Erin Ventures Inc. [TSX Venture: EV] has entered into an agreement to acquire 36 quartz claims, subject to approval of the TSX Venture Exchange. The purchase price for the claims will be a cash payment of $25,000, the issuance of 1,500,000 common shares (at $0.07 per share), the issuance of 1,500,000 warrants with an exercise price of $0.10 per share expiring June 1, 2012, and payment of a 3% net smelter royalty. To acquire the 100% interest in the property (subject to the royalty) Erin is also required to expend $20,000 in exploration on the property by June 1, 2010. Erin has also agreed to expend a further $100,000 on the property by May 15, 2011.
The 36 lode Quartz mineral claims are adjacent to the White Gold Property held by Underworld Resources (TSX Venture: UW) located in the Yukon. The Erin Ventures claims (known as the AU Claims) are directly to the northeast, approximately 14 km from Underworld’s White Gold discovery (since acquired by Kinross Gold). Erin’s claims appear to host similar metasedimentary stratigraphy as the Underworld White Gold project, as outlined in GSC mapping by Gordey and Ryan.
Erin is pleased to have acquired such a well located property in an area that is thought by many to have the potential to host Carlin type gold mineralization. This new gold discovery region is expected to see much exploration activity during the coming work season.
Erin is currently preparing to conduct field mapping in conjunction with a geochemical survey over the claim area, as soon as weather conditions are favorable.
In a separate arrangement, Erin Ventures has entered into a consulting agreement with the property vendor of the Quartz Claims, for an 8 month term commencing May 1, 2010. The under this agreement, the vendor, who is also a business consultant, is to provide strategic advice to Erin with respect to potential property acquisitions and financing opportunities.
On behalf of the Board of Directors,
Blake Fallis, General Manager
For further information, please contact:
Erin Ventures Inc.
Blake Fallis, General Manager
Phone: 1-250- 384-1999 or 1-888-289-3746
Erin‘s Public Quotations:
TSX Venture: EV
SEC 12G3-2(B) #82-4432
Berlin Stock Exchange: EKV
The technical information in this release was prepared by James E Wallis, M.Sc. (Eng), P. Eng. a consultant to the Corporation, who is a Qualified Person under National Instrument 43-101.
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
Forward Looking Statements
This release contains forward looking statements.’ The words “believe,” “expect,” “feel,” “plan,” “anticipate,” “project,” “could,” “should” and other similar expressions generally identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are subject to a number of risks and uncertainties including, without limitation, variations in estimated costs, the failure to discover or recover economic grades of minerals, and the inability to raise the funds necessary for the continued operations of the Company, changes in external market factors including commodity prices, and other risks and uncertainties. Actual results could differ materially from the results referred to in the forward-looking statements.