VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: SWC.DB) announced
today that, further to its news release dated March 3, 2008, its
wholly-owned subsidiary, Minto Explorations Ltd. ("MintoEx") has
completed the sale to Northern Tiger Resources Inc. ("Northern
Tiger") of a 100% interest in four properties located in the Dawson
Range in the Yukon Territory and data sets comprised of a database
of certain exploration reports, all in accordance with the terms of
an acquisition agreement dated effective May 23, 2008 between
MintoEx and Northern Tiger (the "Acquisition Agreement"). A copy of
the Acquisition Agreement is available on SEDAR at www.sedar.com
under Northern Tiger's profile.
"Through its transaction with Firestone Ventures, Sherwood
Copper's subsidiary, Minto Explorations, has gained exposure to
exploration opportunities outside of its Minto Mine property,
having both (1) a back in right to any deposits discovered close to
its existing mine infrastructure that could be processed at the
existing process facilities and, (2) equity exposure to any other
discoveries made through this alliance," said Stephen Quin,
President & CEO of Sherwood Copper. "This is a win-win
transaction for our respective shareholders and accelerates the
exploration activity in the Minto Mine area and the Yukon, to a
level beyond what Sherwood would do on its own. This will allow
Sherwood exposure to more generative type opportunities but not
detract from its main exploration focus on the more advanced and
highly prospective Minto Property," he added.
As part of the transaction, MintoEx transferred to Northern
Tiger a one hundred (100%) percent interest in four Dawson Range
exploration properties and an extensive historical exploration
database for the region. The four properties encompass exploration
targets where previous prospecting encountered copper-gold
mineralization similar to that hosting MintoEx's nearby Minto mine.
In addition, Northern Tiger and MintoEx have entered into a
Regional Exploration Alliance Agreement ("REAA"), which provides
for input and cooperation on planning and executing exploration
programs and long term strategies for the area, sharing of
proprietary technical expertise to assist in exploration and
project advancement, and access to MintoEx's infrastructure to
facilitate exploration in the region.
As consideration for the transfer of the exploration properties,
historical database and the support provided to Northern Tiger
through the REAA, Northern Tiger has issued to MintoEx 4,343,878
class "A" common shares in the capital of Northern Tiger (the
"Northern Tiger Shares") at a deemed price of $0.30 per share, such
shares to be held in escrow pursuant to a TSX Venture Exchange Form
5D Value Security Escrow Agreement.
Sherwood's holding in Northern Tiger Resources Inc. will give
its shareholders exposure to an exploration company focused on
exploration targets generally located outside of, but in proximity
to the Minto Mine property in central Yukon. In addition to its
equity holdings in Northern Tiger, MintoEx would retain back-in
rights to acquire a 65% interest in any of Northern Tiger's
projects located within a 50 km radius that are found to have
mineralization amenable to processing in MintoEx's existing Minto
Mine facilities.
Early Warning Requirements under Applicable Securities Laws
The 4,343,878 Northern Tiger Shares currently held by MintoEx
represent approximately 17.81% of the outstanding common shares of
Northern Tiger and such shares are to be held in escrow as
described above. MintoEx does not have any present intention to
acquire ownership of or control over additional securities of
Northern Tiger. The Northern Tiger Shares will be listed and
commence trading on the Exchange under the symbol NTR on June 30,
2008.
A copy of the early warning report filed pursuant to the
applicable securities legislation is available online at
www.sedar.com under Northern Tiger's profile or may be obtained by
contacting the Company.
About Sherwood Copper
Sherwood's objective is the profitable production of base and
precious metals from high grade, open pit mines in Canada.
Sherwood's first operating mine, the high grade Minto copper-gold
mine in Yukon, Canada, was built on budget and ahead of schedule.
The Minto Mine is one of the highest-grade open pit copper-gold
mines in the world, and is forecast to be a low cost producer.
Aggressive exploration on the Minto property has yielded
significant success, providing Sherwood the opportunity to 'grow
from within' by expanding the mineral resource and mineral reserve
base, potentially leading to further production increases. To
further accelerate its production growth, Sherwood intends to
pursue merger & acquisition opportunities that fit its business
model and, in May 2008, Sherwood acquired 100% ownership in Western
Keltic Mines Ltd., owner of the high-grade Kutcho
copper-zinc-gold-silver deposit in northwestern British Columbia.
Sherwood expects to lever off its successful development of the
Minto Mine and rapidly advance the Kutcho Project to a production
decision.
Additional Information
Additional information on Sherwood and its Minto & Kutcho
projects can be obtained on Sherwood's website at
http://www.sherwoodcopper.com.
On behalf of the board of directors
SHERWOOD COPPER CORPORATION
Stephen P. Quin, President & CEO
Forward-Looking Statements
This document may contain "forward-looking statements" within
the meaning of Canadian securities legislation and the United
States Private Securities Litigation Reform Act of 1995. These
forward-looking statements are made as of the date of this document
and the Company does not intend, and does not assume any
obligation, to update these forward-looking statements.
Forward-looking statements relate to future events or future
performance and reflect management's expectations or beliefs
regarding future events and include, but are not limited to,
statements with respect to the estimation of mineral reserves and
resources, the realization of mineral reserve estimates, the timing
and amount of estimated future production, costs of production,
capital expenditures, success of mining operations, environmental
risks, unanticipated reclamation expenses, title disputes or claims
and limitations on insurance coverage. In certain cases,
forward-looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved" or the negative of these
terms or comparable terminology. By their very nature
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such
factors include, among others, risks related to actual results of
current exploration activities; changes in project parameters as
plans continue to be refined; future prices of resources; possible
variations in ore reserves, grade or recovery rates; accidents,
labour disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing or in the completion
of development or construction activities; as well as those factors
detailed from time to time in the Company's interim and annual
financial statements and management's discussion and analysis of
those statements, all of which are filed and available for review
on SEDAR at www.sedar.com. Although the Company has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such
statements.
Accordingly, readers should not place undue reliance on
forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press
release.
Contacts: Sherwood Copper Corporation - Investor Contact Stephen
P. Quin (604) 687-7545 Sherwood Copper Corporation - Investor
Contact Chris Curran (604) 687-7545 (604) 689-5041 (FAX) Website:
www.sherwoodcopper.com
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