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Share Name | Share Symbol | Market | Type |
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Underworld Resources Inc. | TSXV:UW | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
Cloudbreak Resources Ltd. (the "Company") (TSX VENTURE:CDB)(PINK SHEETS:CUDBF)(FRANKFURT:C6K) announces, subject to regulatory approval, the Company has increased its 50 percent interest in the Mount Stewart Project located adjacent to, and in the vicinity of Underworld's (UW-TSX:V) White Gold Project discovery, to full 100% ownership by purchasing the outstanding 50 percent interest owned by Alix Resources Ltd. ("Alix") on ground explored under joint venture by the Company and Alix this past 2009 field season. The Company will pay Alix $125,000 and issue 4 million common shares of the Company to acquire Alix Resources' 50 percent interest on the Mount Stewart Project (comprised of the BRC, Strike, Au and Lucky quartz claims). The complete mineral claim package totals 170 quartz claims and covers approximately 3,400 hectares. The Company and Alix Resources spent approximately $300,000 in exploration expenses on the mineral claim package during the 2009 field season. The culmination of this work resulted in the identification of several gold anomalies as reported in Company News Releases dated September 22, 2009 and August 6, 2009. The transaction is subject to TSX Venture approval. The Mount Stewart Project is located immediately adjacent (west) of Underworld Resources' (UW-TSX:V) ("UW") White Gold Project mineral claims, where UW has completed to date, 79 drill holes totaling over 25,000 meters (UW news October 28, 2009). Highlighted drill intercepts from UW's exploration programs on the White Gold Project are up to 104 metres averaging 3.39g/t gold (UW news May 26, 2009). Underworld continues to expand the adjacent Golden Saddle deposit down dip to the north and further along strike to the northeast (UW news October 28, 2009). The Golden Saddle deposit represents an intrusion related gold mineralization and a 43-101 resource estimate is expected in January 2010 (UW news October 28, 2009). The Company is actively reviewing new potential property acquisitions and are awaiting an interpretation on the low-level, multi-sensor airborne geophysical survey flown over the Mount Stewart Project in late 2009. ON BEHALF OF THE BOARD Richard Macey, President & Director
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