Wolverine Minerals Corp.

Wolverine Minerals Corp.

September 16, 2010 09:00 ET

Wolverine Options 21 Yukon Gold Properties Covering More Than 325 Square Kilometers

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 16, 2010) - WOLVERINE MINERALS CORP. (TSX VENTURE:WLV) ("Wolverine" or the "Company") is pleased to announce that it has entered into a binding letter agreement with Strategic Metals Ltd. (TSX VENTURE:SMD) ("Strategic") whereby Strategic has agreed to grant Wolverine the right to earn a 100% interest in 21 of Strategic's Yukon gold prospects (the "Transaction") covering more than 325 square kilometers. These 21 projects are prospective for orogenic style gold mineralization.

All of the 21 properties are located in the Dawson Range Gold Belt of west-central Yukon, where recent discoveries have been announced by Underworld Resources, Kaminak Resources and Rockhaven Resources, or in the Finlayson District of eastern Yukon, which is the Tintina Fault off-set extension of the Dawson Range Gold Belt. The location of the various properties and their generalized geological settings will soon be available on Wolverine's website at www.wolverineminerals.ca.

Under the terms of the agreement, Wolverine can earn its interest by initially paying Strategic $100,000 and issuing Strategic common shares equal to 19.9% of its outstanding share capital after completion of a financing of $2 million. Subsequently, Wolverine will be required to make additional cash payments to Strategic totaling $2.9 million over three years. Upon Wolverine earning its interest, Strategic will retain a 2% net smelter return royalty in any commercial production of precious metals from any and all of the properties, and a 1% net smelter return royalty in any other metal or mineral production. During the option earn-in period, Strategic shall have the right, but not the obligation, to participate in future Wolverine equity financings so as to maintain its percentage equity interest in the Company.

In conjunction with the execution of the option agreement with Strategic, the Company has arranged a private placement of $2,000,000 consisting of 5,000,000 flow-through shares at $0.20 per share and 5,000,000 units at $0.20 per unit with each unit consisting of one share and one warrant. Each warrant entitles the holder to purchase one additional share at $0.35 per share for 18 months. A finders fee may be payable on a portion of the private placement.

Completion of the Transaction and the private placement will be subject to the approval of the TSX Venture Exchange.

Gold will be the main focus of Wolverine's exploration activities. As geological, geochemical and geophysical results are received, along with historical information, data sets will be compiled and evaluated to direct the activity of the 2011 exploration season.

A finders fee on the Transaction will be payable to Axemen Resource Capital, an Exempt Market Dealer, in compliance with the policies of the TSX Venture Exchange.


Thomas A. Doyle, President & CEO

This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events such as the closing of the Transaction. Such forward-looking information can include statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company such as the willingness of the parties to close the Transaction, satisfactory results of the due diligence investigations by the parties to the Transaction, current economic conditions and the state of mineral exploration and mineral prices in general. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Due to conditions precedent to closing, and the risk that these conditions precedent will not be satisfied, the Company can offer no assurance that it will close the Transaction. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.

Neither 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