Sheltered Oak Extends Option in One of Kerrs Property Claims



    Trading Symbol: TSX-V OAK

    OAKVILLE, ON, Feb. 2 /CNW/ - Sheltered Oak Resources Corp. (OAK-TSX
Venture) ("OAK") is pleased to announce that it has executed an amendment and
extension to the option agreement (the 'Kidston Option Agreement') dated as of
30th of August 2005 between Sage Gold Inc. ("Sage"), Jocelyne A. Kidston and
L. Michael Dyment as extended by the Extension and Waiver Agreement dated as
of 21st of February 2007 and the Amendment Agreement dated as of 10th of
November 2008 between Sage and OAK, Jocelyne A. Kidston and L. Michael Dyment.
    Pursuant to the Kidston Option Agreement Sage has the right to earn a
100% interest in claim number L4202857, situated in Kerrs Township (G-3523),
Larder Lake Mining Division, Province of Ontario. OAK through its wholly-owned
subsidiary, Sheltered Oak Resources Inc. ("SOR Inc.") has an option to earn a
55% interest in this claim pursuant to an option agreement entered into
between SOR Inc. and Sage on February 7, 2007 as amended, (the "Sage Option
Agreement"). To exercise the option on this claim OAK must spend $125,000, to
and including August 30, 2009, in qualified exploration expenses. These
expenses are deductible from the minimum exploration expenses owed to Sage for
OAK to earn its 55% on the Kerrs Property under the Sage Option Agreement
which as at January 1, 2009 were a balance of $1,000,000. OAK plans to line
cut and drill the Kidston claim in the spring or summer of 2009 and spend the
required funds to meet the commitments to the Kidston Option Agreement.
    The term of the Kidston Option Agreement has been extended to September
6, 2009. The consideration for maintaining the Kidston Option Agreement in
full force and effect is the issue of 125,000 common shares of OAK, 62,500
common shares to Jocelyne A. Kidston and 62,500 common shares to L. Michael
Dyment subject to regulatory approval. This is in addition to the issue of
$12,500 of the share capital of Sage.

    About OAK :

    OAK is the parent company of Sheltered Oak Resources Inc., an Ontario
corporation with its head office located in Oakville, Ontario. OAK is a junior
mineral exploration corporation which has an option to acquire a 55% interest
in and to the Kerrs Gold Property which consists of 43 unpatented mining
claims and 12 mining leasehold patents located in the Matheson area of
Ontario.

    
    The TSX Venture Exchange does not accept responsibility for the accuracy
    or adequacy of this news release.
    





For further information:

For further information: Robert Hanson, Chief Executive Officer,
Sheltered Oak Resources Corp., Tel: (905) 827-5414, Fax: (905) 847-9575,
Email: rhanson@shelteredoak.com; Art Hampson, Chief Financial Officer,
Sheltered Oak Resources Corp., Email: ahampson@shelteredoak.com

Organization Profile

SHELTERED OAK RESOURCES CORP.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890