Radisson Mining Resources Inc. a Quebec-based exploration company announced the sale of its Destor and Lepine properties located in Destor township, Quebec, to Clifton Star Resources Inc. (Clifton Star). Consideration to Radisson for the sale of these properties is a total of $250,000 cash on closing. Also, Radisson will retain a 2% net smelter return on the Destor property with no right of buyback retained by the purchaser. Prior to this transaction, the Lepine property bore an underlying 3% NSR held by IAMGOLD Corporation. As part of the transaction with Clifton Star, Radisson acquired the right to buy back and cancel 1/3 of this NSR reducing it to a 2% NSR held by IAMGOLD. The cost to Radisson for this 1% NSR on the Lepine property is $10,000 cash and $10,000 in Class A shares of Radisson at a price per share equal to the volume weighted average price of Radisson shares traded on the TSX Venture Exchange over the ten trading days preceding the issuance of these shares to IAMGOLD. The Destor and Lepine properties are not considered by Radisson to be core properties, but may assist Clifton Star in protecting the ongoing exploration of its nearby Duquesne Mine property.
The proceeds of this sale will improve Radisson’s working capital position. The Company’s working capital position also recently was improved by the receipt of $11,881.13 cash plus 1,613 shares of Goldcorp Inc., currently valued at $ 34.60 per share, in consideration of a previous property sale effected by Radisson several years ago. Furthermore, on the subject of cash flow, assuming the non-binding Memorandum of Understanding between Radisson and AusCan Gold Pry Ltd., announced by Radisson on March 16, 2009, is converted into a binding, definitive agreement by May 1, 2009, Radisson will earn a management fee as operator of the $25,000,000 underground bulk sample program.