Stratton Resources Completes Acquisition of AZ Copper; Executes Purchase Agreement for Lunar Copper Project
September 13 2011 - 4:47PM
Marketwired
Stratton Resources Inc. (TSX VENTURE: SI) ("Stratton" or the
"Company") is pleased to announce the completion of its previously
announced acquisition of all outstanding shares of privately held
AZ Copper Corp. (see Stratton May 19, 2011 news release).
The TSX Venture Exchange has issued its Final Exchange Bulletin
in respect of the reverse take-over transaction as described in the
Company's Filing Statement dated August 28, 2011 and filed on SEDAR
at www.sedar.com. Stratton's stock will resume trading on a
post-split (2:1) basis on the TSX Venture Exchange under the ticker
symbol "SI" on Wednesday, September 14, 2011.
Stratton's President, Greg McCunn, said, "With our management
team in place and the recently completed $8.5 million financing, we
have begun advancing our exploration programs at both the MAC
Project and Bear Canyon Project. Our goal is to have exploration
drilling underway at both properties in the coming weeks."
As a result of the acquisition, Stratton issued ten million
shares to AZ Copper Corp. shareholders resulting in there being
29,094,164 common shares of Stratton issued and outstanding on an
undiluted basis, of which 6,523,914 are subject to escrow
restrictions. Including warrants and stock options granted, there
are a total of 42,600,096 issued and outstanding shares on a fully
diluted basis. The record date for the stock split is September 13,
2011.
The Company also announces that it has executed a definitive
purchase agreement to acquire 100% of the Lunar copper project in
northern British Columbia from Homegold Resources, a privately held
company. The Lunar copper porphyry project consists of
approximately 12,500 hectares of land and is located 90 kilometers
north of the Kemess mine (Northgate Minerals) in northern British
Columbia.
The Lunar purchase agreement requires the Company to pay $70,000
at closing at which time the Lunar claims will be conveyed to
Stratton. Shares are payable in conjunction with exploration
spending on the Property - 100,000 shares following $2 million in
expenditure, an additional 150,000 shares after a total of $5
million in expenditure and a final payment of 250,000 shares after
a total of $10 million in expenditure. The Company is not obligated
to make any expenditure on the Property and the agreement is not an
option. The Lunar property is subject to a 2.75% NSR royalty, which
the Company can purchase up to 1.5% at any time.
Chief Operating Officer Richard Haslinger stated, "The Lunar
Copper Project is another porphyry style exploration property added
to the Company's portfolio. We are currently compiling historical
work on the property to put into a NI 43-101 compliant report,
which will recommend a modest initial work program near term to
assist planning for more significant exploration activity in the
future. We are pleased that a project with considerable potential
could be acquired for a very modest up-front cost."
On behalf of the Board of Directors,
Greg McCunn, President & CEO
About Stratton Resources:
Stratton Resources Inc. is a Canadian mineral exploration
company focused on the discovery and development of porphyry
molybdenum deposits in British Columbia and Arizona. Stratton's
goal is to build a quality asset portfolio consisting of base metal
properties at various stages of development.
The Company's flagship project is the advanced stage MAC
Molybdenum Project located approximately 100 kilometers northwest
of Fort St. James in central British Columbia. Historical
exploration work completed on the MAC project has identified
significant zones of porphyry molybdenum and copper mineralization.
The Company also is advancing exploration drilling on its Bear
Canyon copper project in south-eastern Arizona and holds a 100%
interest in the Mt Hayes copper porphyry project located on the
South Coast of British Columbia. The Company has also signed a
final Purchase and Sale Agreement on the Lunar Copper Porphyry
Project located 90 kilometers north of the Kemess mine (Northgate
Minerals) in northern British Columbia.
With an experienced management team that has a proven track
record of successful discovery and development of mineral deposits,
Stratton is positioned to rapidly build shareholder value. For more
information please visit our website at
www.strattonresources.com.
Disclosure Notes
The above release contains forward looking information which in
Stratton's view is based on reasonable assumptions and estimates.
There can be no assurance that forward looking statements will
prove to be accurate and are subject to may factors beyond the
control of Stratton including third party consents, regulatory
approvals the state of capital markets and the appetite for higher
risk junior resource companies. For further details about Stratton
and the risks it faces see its public filings at www.sedar.com.
The securities referred to herein have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities laws
and may not be offered or sold within the United States or to, or
for the benefit of, U.S. persons (as defined in Regulation S under
the U.S. Securities Act) unless registered under the U.S.
Securities Act and applicable state securities laws or pursuant to
an exemption from such registration requirements.
Neither the TSX Venture Exchange nor any other regulatory
authority accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Stratton Resources Inc. Greg McCunn President &
CEO (604) 683-8193 or Toll Free: 1-800-863-8655 (604) 683-8194
(FAX) info@strattonresources.com www.strattonresources.com
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