TORONTO, ONTARIO--(Marketwire - March 2, 2010) - Honey Badger Exploration Inc. (TSX VENTURE:TUF) ("Honey Badger" or the "Company") announces that it will drill test the geological and geochemical copper-molybdenum targets delineated from the recently completed first-stage exploration program over its Blackjack property ("Property") located near Yerington, Nevada.
In 2009, Honey Badger entered into an option agreement with Entree Gold Inc. through its wholly owned subsidiary Entree Gold (US) Inc. (TSX:ETG)(NYSE Amex:EGI) ("Entree") for the Blackjack property, a large, contiguous property adjacent to PacMag's Ann Mason project in the historic Yerington porphyry copper district of western Nevada.
Under the terms of the agreement, Entree may acquire up to an 80% interest in the Blackjack Property. As a condition of the agreement, Entree may exercise its first option to acquire 51% after incurring minimum expenditures of US$900,000 in the first year of exploration and issuing 37,500 shares and reimbursing Honey Badger for up to $206,250 of expenditures previously incurred on the property.
Aggressive Drill Program Planned Q2 2010
A US$1.1 million geophysics (Induced Polarization - "IP") and drilling program has been approved for the Blackjack property by Entree as project operator. The planned drilling consists of 7 holes totaling approximately 2,800 m that will mainly test soil geochemical and IP targets extending west from PacMag's Blue Hills target area onto the Blackjack property. The Blue Hills copper oxide prospect straddles the PacMag and Blackjack property boundary immediately to the northwest of Ann Mason.
A recent National Instrument 43-101 compliant resource estimate prepared for the Ann Mason deposit estimates it to contain an inferred resource of 810.4 million metric tonnes grading 0.40% copper, using a 0.30% copper cut-off. Accompanying molybdenum is estimated at 165.9 million metric tonnes at a grade of 0.01% molybdenum. Based on these figures, the Ann Mason deposit contains over 7.1 billion pounds of copper.
Honey Badger's Blue Hills West Target
Soil geochemical sampling over Honey Badger's Blue Hills West target yielded copper values to 0.2%. The dispersion pattern of these anomalous copper samples indicates that this area is likely an extension of the copper porphyry mineralization seen on the adjacent Blue Hills property of PacMag Metals Limited (ASX:PMH) ("PacMag"). PacMag has returned drill intercepts of 73.2 metres at 0.57% copper equivalent and 100.6 metres at 0.41% copper equivalent from this area.
Honey Badger Exhibiting at 2010 PDAC Mining Conference
Honey Badger will have a presence at the 2010 PDAC (Prospectors & Developers Association of Canada Annual Convention) in the MacDonald Mines' Booth, booth number 2350.
Honey Badger Proposes Extension to Term of Warrants
The Company has applied to the TSX Venture Exchange (the "Exchange") for approval to extend the term of issued and outstanding warrants exercisable for a total of 8,000,000 common shares at an exercise price of $0.10 per share (the "Warrants"). The Warrants were issued as part of a private placement that closed on March 7, 2008. Since issuance, none of the Warrants have been exercised and all of the Warrants are outstanding.
As originally issued, the Warrants had a term of three years, expiring on March 7, 2010. Honey Badger is proposing to extend the term of these Warrants for an additional three years, with the result that they would expire on March 7, 2013. The extension of the term of the Warrants, as proposed, is subject to the approval of the Exchange.
Quentin Yarie P.Geo., Vice President Exploration of Honey Badger, is the qualified person in regard to the technical data contained within this news release and oversees all aspects of the exploration program.
A total of 675,000 options were reissued to Directors, Officers and Consultants of the Company on March 1, 2010 under the terms of the incentive stock option plan of the Company filed with the TSX Venture Exchange and approved by shareholders at the last Annual General Meeting of Shareholders of the Company held on June 23, 2009. The options are exercisable at a price of $0.10 per share for a period of four years and are subject to a four-month hold period from the date of the issuance.
About Honey Badger Exploration Inc.
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
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.