January 24, 2006 09:13 ET

New Sleeper Gold Corporation: Acquisition of Rights in the Antino 1 Project in Suriname

LONGUEUIL, QUEBEC--(CCNMatthews - Jan. 24, 2006) - New Sleeper Gold Corporation ("New Sleeper" or the "Corporation") (TSX VENTURE:NWS) is pleased to announce that it has acquired the right to explore, develop and acquire the Antino 1 Project located in Southeastern Suriname, approximately 240 km from the capital Paramaribo. Portions of the project were explored in the mid 1990's by Golden Star Resources Ltd., with a number of high grade intersections reported. Subsequent workings to the present day by a local operator have exposed a high grade vein system on surface, with channel sample grades in excess of 30 g/t Au. This vein can be traced on surface for 400m. Re-interpretation of the previous data, along with the new workings would suggest a folded system with the new workings on one limb and the previous drilling on the other. The Corporation intends to carry out a systematic program of trenching and drilling to establish the strike and depth continuity of the exposed vein.

The Corporation entered into an agreement with Laurentian Mountain Investments Ltd. ("LMI") under which LMI transferred all of its rights and interests in an option agreement between LMI and Nana Resources N.V. ("Nana"), a Surinamese company that holds the 100 square kilometers Right of Exploitation known as the Antino 1 Project (the "Option Agreement").

The Corporation will have the right to explore, develop and acquire all of Nana's rights and interests in the Antino 1 Project. During the exploration phase, the Corporation will have to make the following payments:

- US$65,000 upon completion of a 90-day due diligence period, only
if the Corporation elects to continue with the Option;
- US$135,000 on the six-month anniversary of the first payment;
- US$100,000 on the anniversary of the second payment; and
- US$200,000 on each subsequent anniversary, until the Option is

If the Corporation requests Nana to cease its current exploitation activities (small scale) during the exploration phase, the Corporation will have to pay Nana an additional US$300,000 per year.

In addition, the Corporation shall, during the exploration phase, incur minimum expenditures of US$300,000 per year for a cumulative of no less than $5,000,000 during the first 60 months.
The Corporation will be entitled to exercise the Option at any time after having incurred expenditures of at least $5,000,000, completed a feasibility study and applied to the government for the permit(s) to exploit the deposit.

After having exercised the Option, the Corporation will have to pay Nana the following:

- $500,000 within thirty days of receiving all necessary permits to
construct and operate the mine from the relevant governmental
- $1,000,000 twelve months after the commencement of commercial
- Quarterly payments equal to 1.5% (one and a half percent) of
quarterly commercial mineral production.

The Corporation can terminate the Option Agreement at any time by providing a 30-day prior written notice.

The sole shareholder and president of LMI is Mr. David Fennell, the Chairman of the Corporation. Therefore, the transaction between the Corporation and LMI is not at arms length and is subject to the approval of the TSX Venture Exchange. Under the proposed terms of the transaction between the Corporation and LMI, LMI would receive the following consideration:

- Upon definition of a 43-101 compliant mineral resource of 500,000
ounces on the Antino 1 Project, the Corporation would issue to LMI
400,000 common shares of the Corporation;
- Upon definition of a 43-101 compliant mineral resource of
1,000,000 ounces on the Antino 1 Project, the Corporation would
issue to LMI 400,000 common shares of the Corporation;
- Upon definition of a 43-101 compliant mineral resource of
2,000,000 ounces on the Antino 1 Project, the Corporation would
issue to LMI a further 800,000 common shares of the Corporation.

The amount of shares to be issued to LMI shall be adjusted by the Board of Directors if the outstanding common shares of the Corporation are increased, decreased or exchanged for a different number or class of shares or securities through re-organization, merger, re-capitalization, reclassification, subdivision or consolidation.

The terms of the transaction between LMI and the Corporation were determined by a committee of the Board of Directors composed entirely of independent directors and then approved by the Board.

The acquisition of the Antino 1 Project in Suriname is part of New Sleeper's program to diversify away from its Sleeper asset in Nevada. The Company anticipates the acquisition of additional projects in Suriname and the Guiana Shield.


New Sleeper Gold Corporation also announces that results have been received from exploration during October 2005 at the Jersey Project in Pershing County, Nevada, a disseminated silver-gold mineralization target. Drilling was funded and managed by New Sleeper under an option to enter into a joint venture with Maximus Ventures Ltd. (MXV - TSX-V) signed in August 2005.

New Sleeper drilled four angle diamond drill holes (total of 358 meters) in the main part of the property, all with high core recovery. The highest values was 352 gm Ag and 1.36 gm Au over 0.40 meters in hole JDD-02-05. The results showed a lacked of continuity necessary for either an open pit or underground mine and that values tended to decrease with increasing depth. As a result, New Sleeper has notified Maximus Ventures that it will terminate the option agreement. All work was done under the supervision of Adrian Fleming, exploration manager for New Sleeper and qualified person for the project, consistent with Canadian regulatory requirements set out in NI 43-101. Assaying was done by ALS Chemex with 30 gram fire assay fusion followed by atomic absorption finish for gold and gravimetric finish for silver.

New Sleeper's shares trade on the TSX Venture Exchange under the symbol "NWS". Additional information about the Corporation is available through regular filings and press releases on SEDAR ( and on the Corporation's website (

The TSX Venture Exchange does not accept responsibility
for the adequacy or accuracy of this release.

Contact Information