SUITE 860 - 625 HOWE STREET ? VANCOUVER, BC ? V6C 2T6 CANADA ? TEL: (604) 687-7545 FAX: (604) 689-5041
FOR IMMEDIATE RELEASE
June 30, 2008 #08-25
Sherwood Finalizes Exploration Agreement with Northern Tiger Resources
Newly Created Company Will Provide Sherwood with Additional Exploration Upside in Yukon
VANCOUVER, BRITISH COLUMBIA - Sherwood Copper Corporation (SWC: TSX-V) announced today that, further to its news release dated March 3, 2008, its wholly-owned subsidiary, Minto Explorations Ltd. ("MintoEx") has completed the sale to Northern Tiger Resources Inc. ("Northern Tiger") of a 100% interest in four properties located in the Dawson Range in the Yukon Territory and data sets comprised of a database of certain exploration reports, all in accordance with the terms of an acquisition agreement dated effective May 23, 2008 between MintoEx and Northern Tiger (the "Acquisition Agreement"). A copy of the Acquisition Agreement is available on SEDAR at www.sedar.com under Northern Tiger's profile.
?Through its transaction with Firestone Ventures, Sherwood Copper?s subsidiary, Minto Explorations, has gained exposure to exploration opportunities outside of its Minto Mine property, having both (1) a back in right to any deposits discovered close to its existing mine infrastructure that could be processed at the existing process facilities and, (2) equity exposure to any other discoveries made through this alliance,? said Stephen Quin, President & CEO of Sherwood Copper. ?This is a win-win transaction for our respective shareholders and accelerates the exploration activity in the Minto Mine area and the Yukon, to a level beyond what Sherwood would do on its own. This will allow Sherwood exposure to more generative type opportunities but not detract from its main exploration focus on the more advanced and highly prospective Minto Property,? he added.
As part of the transaction, MintoEx transferred to Northern Tiger a one hundred (100%) percent interest in four Dawson Range exploration properties and an extensive historical exploration database for the region. The four properties encompass exploration targets where previous prospecting encountered copper-gold mineralization similar to that hosting MintoEx?s nearby Minto mine. In addition, Northern Tiger and MintoEx have entered into a Regional Exploration Alliance Agreement ("REAA"), which provides for input and cooperation on planning and executing exploration programs and long term strategies for the area, sharing of proprietary technical expertise to assist in exploration and project advancement, and access to MintoEx?s infrastructure to facilitate exploration in the region.
As consideration for the transfer of the exploration properties, historical database and the support provided to Northern Tiger through the REAA, Northern Tiger has issued to MintoEx 4,343,878 class "A" common shares in the capital of Northern Tiger (the "Northern Tiger Shares") at a deemed price of $0.30 per share, such shares to be held in escrow pursuant to a TSX Venture Exchange Form 5D Value Security Escrow Agreement.
Sherwood?s holding in Northern Tiger Resources Inc. will give its shareholders exposure to an exploration company focused on exploration targets generally located outside of, but in proximity to the Minto Mine property in central Yukon. In addition to its equity holdings in Northern Tiger, MintoEx would retain back-in rights to acquire a 65% interest in any of Northern Tiger?s projects located within a 50 km radius that are found to have mineralization amenable to processing in MintoEx?s existing Minto Mine facilities.
Early Warning Requirements under Applicable Securities Laws
The 4,343,878 Northern Tiger Shares currently held by MintoEx represent approximately 17.81% of the outstanding common shares of Northern Tiger and such shares are to be held in escrow as described above. MintoEx does not have any present intention to acquire ownership of or control over additional securities of Northern Tiger. The Northern Tiger Shares will be listed and commence trading on the Exchange under the symbol NTR on June 30, 2008.
A copy of the early warning report filed pursuant to the applicable securities legislation is available online at www.sedar.com under Northern Tiger's profile or may be obtained by contacting the Company.
About Sherwood Copper
Sherwood?s objective is the profitable production of base and precious metals from high grade, open pit mines in Canada. Sherwood?s first operating mine, the high grade Minto copper-gold mine in Yukon, Canada, was built on budget and ahead of schedule. The Minto Mine is one of the highest-grade open pit copper-gold mines in the world, and is forecast to be a low cost producer. Aggressive exploration on the Minto property has yielded significant success, providing Sherwood the opportunity to ?grow from within? by expanding the mineral resource and mineral reserve base, potentially leading to further production increases. To further accelerate its production growth, Sherwood intends to pursue merger & acquisition opportunities that fit its business model and, in May 2008, Sherwood acquired 100% ownership in Western Keltic Mines Ltd., owner of the high-grade Kutcho copper-zinc-gold-silver deposit in northwestern British Columbia. Sherwood expects to lever off its successful development of the Minto Mine and rapidly advance the Kutcho Project to a production decision.
Additional information on Sherwood and its Minto & Kutcho projects can be obtained on Sherwood?s website at http://www.sherwoodcopper.com.
On behalf of the board of directors
SHERWOOD COPPER CORPORATION
?Stephen P. Quin?
Stephen P. Quin
President & CEO
Stephen P. Quin 604.687-7545 or Chris Curran 604-687-7545
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
This document may contain "forward-looking statements" within the meaning of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date of this document and the Company does not intend, and does not assume any obligation, to update these forward-looking statements.
Forward-looking statements relate to future events or future performance and reflect management's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking statements.