Expedition Mining Inc.

Expedition Mining Inc.

April 12, 2011 09:01 ET

Expedition Acquires Second Gold Property in the Yukon's Rackla Gold Belt Near ATAC

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 12, 2011) -


Expedition Mining Inc. (TSX VENTURE:EXU) (the "Company") is pleased to announce it has entered into an option agreement pursuant to which it can acquire a 100-per-cent interest in the Mt. Mervyn gold property from Paul Dadwal. The Mt. Mervyn property is located in the Mayo Mining District of central Yukon, 5 kms from ATAC Resources' Rau Gold Property, where Carlin-type gold mineralization has been discovered, and adjacent to Strategic Metals' claim block.

Ron Atlas, president and chairman, said: "We are very excited about the acquisition of the Mt. Mervyn gold prospect. This property, along with our Joy property, gives us a great land position in the newly emerging Rackla Gold Belt. With our recent financing of $2.2 million, we are committed to aggressive exploration on all our Yukon properties this year and will be announcing extensive work programs in the very near future."

The Mt. Mervyn property is comprised of 314 unpatented mining claims, approximately 6,564 hectares (65.64 sq kilometres), located in the recently defined Rackla Gold Belt. This is an early stage exploration project, with numerous defined similarities to ATAC Resources' Nadaleen Trend that hosts Carlin-type gold mineralization.

Initial data review by the owner indicates the claim block covers calcareous rocks of the Hyland Group, which is the same formation that hosts gold mineralization on the ATAC claim block. Also present on the property are numerous fault structures which are similar to the structural setting on the nearby ATAC properties.

Gold mineralization potential was originally defined by earlier mapping and sampling completed by the Geological Survey of Canada and more recently by the Yukon Geological Survey. This work recognized gossans and sulphide mineralization on the claim block which appears to be associated with younger intrusive dikes.

The Mt. Mervyn property has excellent potential for hosting gold mineralization in a similar setting to ATAC's nearby prospects.

Please visit the company's website at www.expeditionmining.com for more details on the Mt. Mervyn property.

The Agreement

In order to exercise its option under the option agreement, the Company must make payments and issue shares as set below.

$75,000 within five business days after Exchange Acceptance Date
$75,000 on or before June 1, 2011
Common Shares:
250,000 within five business days after Exchange Acceptance Date
250,000 on or before June 1, 2011
250,000 on or before October 1, 2011
250,000 on or before March 31, 2012
Net Smelter Returns Royalty (NSR):
The optionor will have a 2-per-cent net smelter royalty on the property. The NSR may be reduced to 1-per-cent by the payment of $1-million to the optionor.

The Company is committed to make the initial payment of $75,000 and the initial issuance of 250,000 common shares once the title to the claims comprising the Mt. Mervyn property is recorded in the Company's name. The other payments and share issuances are optional.

The agreement is subject to regulatory approval, including approval of the TSX-V Exchange.

Information with respect to the Mt. Mervyn property contained in this press release is approved by Bert W. Jeffries, PGeo, qualified person required under National Instrument 43-101.

Expedition is a publicly held Canadian exploration company focused on acquiring, exploring and developing gold properties located in favourable geo-political climates. The company is led by a highly skilled, experienced board and management team with significant successes in managing early stage mineral exploration companies.


Ronald Atlas, President & Chairman of the Board

Expedition Mining Inc.


This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "can", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Expedition Mining to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the exploration and potential development of its properties, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of gold. Although Expedition Mining has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Expedition Mining does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.

Standard & Poor's Listed

Issued Share Capital: 55,110,318

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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