VANCOUVER, BRITISH
COLUMBIA--(Marketwire - March 3, 2010) -
NOT
FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES
Newstrike
Capital Inc. ("Newstrike" or the "Company") (TSX VENTURE:NES) - www.newstrikecapital.com - is pleased to
announce it has entered into an agreement dated February 11th, 2010
to acquire a 100% interest in certain mining concessions situated in Guerrero
State, Mexico, referred to as the "Ana Paula Properties" from
Desarrollos Mineros San Luis, S.A. de C.V. ("DMSL"), a wholly-owned subsidiary
company of Goldcorp Inc. (TSX:G)(NYSE:GG).
As
consideration for the Ana Paula Properties, Newstrike will pay to DMSL the
amount of CAD$1.5 million in cash and a number of common shares in Newstrike
that is equal to CAD$600,000, such shares to be issued at a price that is based
on the volume weighted average trading price of the shares of Newstrike on the
TSX Venture Exchange for the 20 consecutive trading days ending on the trading
date prior to the issue date.
Located
within the Guerrero Gold Belt, the Ana Paula Properties consist of four claims
that in total aggregate 7,622 hectares (ha). The most advanced of these claims
has been subject to 3,689 metres of drilling by Goldcorp.
Richard
Whittall, President & CEO of Newstrike, commented: "We are pleased to
extend our strategic footprint within the Guerrero Gold Belt. The acquisition
of Ana Paula certainly complements our 81,000 hectares of highly prospective
mineral claims in the immediate area. Our management team is very familiar with
Ana Paula's geological setting and we look forward to advancing the work
conducted by Goldcorp to date."
Closing
of the transaction is expected in April 2010 and is subject to receipt of all
required shareholder, regulatory and third party consents, satisfaction of
customary closing conditions.
About
Newstrike (TSX VENTURE:NES)
Newstrike
Capital Inc. is a gold-silver focused explorer, targeting known and historic
mining districts in Mexico. Current management and directors co-discovered
Goldcorp's and Teck's significant discoveries in Guerrero Gold Belt in Guerrero
State, currently in advanced stages of exploration and production.
Newstrike
holds a 100% interest in certain exploration properties in Mexico located
within two established mining districts; the gold bearing oxidized iron
skarn-porphyry camp of the Guerrero Gold Belt, and the polymetallic Ag-Au-Cu
rich epithermal camp of the mining districts of Oaxaca State.
Neither the TSX Venture Exchange (the "TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) has reviewed, nor do they accept responsibility for the adequacy or accuracy of, this release.