Stroud Resources Enters Into Option Agreement for Hislop Gold Property
Published : April 28, 2011
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Keywords :   Debt | G Mexico | Gold | Market | Mexico | Natural Gas | Silver |

TORONTO, ONTARIO--(Marketwire - April 28, 2011) - Stroud Resources Ltd. (News - Market indicators) ("Stroud") is pleased to announce that it has entered into an option agreement with St Andrew Goldfields Ltd. (TSX symbol "SAS") ("St Andrew") for the further exploration and development of its Hislop gold property located near Timmins, northern Ontario. A previous NI 43-101 compliant technical report prepared by Behre Dolbear & Company Ltd. dated October 25, 2004 estimated indicated resources of 102,750 ounces of gold and inferred resources of 69,700 ounces of gold for the property. A copy of the resource report has been filed and is available on SEDAR. 

Under the option agreement, which is subject to regulatory approval, St Andrew may earn up to a 60% interest in the Hislop property. St Andrew would earn a 40% interest in the Hislop property by adding measured and indicated resources through exploration of at least 50,000 but less than 100,000 ounces of gold to December 31, 2011. St Andrew would earn a 50% interest in the Hislop property by adding measured and indicated resources of at least 100,000 ounces of gold by the same date. To maintain the option in effect, St Andrew must pay to Stroud $300,000 upon the date regulatory approval of the option agreement (the "Effective Date") and incur at least $1.0 million in exploration expenditures to December 31, 2011. Provided at least a 40% interest has been earned, St Andrew may earn an additional 10% interest in the property by paying to Stroud $200,000 on or before the first anniversary of the Effective Date and preparing an internal prefeasibility study for the property on or before the second anniversary of the Effective Date. No interest will be earned by St Andrew if its exploration results in fewer than 50,000 ounces of measured and indicated mineral resources being added. A joint venture would be formed between the parties upon St Andrew earning an interest in the Hislop property.

George Coburn, CEO of Stroud Resources stated "The option agreement and possible joint venture with St Andrew, is a "win-win" situation for both companies. It allows the Hislop project to be advanced by drilling the mineralized gold zones, updating the current NI 43-101 resource estimate and, if warranted, moving the project towards possible production.

Stroud is a debt-free exploration company focused on the discovery and exploration of silver and gold deposits in Mexico and Ontario. Stroud owns a 100% interest in the Santo Domingo epithermal silver-gold project in central Mexico. In addition to the Santo Domingo project, Stroud's assets include 100% interests in the Hislop gold property, near Timmins, Ontario and the Leckie gold property, near North Bay, Ontario. Stroud also generates cash flow from a 3.75% interest in six natural gas, and natural gas condensate wells in central Alberta.

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.

Stroud Resources Ltd.
Mr. George Coburn
President and CEO
(416) 362-4126
Data and Statistics for these countries : Mexico | All
Gold and Silver Prices for these countries : Mexico | All

Stroud Resources Ltd

ISIN : CA8634431073
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Stroud Res. is a gold and silver producing company based in Canada.

Stroud Res. holds various exploration projects in Canada.

Its main asset in production is SANTO DOMINGO in Mexico and its main exploration properties are LECKIE MINE, LECKIE and HISLOP in Canada.

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Financings of Stroud Resources Ltd
6/10/2013Extends Private Placement
Project news of Stroud Resources Ltd
6/23/2011(Hislop)Drilling Underway on Stroud's Hislop Gold Project
4/28/2011(Hislop)Enters Into Option Agreement for Hislop Gold Property
3/2/2011(Santo Domingo)Drilling Re-Commences on Stroud's Santo Domingo Silver Proje...
Corporate news of Stroud Resources Ltd
12/31/2015Stroud Resources Announces Grant of Stock Options
8/5/2014IIROC Trading Resumption - SDR
6/24/2014IIROC Trading Halt - SDR
6/2/2011(Santo Domingo)Intercepts Wide Mineralized Zone at Santo Domingo
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