Nevada Exploration Inc. (�NGE�) (TSX.V:NGE) is pleased to announce that NGE and Spruce Ridge Resources Ltd. (�Spruce Ridge�) (TSX.V:SHL) have completed and executed the definitive Exploration and Option to Enter Joint Venture Agreement (�Agreement�) on NGE�s Fletcher Junction Gold Project, in Mineral County, Nevada (the �Property�).
The Agreement grants Spruce Ridge the option to earn a 70% interest in the Property by funding $2,600,000 in qualifying expenditures and making $300,000 in payments over 4 years (the �Earn-In�). The Year 1 payment of $50,000 is due upon the signing of a definitive agreement and the Year 1 work commitment of $580,000 is a firm obligation. Subject to TSX Venture Exchange approval, Spruce Ridge may elect to pay up to 50% of the payments due under the definitive agreement by issuing Spruce Ridge Common Shares. NGE will act as the Operator during the Earn-In. If Spruce Ridge completes the Earn-In, Spruce Ridge may earn an additional 15%, for a total of 85%, by completing a feasibility report.
Furthermore, NGE is pleased to report that Spruce Ridge has completed a high-resolution (150 metre line spacing) and deep penetrating (+300 metre) airborne VTEM (versatile time-domain electromagnetic geophysical system) and magnetic survey over the Property. The survey included approximately 387 line kilometres covering both the Project and a portion of the nearby historic Aurora Mine. The acquired datasets are now being processed and will be used as part of the exploration dataset to delineate potential structural and lithologic constraints to mineralization, similar to those found at the Aurora Mine, beneath the recent basaltic cover at the Property, and specifically to help target Spruce Ridge�s anticipated upcoming drilling program.
Nevada Exploration Inc.
NGE is an exploration company focused on gold in Nevada. NGE is led by an experienced management team that has been involved with the discovery of more than 30 million ounces of gold in Nevada.
NGE is aggressively applying the latest in �blind deposit� exploration technology to identify, acquire, and advance new exploration properties in Nevada�s highly prospective, yet underexplored covered basins. Specifically, NGE has developed proprietary hydrogeochemistry (groundwater chemistry) exploration technology to explore for gold in Nevada�s covered basins where traditional exploration techniques are challenged.
Using its industry leading exploration technology, NGE has assembled a portfolio of nine new gold projects, and with over 20,000 hectares (75 sq mi), is evolving as a major player in this world class jurisdiction. NGE�s business model is to leverage its properties and technology to create shareholder value through generative exploration, joint ventures, and other exploration partnerships.
For further information please contact:
James Buskard
Vice President Corporate Development
Nevada Exploration Inc.
Email: info@nevadaexploration.com
Tel: (775) 359-7740
Website: www.nevadaexploration.com
Wade A. Hodges, President & CEO, Nevada Exploration Inc., is the Qualified Person, as defined in National Instrument 43-101, and has prepared the technical and scientific information contained in this News Release.
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.
Cautionary Statement on Forward-Looking Information:
This release contains certain "forward-looking statements" including, without limitation, expectations, beliefs, plans and objectives regarding the potential transactions and ventures discussed in this release. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are the risks inherent in mineral exploration, the need to obtain additional financing, environmental permits, the availability of needed personnel and equipment for exploration and development, fluctuations in the price of minerals, and general economic conditions.