AEX AEX Gold Inc

Appleton Exploration Inc. (TSX VENTURE:AEX) reports that pursuant to a letter of
intent dated February 10, 2010, it has granted an option to Resource Hunter
Capital Corp. ("Resource Hunter") to acquire an undivided interest of a minimum
of 51% or a maximum of 75% in the Dora Gold Project, subject to a third-party
1.5% net smelter return royalty. The 12,067 hectare Dora Gold Project is located
in the Spences Bridge Gold Belt, approximately 20 kilometres south of Merritt,
British Columbia.


To acquire the minimum 51% undivided interest in the Dora Project, Resource
Hunter will pay $25,000 to Appleton on or before the date of closing of Resource
Hunter's Qualifying Transaction (the "effective date"); will issue an aggregate
of 1,200,000 Units (each comprised of one common share and one warrant) on or
before two years from the effective date; and complete expenditures on the Dora
property in the aggregate of $1,100,000 on or before three years from the
effective date.


To acquire the maximum 75% undivided interest in the Dora Project, Resource
Hunter must fulfill the above requirements; issue to Appleton 500,000 additional
Units; and make additional expenditures of $1,000,000 on or before four years
from the effective date.


The proposed transaction is subject to (1) the approval by the Exchange, (2)
Resource Hunter obtaining a legal opinion on title to the Property, (3) Appleton
receiving third party consent from the original owner of the Property, and (4)
the negotiation, execution and delivery of a definitive agreement.


Appleton completed over $750,000 in exploration on the Dora Project from 2006
through 2008, on programs of geochemical soil sampling, airborne geophysics, and
excavator trenching. The property has several drill ready targets.


Appleton's president Tim Henneberry stated, "Appleton management is pleased to
put the Dora property to work through the option with Resource Hunter Capital
Corp. This allows Appleton to continue to concentrate all of its efforts on our
exciting Manalo Gold Project."


Appleton's main focus is the Manalo Gold Project in Mali, West Africa. The
latest drill results (see News Release 10-01 dated February 8, 2009) included
highlights of 25 metres grading 6.27 grams per metric tonne in hole MDL09-073
and 7 metres grading 34.97 grams per metric tonne gold in hole MDL09-065.


Appleton has sufficient working capital on hand to fund its planned 2010
exploration programs. The next phase of drilling on the Manalo Gold Project is
slated to begin in March.


On Behalf of the Board of Directors,

R.Tim Henneberry, P.Geo., President and CEO

Paul Cowley, P.Geo., Director of Appleton Exploration Inc., is the Qualified
Person as defined in National Instrument 43-101, who has reviewed and approved
the technical content of this news release.


Forward-Looking Statements

This press release contains forward-looking statements. All statements, other
than statements of historical fact, constitute "forward-looking statements" and
include any information that addresses activities, events or developments that
the Company believes, expects or anticipates will or may occur in the future
including the Company's strategy, plans or future financial or operating
performance and other statements that express management's expectations or
estimates of future performance.


Forward-looking statements are generally identifiable by the use of the words
"may", "will", "should", "continue", "expect", "anticipate", "estimate",
"believe", "intend", "plan" or "project" or the negative of these words or other
variations on these words or comparable terminology. All such forward-looking
information and statements are based on certain assumptions and analyses made by
the Company's management in light of their experience and perception of
historical trends, current conditions and expected future developments, as well
as other factors management believes are appropriate in the circumstances. These
statements, however, are subject to known and unknown risks, uncertainties and
other factors that may cause the actual results, level of activity, performance
or achievements of the Company to be materially different from those expressed,
implied by or projected in the forward-looking information or statements.
Important factors that could cause actual results to differ from these
forward-looking statements include but are not limited to: risks related to the
exploration and potential development of the Company's projects, risks related
to international operations, the actual results of current exploration
activities, conclusions of economic evaluations, changes in project parameters
as plans continue to be refined, future prices of gold, as well as those factors
discussed in the sections relating to risk factors of the Company set out in the
Company's MD&A filed on SEDAR.


There can be no assurance that any forward-looking statements will prove to be
accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, the reader should not place any
undue reliance on forward-looking information or statements. Except as required
by law, the Company does not intend to revise or update these forward-looking
statements after the date of this document or to revise them to reflect the
occurrence of future unanticipated events.

AEX Gold (TSXV:AEX)
Historical Stock Chart
From Apr 2024 to May 2024

AEX Gold (TSXV:AEX)
Historical Stock Chart
From May 2023 to May 2024