West Kirkland Mining and Fronteer Gold Close Private Placement
December 24, 2010
VANCOUVER, BRITISH COLUMBIA - West Kirkland Mining Inc. (WKM:TSXV) (“West Kirkland” or the “Company”) announces the closing of a private placement with Fronteer Gold (“Fronteer”) (FRG:TSX, FRG:NYSE-AMEX) for $1,000,000 at a price of C$ 1.25 per share for a total of 800,000 shares as announced in a news release dated December 16, 2010. The placement was completed as part of a property transaction whereby West Kirkland may earn up to a 60% interest in eleven of Fronteer’s gold properties in Northern Nevada and Utah. NCP Northland Capital Partners acted as an advisor in the overall agreement between West Kirkland and Fronteer Gold. The shares issued are subject to a hold period of four months plus one day.
West Kirkland will use the funds to advance the large scale, eleven property package, which includes properties located within the Carlin, Battle Mountain and Jerritt Canyon gold trends, covering 234 square kilometers (23,400 hectares, 90.35 square miles).
2011 Plans for Nevada Properties
The initial firm budget for the WKM-FRG Nevada Venture is $C2,000,000. Following an initial planning session with Fronteer Gold this may expand. West Kirkland currently has approximately $7,000,000 in cash and is well positioned to fund 2011 work programs.
West Kirkland Mining will be completing a detailed geological review of all of its Nevada holdings and rank them for priority drilling in early 2011. Fronteer Gold and West Kirkland Mining have agreed to establish a joint exploration Management Committee for the planning of exploration from the inception of the venture and this brings the experience of two groups with exceptional discovery track records to bear on the projects.
West Kirkland Mining will be the operator for the Nevada venture.
About West Kirkland Mining
West Kirkland Mining was formed in 2010 to focus on gold exploration along major trends in North America. The Company has consolidated significant mineral rights positions in the Kirkland Lake area of Ontario and within major gold trends of North Eastern Nevada -two of North America’s premier gold jurisdictions. The founders and Board of West Kirkland Mining have successful gold discovery, development and mine operations experience in both Ontario and Nevada over the past 40 years.
For further information, please see the Company’s website at www.wkmining.com or contact us by email at [email protected] or call:
West Kirkland Mining Inc.
R. Michael Jones, Michael Allen or Matthew Chandler at (604) 685-8311
Don Graham: 778-558-4310 or [email protected]
James Beesley: 778-389-7715 or [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding proposed exploration activities. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company’s equity securities, the state of the market for gold or other minerals that may be produced generally, recent market volatility; variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company’s profile on SEDAR at www.sedar.com.