a definitive agreement between Hinterland and Stakeholder for the transfer of the Yukon gold assets, shareholder approval at a special meeting of Hinterland shareholders, Court approval of the Arrangement, and regulatory approval.

Mark Fekete, P.Geo is the designated "qualified person" as defined in Section 1.2 in and for the purposes of National Instrument 43-101 responsible for the technical content of this release.

The offered securities will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or applicable state securities laws, and may not be offered or sold in the United States or to "U.S. persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act, absent registration or an applicable exemption from such registration requirements.

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Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential mineralization) are forward-looking statements; this includes the completion of the spin off. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, changes in world gold markets or markets for other commodities, the inability of the Company to complete the spin off on the terms and conditions disclosed above, and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Any forward-looking statement speaks only as of the date on which it is made and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.

Shares Issued 80,272,538

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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