VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 26, 2012) - Adroit Resources Inc. (TSX VENTURE:ADT)(FRANKFURT:A7V)(BERLIN:A7V) stakes an additional 37 new claims (93.6 km2) to its Nursey Lake Property, Larder Lake Break, Timmins South Mining Camp, Ontario.
Management is pleased to announce the acquisition of thirty-seven new claims (585 claim units) located in Moher and Semple Townships. The claims are located to the northwest of Adroit's expansive 190 km2 Red Vein Property (see map below) and adds to the Company's growing property portfolio in this under-explored part of the Abitibi Greenstone Belt in Ontario. The new claims extend the Nursey Lake Property to over 169.9 km2 located in Nursey, Burrows, Semple and Moher Townships.
"Along with Halliday Lake and the Red Vein properties, we now have over 386 km2 in a very prospective area. We believe our geological model has been validated by the discoveries of SGX Resources and others in area. These properties are in the centre of one of the worlds' most prolific mining areas, situated in the triangle between the established mining camps of Timmins, Sudbury and Kirkland Lake, where more than 170 million ounces of gold and 200 million tons of base metals have been mined," said Adroit Resources President, Graeme Rowland.
Adroit Resources' Nursey Lake property in the north is bound to the east by the Nebu Resources Cork Lake property and is approximately 3 km from SGX's Edelston Zone (February 23, 2012 SGX Resources Press Release). SGX reported intersecting 65m of 1.82 g/t gold hosted within a silicified and sheared ultramafic volcanic rock with 3-5% pyrite, rare chalcopyrite and visible gold. This zone has now been traced for 900m in a northeast-southwest trend and is the focus of an active drill program. In the south, the Nursey Lake property is less than 1 km from Transition Metals' Jumping Moose property, where a 26 tonne boulder assayed 1,245 grams per tonne gold. Studies suggest maximum glacial displacement for the boulder of only 500m from its source. Follow-up exploration indicates the boulder likely originated from a well-mineralized high-grade vein system developed within the Larder-Cadillac fault system that is present on the property. This vein system contains the Tittley gold-silver-tellurium vein showing which had reported assay results of 71.9-98.2 grams per tonne gold and 0.5% tellurium.
To view the Company's South Timmins/Shining Tree areas map please click on the following link to the Company's website:
Mark Fedikow, Ph.D., P.Eng., P.Geo., C.P.G., has verified and approved the geoscientific information contained in this news release. Dr. Fedikow is a Qualified Person as defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
Shares for Debt for $440,400.92. Management is pleased to report that on June 19, 2012 the TSX Venture Exchange accepted for the Company's Shares for Debt application to settle debts totaling $440,400.92 by issuing 8,808,018 common shares at a price of $0.05 per share. The Company's January 6 and May 22, 2012 news releases refer.
Included in this settlement is $395,631 owed under Loan and Purchase Agreements entered into by former management on October 12, 1999 with a private company and its shareholders to fund legal costs associated with litigation commenced against the B.C. Government for the expropriation of the Company's Amber mineral claims in 1995.
Subsequent to the Company entering into the Loan and Purchase Agreements, a director of the private company became a director and senior officer of the Company. That director has become the beneficial owner of 2,576,220 common shares on completion of the debt settlement. All shares issued pursuant to the debt settlement are subject to a four month hold period.
Adroit Resources Inc. is a mineral exploration company that is currently exploring for antimony, gold and silver in Central Italy and precious and base metals in the Timmins South/Shining Tree/Temagami/Cobalt and Bancroft areas of Ontario, Canada. The Company currently has 154,703,209 shares issued and outstanding, inclusive of the above noted debt settlement.
On behalf of the Board of Directors,
Graeme Rowland, Chairman and President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.