White Pine Resources Inc.
TSX VENTURE : WPR

White Pine Resources Inc.

November 25, 2010 16:50 ET

White Pine Resources Inc. to Extend Term of Warrants and Grants Stock Options

TORONTO, ONTARIO--(Marketwire - Nov. 25, 2010) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

White Pine Resources Inc. (TSX VENTURE:WPR) (the "Company") announces that it has received the consent of the TSX Venture Exchange (the "TSXV") to extend the term of its Series 2008-II and Series 2009-I warrants to December 23, 2011 and January 26, 2012, respectively.

An aggregate of 4,275,000 Series 2008-II warrants were originally issued in December 2008 and exercisable at $0.35 per share until 5:00 p.m. (Toronto time) on December 23, 2010. An aggregate of 2,000,000 Series 2009-I warrants were originally issued on January 26, 2009 and exercisable at $0.35 per share until 5:00 p.m. (Toronto time) on January 26, 2011.

The exercise price for both series of warrants will remain the same.

The Company also wishes to announce that in connection with its previously announced letter of intent to acquire an option to earn up to a 100% interest in each of the Money and Tender properties, as originally press released on November 23, 2010, the Company will pay a finder's fee in connection with such property acquisition consisting of 150,000 common shares of the Company. The finder's fee and property acquisition remain subject to the approval of the TSX Venture Exchange, and all other terms of the acquisition remain the same as previously announced.

In addition, the Company also announces that it has granted an aggregate of 700,000 stock options to officers and directors of the Company, each such stock option entitling the holder to acquire one common share of the Company at an exercise price of $0.36 until November 25, 2015.

About White Pine Resources Inc.

White Pine Resources Inc. is a Canadian based mineral exploration Company primarily focused on the exploration and development of mineral deposits in Canada.

Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of WPR, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of resource estimates, currency fluctuations, dependence upon regulatory approvals, dependence upon the execution of a definitive agreement, the availability of financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Shares Outstanding: 23,342,659

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.

Contact Information

  • White Pine Resources Inc.
    John Tait
    Executive Officer
    (416) 628-5905