A
NORTHAIR GROUP COMPANY
SUITE
860
- 625
HOWE STREET ?
VANCOUVER, BC ?
V6C 2T6 CANADA ? TEL:
(604) 687-7545 FAX: (604) 689-5041
PRESS
RELEASE
FOR IMMEDIATE
RELEASE
March 3, 2008
#08-10
Sherwood Signs Exploration Memorandum of Understanding
with Firestone Ventures
Inc.
Newly Created
Company Would Provide Sherwood with Additional Exploration Upside in
Yukon
VANCOUVER, BRITISH COLUMBIA -
Sherwood Copper
Corporation (SWC: TSXV) today
announced that it has signed a Memorandum of Understanding (?MOU?) with
Firestone Ventures Inc. (FV:TSXV) whereby Sherwood?s wholly owned subsidiary,
Minto Explorations Ltd. (?MintoEx?), will receive an equity interest in a new
public company to be created by Firestone in exchange for contributing four sets
of mineral claims in the Minto region, access to MintoEx?s extensive Yukon
exploration database and participation in a regional exploration
alliance.
The new company, Northern Tiger
Resources Inc., would give Sherwood?s shareholders exposure to an exploration
company focused on exploration targets generally located outside of, but in
proximity to the Minto Mine property in central Yukon. In addition to its equity holdings in
Northern Tiger, under the terms of the MOU, MintoEx would retain back-in rights
to acquire a 65% interest in any of Northern Tiger?s projects located within a 50 km radius that are found
to have mineralization amenable to processing in MintoEx?s existing Minto Mine
facilities. Details regarding the
nature and timing of this transaction are currently being finalized by
Sherwood?s and Firestone?s management, and will be subject to Northern Tiger
completing a successful private
placement and obtaining required TSX-V, court, bank and regulatory
approvals.
Northern Tiger
Resources
Firestone plans to spin-out its
Canadian assets, including the Sonora Gulch gold project located northwest of the Minto Mine, into a
new public company called Northern Tiger Resources Inc. Under the terms of the MOU, MintoEx will vend to
Northern Tiger a 100% interest in four exploration properties located northwest, north and
southeast of the Minto Mine, plus an extensive historical exploration database
for the region. In addition, Northern Tiger and MintoEx will enter into a
Regional Exploration Alliance Agreement (REAA). The REAA will provide for input and cooperation on planning and
executing exploration programs and
long-term strategies for the area, sharing of proprietary technical expertise to assist in exploration
and project advancement, and access
to MintoEx?s infrastructure to facilitate exploration in the area.
?By this transaction, Sherwood
Copper?s subsidiary, Minto Explorations, would gain exposure to exploration
targets outside of its Minto Mine property, having both (1) a back in right to any
deposits discovered close to its existing mine infrastructure that could be
processed at the existing
process facilities and, (2) equity
exposure to any other discoveries made through this alliance,? said
Stephen Quin, President & CEO of
Sherwood Copper. ?This is a win-win
transaction for our respective shareholders and accelerates the exploration
activity in the area of the Minto Mine and in the Yukon, to a level beyond what
Sherwood would do on its own. This
will allow Sherwood exposure to more generative type opportunities but not
detract from its main exploration focus on the more advanced and highly
prospective Minto Property,? he
added.
?The Spin-out will allow
Firestone to concentrate on its advanced Torlon Hill zinc-lead-silver project in
Guatemala while reducing future stock
dilution,? says Lori Walton, President of Firestone Ventures Inc. ?We are also confident that
Firestone shareholders will benefit from the experience, knowledge and
capabilities of the Northern Tiger-Sherwood Copper exploration alliance in
advancing the Sonora Gulch project, exploring the properties Minto Explorations
is vending to Northern Tiger, and identifying other quality projects in the
Dawson Range mining
district.?
MintoEx will retain back-in
rights to acquire a 65% interest in any of Northern Tiger?s projects located within a 50km radius that are found
to have mineralization amenable to processing in MintoEx?s existing Minto Mine
facilities. The back-in rights are
triggered within 30 days of Northern Tiger presenting MintoEx with an independent
preliminary economic assessment
prepared in accordance with National
Instrument 43-101 on a particular property.
MintoEx will pay to Northern Tiger two times the expenditures spent on
the applicable property to the date
of acquisition and become sole operator.
The back-in rights may also be triggered within 30 days of Northern Tiger
presenting MintoEx with a National
Instrument 43-101 compliant positive pre-feasibility study. MintoEx will pay to Northern Tiger three
times the expenditures spent on the applicable property to the date of acquisition and will become
sole operator.
As consideration for the
exploration properties, historical
database and support through the REAA, Northern Tiger would issue to MintoEx
that number of shares equivalent to twenty-five (25%) of the issued and
outstanding shares of Northern Tiger as of the date immediately prior to a private placement planned to provide operating and exploration funding for the new
company.
Closing of the transaction is
subject to a number of conditions, including execution and Firestone?s and
MintoEx?s Board of Director approval
of formal agreements and obtaining required regulatory and bank
approvals.
About Firestone
Ventures
Firestone Ventures Inc. is a
well-financed Canadian-based resource exploration and development company with
zinc, gold and uranium projects in Western Canada and Central America.
The common shares of the Company are currently listed on the TSX Venture
Exchange (symbol FV) and the Frankfurt Stock Exchange (symbol F5V).
Sherwood
Sherwood Copper?s primary
focus is profitable production of base and precious metals from high grade, open pit mines in
Canada. Sherwood?s first operating mine, the
high grade Minto copper-gold mine in Yukon, Canada, was built on budget and ahead
of schedule. The Minto Mine is one
of the highest grade open pit copper-gold mines in the world, and is forecast to
be a low cost producer. Aggressive exploration on the Minto
property has yielded significant
success, providing Sherwood the
opportunity to ?grow from within? by expanding the resource and
reserve base, potentially leading to further production increases. To further accelerate its production growth, Sherwood intends to pursue merger
& acquisition opportunities that fit its business model and, in February
2008, Sherwood acquired more than 90% ownership in Western Keltic Mines, owner
of the high grade Kutcho copper-zinc-gold-silver deposit in northwestern British
Columbia.
Sherwood aims to repeat its success with the Minto project at the Kutcho project.
Additional
Information
Additional information on Sherwood and its Minto Project 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?
Stephen P. Quin
President &
CEO
For further information
please contact Stephen Quin,
President of Sherwood Copper Corp.
or Brad Kopp or Kristy
Reynolds at (604) 687-7545 or (888) 338-2200
**
INTERNET ADDRESS: www.sherwoodcopper.com **
The TSX Venture
Exchange has not reviewed and does not accept responsibility for the adequacy or
accuracy of this press release. This news release may contain forward looking
statements which are not historical facts, such as ore reserve estimates,
anticipated production or results, sales, revenues, costs, or discussions of
goals and exploration results, and involves a number of risks and uncertainties
that could cause actual results to differ materially from those projected. These
risks and uncertainties include, but are not limited to, metal price volatility,
volatility of metals production, project development, ore reserve estimates,
future anticipated reserves and cost engineering estimate risks, geological
factors and exploration results.
See the Company?s filings for a more detailed discussion of factors that
may impact expected
RESULTS.