Parlane Resource Corp.
TSX VENTURE : PPP

Parlane Resource Corp.

January 05, 2011 14:00 ET

Parlane Closes Big Bear Transaction and Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 5, 2011) - Parlane Resource Corp. (TSX VENTURE:PPP) (the "Company") has closed the transaction with Derrick Strickland of Vancouver, British Columba ("Strickland") whereby Parlane can acquire (the "Option") an undivided 100% interest in 31 claims covering approximately 14,366 hectares located in the prolific Omineca Mining Division of British Columbia, generally collectively known and described as the NW1 Project, and now called the Big Bear Project ("Big Bear") (See press release dated November 29, 2010).

The Company has made a cash payment of $150,000 to Mr. Strickland, and issued 300,000 shares and 300,000 warrants as the first year's consideration for the Option. Additionally, a finder's fee related to the transaction was paid to an arms' length party in the form of cash ($14,000) and 34,000 shares for Year 1. All securities issued pursuant to the transaction are restricted from trading for a period of four months and one day.

The Big Bear Project is located in central B.C., southwest of Prince George, and is accessible by road from Vanderhoof. The optioned claims lie in proximity to the Blackwater Gold Project owned by Richfield Ventures Corp. (Symbol: RVC - TSXV). The Blackwater Gold Project has historically been viewed as a high grade gold vein target and was explored with that premise by previous operators. Richfield Ventures recently reported identifying high grade gold on their property, with drilling focused on testing the continuity and size of their bulk tonnage gold system (see Richfield's press release of November 2, 2010).

Financing

The Company also announces that it has closed a non-brokered private placement of 5,000,000 Units at a price of $0.20 per unit, for gross proceeds of $1,000,000. Each unit is comprised of one common share of Parlane and one-half of one common share purchase warrant, each whole warrant exercisable for a period of two years from the date of issue to purchase one common share of Parlane at a price of $0.35 per share. The private placement includes an accelerated expiry feature that can be triggered at the discretion of management should the shares of Parlane trade over $0.50 for a period of 20 consecutive trading days on the Exchange. Should the Company issue notice of such accelerated expiry, the warrants will expire 60 days thereafter.

Finder's fees in the aggregate amount of $45,600 and 285,000 warrants were paid to various finders for portions of the financing attributable to such finders' efforts. In addition to working capital, proceeds of the financing will be applied toward the Company's commitments and exploration programs.

All securities issued pursuant to the financing are restricted from trading for a period of four months and one day.

The Company also announces that pursuant to TSX Venture Exchange (the "Exchange") policies and the Company's rolling Stock Option Plan approved by shareholders, an aggregate of 534,000 incentive stock options have been granted to directors, officers, key employees and consultants at a price of $0.20 per share. The options are exercisable for a period of five years, ending on January 5, 2016, and are subject to the requirements of the Exchange.

ON BEHALF OF THE BOARD

Signed "Robert Eadie" 
Robert Eadie, President, Chief Executive Officer and Director

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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