Vancouver, British Columbia, June 12, 2013-Wolverine Exploration Inc. ("Wolverine") (WOLV) announced today that it has entered into an Agreement (the "Agreement") with 0969015 B.C. Ltd ("0969015") to acquire the Eureka Project Claims located in the Cariboo Mining District of British Columbia. Under the terms of the Agreement Wolverine will issue 35,000,000 common shares to 0969015 at a deemed price of USD$0.01 as full consideration for the acquisition of the Eureka Project Claims.
The Eureka Project Claims, with a total area of 3,910.67 hectares (9,663.5 acres), are immediately adjacent to the Wingdam Project. The property is located along the north and south banks of Lightning Creek, spanning south to Sovereign Creek at its confluence with Atis Creek. Highway 26 runs along the northeastern boundary and the Swift River forest service road runs through the property. All areas of the property are accessible by forest service roads. The property is located 30 km east of Quesnel in Central British Columbia. Access is via the all-weather Barkerville Highway No. 26, then by logging and mining roads through the property.
The Cariboo Mining District in south-central British Columbia has a history as a world-class producer of gold.
Click Here to view map of Cariboo District.
One of the richest producers was the underground mine at Wingdam with historic gold production noted at approximately 26,888 ounces of gold, mined from 153,672 tons.
Overall, historic gold production in the Cariboo area was approximately 3.8 million ounces, 2 million from placer operations and 1.8 million from lode deposits. These totals are an estimate only as prior to 1874 production was not recorded. 90 percent of the placer gold was recovered from Late Pleistocene, pre-glacial and interglacial gravels in buried paleo-channels of modern stream valleys. In addition, the placer operation from the Bullion pit at Likely, BC produced 175,000 ounces of gold and 1,800 ounces of platinum. Gold and platinum were also reported in placers in the Frank Creek area in similar proportions.
On behalf of the Board
For further information please contact:
Ronald Jones (778) 297-4409
The Foothills Group
San Jose, CA
1-888-516-7415 (toll free)
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, statements regarding the Eureka Project Claims.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
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