CARSON CITY, Nev., Dec. 28, 2005 (PRIMEZONE) -- Stonebridge Resources Explorations Ltd. (Pink Sheets:SBRX) has decided, after completing its property portfolio review, to place a number of its assets either for sale or seek a joint venture partner. Due to the large number of properties held by the company we need to concentrate our resources in specific areas without neglecting the exploration and development of other high probability assets.
Stonebridge Resources Explorations Ltd., with 6070205 Canada Inc., has agreed to sell Sea Green Capital Corp., a 100-per-cent interest, subject to a 2-per-cent net smelter return royalty, in a mining property comprising eight units approximately 15 kilometres northeast of Kirkland Lake in Northern Ontario. Sea Green has agreed to issue 400,000 common shares to acquire its interest in this property and incur exploration expenditures on the property totaling $500,000 over three years. Sea Green trades on the Canadian Venture Exchange under the symbol SGS.
The property has been previously explored by several companies and exploration work has identified the potential for a large sulphide deposit. Drilling and testing in 1998 indicated zinc mineralization in a number of holes, varying from 0.6 metre of 4.4 per cent zinc, 4.6 metres of 1.76 per cent zinc and 4.0 metres of 1.33 per cent zinc.
In May 2005, a three-drill-hole program was conducted totaling 702 metres and preliminary results have confirmed the north plunge of the zones of interest at the contact. Follow-up is planned in February as drilling must take place from the ice, not from the shore, as was done previously with the May 2005, drilling. Sea Green has contracted with a driller to test the key-tuiffite contact that contains massive sulphides on strike to the northeast where both Kerr Addison Mines Ltd. and Opawica Explorations encountered interesting zinc, lead, silver and gold values.
Stonebridge Resources Explorations Ltd. is a junior resource and exploration company concentrating in developing properties of merit mainly in North America.
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