Toronto, ON, August 26, 2009 - HoneyBadger Exploration Inc. (TSX.V:TUF – “HoneyBadger” or the “Company”) announces that the joint-venture option agreement with Entrée Gold Inc. (TSX:ETG; NYSE Amex:EGI; Frankfurt:EKA “Entrée”) previously announced on July 23, 2009, has been finalized.
HoneyBadger and Entrée 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 Entrée 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.
|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
or Kirk McKinnon, President & CEO, or Richard Schler, Chief Operating Officer & CEO
This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.