TORONTO, ONTARIO--(Marketwire - Jan. 8, 2013) - Sheltered Oak Resources Corp. ("OAK" or the "Company") (TSX VENTURE:OAK) announces today that by way of a letter agreement from Goldcorp Canada Ltd. and Goldcorp Inc. (collectively with Goldcorp Canada Ltd., "Goldcorp") dated December 17, 2012 and duly acknowledged by the Company and Sheltered Oak Resources Inc. ("Oak Subsidiary") on December 20, 2012, Goldcorp and the Company have agreed to waive certain obligations of the Company and Oak Subsidiary in connection with the option agreement dated April 21, 2011 (the "Option Agreement") entered into between the Company, Oak Subsidiary and Goldcorp which relates to the option of the Company to earn a 60% interest in certain mining claims located in Kerrs Township, Ontario.
More specifically, Goldcorp has agreed to waive the following obligations of the Company and/or Oak Subsidiary: (i) the requirement of the Company and/or Oak Subsidiary to incur the minimum qualify expenditures and complete the minimum core diamond drilling on the Kerrs Township property that were committed pursuant to the Option Agreement; and (ii) the requirement of the Company to issue common shares in the capital of the Company to Goldcorp as contemplated by the Option Agreement. All other amounts due and obligations pursuant to the Option Agreement remain fully enforceable by Goldcorp.
ABOUT SHELTERED OAK RESOURCES CORP.
Sheltered Oak Resources Corp. is focused on mineral exploration opportunities within Canada and owns a 100% interest in 27 mining claims, including mining leases totaling 4,176 hectares which comprise the Kerrs Gold Property, located east of Matheson in the prolific area of the Abitibi Greenstone Belt in northeastern Ontario.
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.