Feb 3 2011
COLORADO RESOURCES LTD. (TSX VENTURE:CXO) has announced further to its news release of January 12, 2011, it has received TSX Venture Exchange acceptance to acquire a 100% interest in 4 Yukon gold properties collectively referred to as the "Selwyn Properties" three of which - Sol, Nid and Bach - are located in the Macmillan Pass area, approximately 360 kilometres northeast of Whitehorse, with the Al Property located in the Aishihik Lake area, approximately 170 kilometres northwest of Whitehorse.
The Selwyn Properties were acquired for total consideration of $286,000 in cash, issuing 300,000 common shares of the Company and are subject to a 2% NSR which can be bought down to 1% at a cost of $2 million (previously incorrectly noted as $1 million).
Mr. Adam Travis, President of the Colorado, stated, "We are very excited to assemble this portfolio of quality Yukon gold projects and with the acquisition of the Sol Property adjacent to the Company's Oro Property, Colorado now holds claims covering a 28 kilometre-long belt which are highly prospective for Carlin-type gold deposits. As we eagerly await the upcoming Yukon field season the Company continues to aggressively pursue other opportunities."
Source: COLORADO RESOURCES LTD.