Underworld Secures Larger Land Position at White Gold Project
14 Maio 2009 - 10:00AM
Marketwired
Underworld Resources Inc. (TSX VENTURE: UW) is pleased to announce
that it has expanded its Property holdings to over 169 square
kilometers at the Company's 100% owned White Gold Discovery,
located 95 kilometers south of Dawson City in the Yukon.
Two additional claim groups were optioned, which are contiguous
with the Property and exhibit similar geological and geochemical
characteristics to the Golden Saddle Discovery (see NR-UW 2008-16,
November 24, 2008). Details of the Option Agreement are posted on
the Company's web site. Underworld has commenced the infill and
step-out drilling on the Golden Saddle Discovery. Three step-out
holes have been completed near hole WD09-21 (3.10 grams Au over 51
meters). Assay Results are pending.
Underworld has secured an option to 86 claims located
approximately 15 km to the south of the Golden Saddle and Arc
Zones. The claims lie on the southern side of Thistle Creek, an
area which has seen active placer gold production since 1978 and
has produced in excess of 63,000 ounces of gold (Yukon Geological
Survey Records, 2008). Current geological interpretation suggests
the source of this placer may occur on this claim group.
Underworld can earn a 100% interest in the Thistle property by
completing staged payments of $145,000 cash and by issuing a total
of 200,000 shares over four years, the Company must also complete
$1 million in exploration work over the same time period. The
Vendors will retain a 2% Net Smelter Return Royalty with Underworld
having the right to purchase 1% of the Royalty for $2 million.
The Company has also increased its holdings surrounding the
White claims optioned in 2007. As a result of an amended agreement
with an Arms-length Third Party, the Company has secured the rights
to parts of the Cathy claims and all of the Cath and WS claims,
(the "Additional Property").
In the event that Reserves or Measured or Indicated Resources
are defined on the Additional Property, the Vendor will be paid $1
for each ounce of gold identified. The Company has agreed to
reimburse the Vendor $130,000 in costs for previous exploration
work and complete $50,000 on exploration on the Additional Property
in 2009 and 2010. Previous work on this property has identified
multiple targets with anomalous geochemistry and will warrant
additional sampling and trenching.
Quality Assurance
The ongoing 2009 Exploration Program is directed by Adrian
Fleming, M.A.I.G., RPGeo, M.Aus.I.M.M., President of Underworld
Resources and a Qualified Person as defined by NI43-101. Mr.
Fleming prepared, and approves of the content of this release.
Underworld also announces that it has granted an aggregate of
65,000 incentive stock options (the "Options") to Officers, and
Employees of the Company, exercisable at $0.85 a share. The Options
are exercisable for a period of ten years from the date of grant
and are subject to the policies of the TSX Venture Exchange.
Underworld Resources is a well-structured junior exploration
company targeting precious metals in the Americas.
ON BEHALF OF THE BOARD OF DIRECTORS
Adrian Fleming, President
Forward Looking Statement
Some of the statements contained in this press release are
forward-looking statements. Forward-looking statements are not
historical facts and are subject to a number of risks and
uncertainties beyond the Company's control, including, but not
exclusively, statements regarding potential mineralization,
exploration results, completion of work program and studies, and
future plans and objectives of the Company. Resource exploration,
development and operations are highly speculative, characterized by
a number of significant risks, which even a combination of careful
evaluation, experience and knowledge may not eliminate, including,
among other things, unprofitable efforts resulting not only from
the failure to discover mineral resources but from finding mineral
deposits which, though present, are insufficient in quantity and
quality to return a profit from production.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Underworld Resources Inc. Jeff Sundar Investor
Relations 604-684-4001 604-484-7155 (FAX)
info@underworldresources.com www.underworldresources.com
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