Pursuant to the terms of the Agreement, the $350,000 purchase price is payable by a cash payment of $180,000 ($20,000 of which was paid as an initial deposit following the execution by both parties of a Letter of Intent dated January 20, 2011), and the issuance of such number of common shares in the capital stock of Huldra ("Share") as is equal to $150,000 divided by the volume weighted average price of the Shares on the TSX Venture Exchange (the "Exchange") in the fifteen (15) trading days preceding the closing of the Transaction. The closing of the Transaction is subject to the approval of the Exchange.

EXPLORATION AND DEVELOPMENT UPDATE

Huldra is currently working on its Small Mines Permit for submission to the Chief Inspector of Mines, which it expects to complete in March, 2011. Full details of the application will be available once the application has been submitted. The Company will then issue a press release with detailed exploration plans for the remainder of the year.

On behalf of the Board of Directors

Ryan Sharp, MBA, President, CEO & Director

Disclaimer for Forward-Looking Information

Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company's overall business development objectives and plans. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future, and include discussion of the Company's planned Small Mines Permit application and its expectation to submit the application by March 2011. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause the Company's actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) the occurrence of any events that prevent the Company from being able to submit the Small Mines Permit application in March 2011, and (2) other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements, except in accordance with applicable securities laws. Additional information about the Company and these and other assumptions, risks and uncertainties is available in the Company's public filings with Canadian securities regulators, available on SEDAR at www.sedar.com.