Sherwood Announces Closing of Precious Metal Transaction

Sherwood Copper Corporation (TSX VENTURE:SWC)(TSX VENTURE:SWC.DB) is pleased to
announce, further to its news release of November 7, 2008, the closing of the
transaction with Silverstone Resources Corp. (TSX VENTURE:SST) whereby
Silverstone will purchase, subject to certain terms and conditions, all of the
payable gold and silver from the Minto Mine in the Yukon, over the life of the
mine starting December 1, 2008.


Transaction Details

Silverstone will purchase all of the payable gold and silver from the Minto Mine
and, in exchange, Sherwood received an up-front payment from Silverstone of
US$37.5 million, plus a further payment of the lesser of (a) US$300 per ounce of
gold and US$3.90 per ounce of silver (subject to a 1% inflationary adjustment
after three years and each year thereafter) and (b) the prevailing market price
of gold and silver quoted on the London Bullion Market Association, for each
ounce delivered. If production from the Minto Mine exceeds 50,000 oz of payable
gold in the first two years of the agreement or 30,000 oz of payable gold per
year thereafter, Silverstone will be entitled to purchase only 50% of the amount
in excess of those thresholds. Kutcho Copper Corp., Sherwood's wholly owned
subsidiary that owns the Kutcho copper-zinc-silver-gold project in British
Columbia, has also granted Silverstone a right of first refusal to purchase any
gold and/or silver streams from the Kutcho project, should Kutcho Copper elect
to sell such, on terms and conditions to be agreed by mutual consent.


Sherwood, and its wholly-owned subsidiaries, Minto Explorations Ltd. and Kutcho
Copper Corp., have now signed definitive purchase agreements with Silverstone
with respect to the above described transaction.


Additional Information

Additional information on Sherwood and its Minto Mine 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

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 completion of
future transactions, 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, success in
obtaining requisite approvals and closing for the combination with Capstone
Mining, 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.
Sherwood Copper Com Npv (TSXV:SWC)
過去株価チャート
から 5 2024 まで 6 2024