Strongbow Exploration Inc. (SBW: TSXV) is pleased to announce it has signed an option agreement with Westhaven Ventures Inc. whereby Westhaven can earn up to a 70% interest in Strongbow's Shovelnose gold property located in southwestern British Columbia. Westhaven is a TSXV Capital Pool Company (trading symbol WHN:P), and D. Grenville Thomas, Strongbow's Chairman and a director, is the President, CEO and a director of Westhaven.
Under the terms of the agreement, Westhaven can earn an initial 51% interest in the Shovelnose property by i) incurring $1.5 million in exploration expenditures over a three year period, including a firm commitment to spend $250,000 in the first year of the agreement, and ii) issuing a total of 300,000 common shares to Strongbow including 100,000 common shares within 5 business days of Exchange approval of the option agreement. Within 12 months of having earned its 51% interest in the property, Westhaven will have the option to earn an additional 19% interest (bringing its total property interest to 70%) by i) issuing an additional 500,000 shares to Strongbow, and ii) incurring an additional $1.5 million in exploration expenditures.
It is expected that Westhaven's first year exploration commitment will include exploration drilling of the Mik and Line 6 gold targets on the property (please see Strongbow news release #10-09 dated November 8, 2010 for further information on these targets).
The option agreement with Westhaven is subject to approval of the TSX Venture Exchange.
STRONGBOW EXPLORATION INC.
/s/"Kenneth A. Armstrong"
Kenneth A. Armstrong
President and CEO
For further information, please contact:
President and CEO
Tel: 604 668 8355
The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy of this release.