STRONGBOW OPTIONS SHOVELNOSE GOLD PROPERTY TO WESTHAVEN VENTURES
Strongbow Exploration Inc. (SBW: TSXV) is pleased to announce it has signed an option agreement with Westhaven Ventures Inc. whereby Westhaven can earn up to a 70% interest in Strongbow s Shovelnose gold property located in southwestern British Columbia. Westhaven is a TSXV Capital Pool Company (trading symbol WHN:P), and D. Grenville Thomas, Strongbow s Chairman and a director, is the President, CEO and a director of Westhaven.
Under the terms of the agreement, Westhaven can earn an initial 51% interest in the Shovelnose property by i) incurring $1.5 million in exploration expenditures over a three year period, including a firm commitment to spend $250,000 in the first year of the agreement, and ii) issuing a total of 300,000 common shares to Strongbow including 100,000 common shares within 5 business days of Exchange approval of the option agreement. Within 12 months of having earned its 51% interest in the property, Westhaven will have the option to earn an additional 19% interest (bringing its total property interest to 70%) by i) issuing an additional 500,000 shares to Strongbow, and ii) incurring an additional $1.5 million in exploration expenditures.
It is expected that Westhaven s first year exploration commitment will include exploration drilling of the Mik and Line 6 gold targets on the property (please see Strongbow news release #10-09 dated November 8, 2010 for further information on these targets).
The option agreement with Westhaven is subject to approval of the TSX Venture Exchange.
STRONGBOW EXPLORATION INC.
/s/ Kenneth A. Armstrong
Kenneth A. Armstrong
President and CEO
For further information, please contact:
Ken Armstrong
Tel: 604 668 8355
Email: info@strongbowexploration.com
Website: www.strongbowexploration.com
The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy of this release.
Strongbow is a nickel and copper exploration company based in Canada.
Strongbow holds various exploration projects in Canada.
Its main exploration properties are COMMITEE BAY, KAT, INZA, SNOWBIRD, SPENCES BRIDGE GOLD BELT, SHOVELNOSE, NAPAKTULIK, FURY, SARCPA, SKOONKA CREEK, SOUTH THELON, STARFISH, WALES ISLAND, BEAR, DARING LAKE, HOPE BAY (ORO), TREE RIVER, ANIALIK, CANOE LAKE, KINGORA, LDG, TENACITY SOUTH, NORTH THELON, JEWEL, MUSK, NOWYAK LAKE, GEM, ULU SOUTH, MIDWAY GOLD PROJECT, BLUE LAKE, REGAN LAKE, NICKEL KING, MELVILLE - FURY/ SARCPA/ GEM, MELVILLE PENINSULA AVIAT 2 and WEST KITIKMEOT (NTI PROPERTIES) in Canada and AVOCA and PARKER (NORTH CAROLINA) in Ireland.
Its stock quote reached its lowest recent point on November 21, 2008 at CA$ 0.02, and its highest recent level on February 18, 2011 at CA$ 8.00.
Strongbow has 60 570 000 shares outstanding.