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100% interest in Kerrs gold property; Phase 5 drill program in Q2 2010; NI 43-101 resource estimate Q3 2010; along strike EXS-v recent high-grade (16.6 g/t Au over 12m) discovery


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Message: NEWS: Sheltered Oak closes purchase of Kerrs gold property...

NEWS: Sheltered Oak closes purchase of Kerrs gold property...

posted on Dec 23, 2009 09:15AM

Yet still no results from August drill program...


Sheltered Oak closes purchase of Kerrs gold property

2009-12-22 18:08 NT - News Release

Mr. Robert Hanson reports


Sheltered Oak Resources Corp. (OAK), through its 100-per-cent-owned subsidiary, Sheltered Oak Resources Inc., and further to an announcement in Stockwatch on Sept. 28, 2009, has closed the acquisition by OAK of a 100-per-cent interest in Sage Gold Inc.'s unpatented claims and leasehold interests in the Larder Lake mining district in Kerrs township, in the Abitibi greenstone belt of Ontario (the Kerrs gold property), subject to registration of the transfers with various government offices.

In consideration thereof, Sage received two million common shares of OAK and $500,000 in cash to be paid to Sage on or before Dec. 22, 2010, as a deferred purchase price. OAK's obligation to pay the deferred purchase price is secured by a charge on the Kerr's gold property. Sage will receive a 2-per-cent net smelter royalty on the Kerrs gold property, of which 1 per cent can be purchased from Sage by OAK at any time for $500,000. OAK will also pay to Sage an advance royalty payment of $125,000, payable in five yearly instalments, with the first payment due on Dec. 22, 2011.

As previously disclosed, unpatented mining claim L1140877 was relieved from forfeiture on Dec. 21, 2009, and was included in the Kerrs gold property transfer to OAK.

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