Toronto, ON, December 16, 2010 – Honey Badger Exploration Inc. (TSX.V:TUF – “Honey Badger” or the “Company”) announces that in lieu of cash consideration the Company has agreed to issue common shares to compensate insiders and consultants of the Company with respect to services rendered during the period from March 30, 2009 to October 31, 2010.
The aggregate amount is $190,000 and is priced at $0.10 per share. Accordingly, the amount of common shares to be issued is 1,900,000 of which 1,000,000 is being issued to insiders. Approval for share issuance to insiders was obtained from shareholders at the Annual General Meeting held on June 22, 2010.
Share issuances will have a four month hold period and is subject to the approval of the TSX Venture Exchange.
About Honey Badger
Honey Badger 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”.
For more information, please visit our website at http://www.honeybadgerexp.com
Honey Badger Exploration Inc.
Vice President of Business Development
Tel.: (416) 364-4029
Fax: (416) 364-2753
or Kirk McKinnon, President & CEO, or Richard Schler, Chief Operating Officer & CEO
This News Release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995, with respect to its exploration results, the potential for discovery of additional mineralized zones and future exploration programs and budgets. These forward-looking statements are made as of the date of this news release. Users of forward-looking statements are cautioned that actual results may vary from the forward-looking statements contained herein. While the Company has based these forward-looking statements on its expectations about future events as at the date that such statements were prepared, the statements are not a guarantee of the Company's future performance and are subject to risks, uncertainties, assumptions and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Such factors and assumptions include, among others, the effects of general economic conditions, the prices of gold and copper, changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings and negotiations and misjudgments in the course of preparing forward-looking statements. In addition, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. 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. The Company is under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.