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April 15, 2008 - Vancouver, B.C. - StrataGold Corporation (SGV.TSX) is pleased to
announce highlights from the 2007 exploration program at the Canalask
property, Yukon Territory. The Canalask property is subject to a joint
venture (JV) agreement with White River Resources, a wholly owned subsidiary
of African Minerals Limited.
The Canalask property is located in the south
western corner of the Yukon Territory and covers the White River
Mafic-Ultramafic Intrusive Complex (WRIC), which is the northernmost and
second largest sill in the Kluane Mafic-Ultramafic Belt, prospective to
host nickel-copper and platinum group element (PGE) deposits. The
Canalask deposit, located on the property, has been the focus of much of
the previous exploration and contains a non compliant historical resource
of 390,235 tons grading 1.35% nickel. This estimate was calculated in
1968 and is not National Instrument 43-101 compliant.
2007 Exploration
Canalask consists of 179 claims covering 8,317
acres which are wholly owned by StrataGold. The claims cover a portion of
the known lateral extent of the northwest-southeast striking WRIC and
were the focus of the 2007 exploration program conducted by White River
Resources.
White River Resources spent approximately
$245,000 in exploration on the Canalask property in 2007. The exploration
work consisted of a tightly spaced 980.4 line km helicopter-borne
versatile time-domain electromagnetic (VTEM) survey. Results of the VTEM
survey were analyzed by Scott Hogg and Associates and three highly
conductive (Magnetic and EM) areas were identified for follow up work in
2008. Of these three areas, two were identified in areas of known
mineralization.
2008 Exploration Plans
A 2,800 m drill program is planned in 2008 on
StrataGold's claims for definition of targets defined by VTEM in 2007.
Detailed mapping, soil and rock sampling will be conducted to complement
and expand on work completed by Falconbridge Limited in 2006. Trenching
is planned on conductors that appear to have surface expressions or very
little outcrop. A down-hole geophysical survey is also planned.
Transaction Terms
StrataGold announced on October 12, 2005 an
Option and Joint Venture Agreement to evaluate and explore Canalask.
Under the agreement, Falconbridge Limited had the option to acquire an
80% interest in Canalask by incurring exploration and development
expenses of $3 million before December 31, 2009. Falconbridge Limited was
to be the operator of the project and had agreed to expenditures of
$500,000 before December 31, 2006. Two claims (Micro 3 and Micro 4)
within the 179 claim package were not part of the joint venture
agreement. These two claims contain the Main and Footwall Zone
deposits. The commitment of $500,000 expenditure has been fulfilled by
means of line cutting and ground geophysics in 2006, along with providing
StrataGold with a Summary Report to be followed by a more Detailed Final
Report. Falconbridge was taken over in the fall of 2006 by Xstrata
Nickel and the property was then assigned to Umbono Capital Partners with
the same plan of arrangements as the deal with Falconbridge.
On June 26, 2007, the Company signed an
agreement with Falconbridge Limited, Umbono Capital Partners and White
River Resources whereby all of the interests, with minor amendments, in
and to the obligations under the Falconbridge Joint Venture Agreement
with StrataGold in the Canalask property were transferred to White River
Resources. The agreement terms were amended to include the Micro 3 and
Micro 4 claims, the 80% interest which Falconbridge had the option to acquire
was reduced 75%, and StrataGold was granted a 2% NSR royalty on the Micro
3 and Micro 4 claims. The exploration and development expenditures were
amended to a commitment of $2,000,000 before December 31, 2008 and it was
confirmed in the agreement that $570,996 had been spent on the property
on or before May 23, 2007.
On April 11, 2008, Umbono Capital Partners and
Umbono Nominees completed an agreement with African Minerals Limited to
sell Umbono's entire shareholding in White River Resources Inc. to
African Minerals. African Minerals acknowledges its agreement to provide
funding for the exploration and related obligations of White River as set
out in the Xstrata Agreement.
About StrataGold
StrataGold is a gold development company focused
on the systematic exploration and development of two advanced-stage gold
projects and the BRL Venture with Newmont. To obtain additional
information, photos, project updates and maps pertaining to this news
release, please visit: www.stratagold.com.
For further information, please contact:
Mr. Terry L. Tucker, President and CEO
Ms. Vanessa Pickering, Manager, Investor Communications
StrataGold Corporation
Tel: 604-696-6601
E-mail: info@stratagold.com
Website: www.stratagold.com
Statement Regarding Forward Looking Statements
This news release of StrataGold Corporation (the
"Company") contains statements that constitute "forward-looking
statements." Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause our actual
results, performance or achievements, or developments in our industry, to
differ materially from the anticipated results, performance or
achievements expressed or implied by such forward-looking statements.
Forward looking statements are statements that are not historical facts
and are generally, but not always, identified by the words
"expects," "plans," "anticipates,"
"believes," "intends," "estimates,"
"projects," "potential" and similar expressions, or
that events or conditions "will," "would,"
"may," "could" or "should" occur.
Forward-looking statements in this document include statements regarding
the Company's expectations regarding exploration activities on properties
in which the Company has an interest. There can be no assurance that such
statements will prove to be accurate. Actual results and future events
could differ materially from those anticipated in such statements, and
readers are cautioned not to place undue reliance on these
forward-looking statements that speak only as of their respective dates.
Important factors that could cause actual results to differ materially
from the Company's expectations include among others, risks related to
fluctuations in mineral prices; uncertainties related to raising
sufficient financing to fund planned work in a timely manner and on
acceptable terms; changes in planned work resulting from weather,
logistical, technical or other factors; the possibility that results of
work will not fulfill expectations and realize the perceived potential of
the Company's properties; the possibility that required permits may not
be obtained on a timely manner or at all; the possibility that the
estimated recovery rates may not be achieved; risk of accidents,
equipment breakdowns and labour disputes or other unanticipated
difficulties or interruptions; the possibility of cost overruns or
unanticipated expenses in the work program; the risk of environmental
contamination or damage resulting from the Company's operations; and
other risks and uncertainties discussed under the heading "Risk
Factors" and elsewhere in the Company's documents filed from time to
time with the Toronto Stock Exchange and Canadian securities regulators.
These statements are based on a number of assumptions, including
assumptions regarding general market conditions, the availability of
financing for proposed transactions and programs on reasonable terms, and
the ability of outside service providers to deliver services in a
satisfactory and timely manner. Forward-looking statements are based on
the beliefs, estimates and opinions of the Company's management on the
date the statements are made. Except as expressly required by applicable
securities laws, the Corporation undertakes no obligation to update these
forward-looking statements in the event that management's beliefs,
estimates or opinions, or other factors, should change.
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