HoneyBadger Exploration Finalizes Agreement with Entrée Gold
on Nevada
Copper Property
Toronto, ON,
August 26, 2009 - HoneyBadger Exploration
Inc. (TSX.V:TUF HoneyBadger
or the Company) announces that the joint-venture option agreement with Entr�e Gold Inc. (TSX:ETG; NYSE Amex:EGI; Frankfurt:EKA Entrée)
previously announced on July 23, 2009, has been finalized.
HoneyBadger and Entr�e intend to explore for and
develop porphyry copper targets in the Yerington porphyry copper district of
western Nevada.
HoneyBadger has assembled a substantial land
package covering over 12,500
acres (5,080 hectares), known as the Yerington West
Project.
Under the terms
of the agreement, Entrée may acquire up to an 80% interest in a portion of HoneyBadger’s Yerington West Project, known as the
Blackjack Property.
Aggressive Drill
Program Planned for Q4 2009
This partnership
arrangement with Entrée is part of HoneyBadger’s
strategy to explore for large porphyry copper deposits, using the knowledge
and experience of a well-established porphyry copper expert.
Entrée and HoneyBadger are planning an aggressive drill program
commencing in the fourth quarter 2009. This program is expected to test
numerous targets generated from a recently completed high-definition airborne
Geotech AirMt magnetotelluric survey along with geological and
geochemical targets.
Prolific Mining
Area
Considerable
exploration and mining has been done in the Yerington region since the early
part of the twentieth century. Between 1953 and 1978, Anaconda produced
almost 2 billion pounds of copper from a single open pit. The area was
generally inactive in the 1980s and 1990s, but has seen renewed interest in
the past few years. Our agreement with HoneyBadger
gives Entrée shareholders a foothold into this highly prospective area.
About HoneyBadger Exploration Inc.
HoneyBadger Exploration is
a gold and base-metals exploration company headquartered in Toronto, Ontario, Canada. The Company’s current
exploration projects are focused in the mining-friendly State of Nevada. The Yerington
Project is a copper porphyry and skarn property
near the town of Yerington,
and positions the Company for new exploration in prolific copper districts. The
Company's common shares trade on the TSX Venture Exchange under the symbol TUF.
About Entr�e Gold Inc.
Entrée Gold Inc.
is a Canadian mineral exploration company focused on the worldwide
exploration and development of gold and copper prospects. In North America,
the Company is exploring for porphyry-related copper systems in Arizona and New Mexico
under agreements with Empirical Discovery LLC and now in Nevada through an option agreement with HoneyBadger Exploration Inc.
The Company is a
large landholder in Mongolia,
where it holds three exploration licenses comprising the 179,590 hectare
Lookout Hill property. Lookout Hill completely surrounds the 8,500-hectare Oyu Tolgoi project of Ivanhoe
Mines, and hosts the Hugo North Extension of the Hugo Dummett
copper-gold deposit and the Heruga
copper-gold-molybdenum deposit.
Ivanhoe Mines
and Rio Tinto are major shareholders of Entrée, holding approximately 15% and
16% of issued and outstanding shares respectively.
For more
information, please visit our website at http://www.honeybadgerexp.com
HoneyBadger Exploration Inc.
Brent Nykoliation
|
HoneyBadger Exploration Inc. Calgary Office
Michael Marchand,
Ph.D., P.Geol.
|
Vice President of Business Development
|
Vice-President of Exploration
|
Tel.: (416)
364-4029
|
(403) 282-5105
|
Fax: (416)
364-2753
Email: bnykoliation@honeybadgerexp.com
|
Email:
mmarchand@honeybadgerexp.com
|
or Kirk
McKinnon, President & CEO, or Richard Schler,
Chief Operating Officer & CEO
|