SUITE
860
- 625
HOWE STREET
VANCOUVER, BC
V6C 2T6 CANADA TEL:
(604) 687-7545 FAX: (604) 689-5041
PRESS
RELEASE
FOR IMMEDIATE
RELEASE
February 15,
2008
#08-06
Sherwood Announces $7.2
million Flow-through
Financing
Proceeds to be
used for exploration at Kutcho Project and Minto Mine
Not for
distribution to United States newswire services or for dissemination in the
United States
VANCOUVER, BRITISH COLUMBIA -
Sherwood Copper
Corporation (SWC: TSXV) today announced that it intends to complete a
non-brokered private placement of up to 1,200,000 flow through shares priced at
C$6.00 for aggregate proceeds of C$7,200,000. Proceeds will be used to
incur Canadian Exploration
Expenditures in advancing the
high grade Kutcho copper-zinc project of Western Keltic Mines Inc. ("Western
Keltic") in British Columbia towards a
production decision and at the Minto Mine in the Yukon.
Sherwood recently acquired control of Western Keltic, as announced
February 11,
2008.
?This financing
will provide the necessary funds to begin advancing the Kutcho project towards a
production decision,? said Stephen
Quin, President & CEO of Sherwood Copper. ?In addition to an infill drill program
designed to upgrade the current resource, feasibility related work will
commence shortly with the objective of defining a robust, low cost mining
operation,? he added. ?In parallel,
Sherwood will shortly be commencing its 2008 exploration program at the Minto
Mine, with the objective of following up on its exploration successes from
2007.?
The offering is scheduled
to close on or about March 4,
2008 and is subject to certain conditions including, but not limited
to, the receipt of all necessary approvals, including the approval of the TSX
Venture Exchange, and other applicable securities regulatory authorities.
The securities being offered have not and will not be
registered under the United States Securities Act of 1933, as amended, or the
securities laws of any state, and may not be offered or sold in the United
States or to U.S. persons without registration unless an exemption from
registration is available. This
news release does not constitute an offer for sale of securities in the
United
States.
About Sherwood
Copper
Sherwood?s successful consolidation of the ownership of
the Minto project provides a unique investment opportunity ?
participation in a high-grade, open pit copper-gold mine located in Canada
with tremendous exploration upside. Aggressive exploration, in parallel with
successful mine development and operations, provides Sherwood the opportunity to grow from within
through resource and reserve additions in pursuit of further production expansions. Sherwood plans to continue this "growth
from within" strategy, along with further operational optimizations and the
pursuit of merger & acquisition opportunities, in its relentless pursuit of
value.
Additional
Information
Additional information on Sherwood and its Minto Project 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
For further
information please contact Stephen
Quin, President of Sherwood
or Investor
Relations at (604) 687-7545 or (888) 338-2200
**
INTERNET ADDRESS: www.sherwoodcopper.com **
The TSX Venture Exchange has
not reviewed and does not accept responsibility for the adequacy or accuracy of
this press release. This news release may contain forward looking statements
which are not historical facts, such as ore reserve estimates, anticipated
production or results, sales, revenues, costs, or discussions of goals and
exploration results, and involves a number of risks and uncertainties that could
cause actual results to differ materially from those projected. These risks and
uncertainties include, but are not limited to, completion of the proposed
financing and the use of proceeds thereof, metal price volatility, volatility of
metals production, project development, ore reserve estimates, future
anticipated reserves and cost engineering estimate risks, geological factors and
exploration results. See the
Company?s filings for a more detailed discussion of factors that may impact
expected results.