RPT Resources Ltd.
TSX VENTURE : RPT

RPT Resources Ltd.

August 10, 2009 06:30 ET

RPT Teams Up With Kennecott to Explore Its Dorion Block

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 10, 2009) - RPT Resources Ltd. (formerly RPT Uranium Corp.) (TSX VENTURE:RPT) ("RPT") is pleased to announce that the Company has signed, subject to regulatory approval, a final agreement with Kennecott Canada Exploration Inc. for RPT's 100%-owned Sibley Basin area Dorion Block. Under the terms of the agreement Kennecott has acquired the right to earn-in up to an 80% interest by expending a total of $10.2 million and issuing staged payments described in more detail below totalling $350,000 on or before December 31, 2016.

Kennecott's proposal to earn-in on the Dorion Block is in the form of two options:

- First Option: Kennecott has been granted the right to earn a 60% interest in the property by making payments and incurring expenditures per the following schedule:

-- Expenditures - incurring $1,700,000 on the property on or before December 31, 2012 ($300,000 of which is committed and must be incurred by December 31, 2010).

-- Payments - $25,000 in aggregate payments.

- Second Option:

-- Expenditures - If Kennecott exercises the First Option and earns 60% undivided interest it shall have the right to earn an additional 20% undivided interest (for a total of 80%) in the property by incurring an additional $8,500,000 on or before December 31, 2016.

-- Payments - $325,000 in aggregate payments.

The proposal grants Kennecott the right to elect to form a joint venture with RPT upon either:

- At any time after Kennecott has satisfied the First Option requirement (60% KCEI, 40% RPT).

- Upon Kennecott satisfying the Second Option requirement (80% KCEI, 20% RPT).

- If a party's interest is diluted below 10%, then such party's interest is converted to a 2% NSR.

Since 2000, Kennecott's strong nickel team have experienced a high degree of discovery success exploring for Noril'sk-style magmatic intrusions associated with the Midcontinent Rift System. Nelson Baker comments: "Searching for this style and age of nickel deposit requires an expertise that we didn't have in the RPT group. Teaming up with the Kennecott team provides our shareholders the assurance that the large Dorion Block will be well explored for its nickel potential."

Nelson Baker, P.Eng., director for RPT Resources Ltd., is the qualified person responsible for this release.

Nelson W. Baker, Acting President and Director

This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Corporation expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.

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

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