Honey Badger Exploration Inc.

Honey Badger Exploration Inc.

August 26, 2009 13:00 ET

HoneyBadger Exploration Finalizes Agreement With Entree Gold on Nevada Copper Property

TORONTO, ONTARIO--(Marketwire - Aug. 26, 2009) - HoneyBadger Exploration Inc. (TSX VENTURE:TUF) ("HoneyBadger" or the "Company") announces that the joint-venture option agreement with Entree Gold Inc. (TSX:ETG)(NYSE Amex:EGI)(FRANKFURT:EKA)("Entree") previously announced on July 23, 2009, has been finalized.

HoneyBadger and Entree intend to explore for and develop porphyry copper targets in the Yerington porphyry copper district of western Nevada. HoneyBadger has assembled a substantial land package covering over 12,500 acres (5,080 hectares), known as the Yerington West Project.

Under the terms of the agreement, Entree may acquire up to an 80% interest in a portion of HoneyBadger's Yerington West Project, known as the Blackjack Property.

Aggressive Drill Program Planned for Q4 2009

This partnership arrangement with Entree is part of HoneyBadger's strategy to explore for large porphyry copper deposits, using the knowledge and experience of a well-established porphyry copper expert.

Entree and HoneyBadger are planning an aggressive drill program commencing in the fourth quarter 2009. This program is expected to test numerous targets generated from a recently completed high-definition airborne Geotech AirMt magnetotelluric survey along with geological and geochemical targets.

Prolific Mining Area

Considerable exploration and mining has been done in the Yerington region since the early part of the twentieth century. Between 1953 and 1978, Anaconda produced almost 2 billion pounds of copper from a single open pit. The area was generally inactive in the 1980s and 1990s, but has seen renewed interest in the past few years. Our agreement with HoneyBadger gives Entree shareholders a foothold into this highly prospective area.

About HoneyBadger Exploration Inc.

HoneyBadger Exploration is a gold and base-metals exploration company headquartered in Toronto, Ontario, Canada. The Company's current exploration projects are focused in the mining-friendly State of Nevada. The "Yerington Project" is a copper porphyry and skarn property near the town of Yerington, and positions the Company for new exploration in prolific copper districts. The Company's common shares trade on the TSX Venture Exchange under the symbol "TUF".

About Entree Gold Inc.

Entree Gold Inc. is a Canadian mineral exploration company focused on the worldwide exploration and development of gold and copper prospects. In North America, the Company is exploring for porphyry-related copper systems in Arizona and New Mexico under agreements with Empirical Discovery LLC and now in Nevada through an option agreement with HoneyBadger Exploration Inc.

The Company is a large landholder in Mongolia, where it holds three exploration licenses comprising the 179,590 hectare Lookout Hill property. Lookout Hill completely surrounds the 8,500-hectare Oyu Tolgoi project of Ivanhoe Mines, and hosts the Hugo North Extension of the Hugo Dummett copper-gold deposit and the Heruga copper-gold-molybdenum deposit.

Ivanhoe Mines and Rio Tinto are major shareholders of Entree, holding approximately 15% and 16% of issued and outstanding shares respectively.

For more information, please visit our website at http://www.honeybadgerexp.com.

This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

Contact Information

  • HoneyBadger Exploration Inc.
    Brent Nykoliation
    Vice President of Business Development
    (416) 364-4029
    (416) 364-2753 (FAX)
    HoneyBadger Exploration Inc.
    Kirk McKinnon
    President & CEO
    (416) 364-4029
    (416) 364-2753 (FAX)
    HoneyBadger Exploration Inc.
    Richard Schler
    Chief Operating Officer & CEO
    (416) 364-4029
    (416) 364-2753 (FAX)
    HoneyBadger Exploration Inc. - Calgary Office
    Michael Marchand, Ph.D., P.Geol.
    Vice-President of Exploration
    (403) 282-5105