The total gross proceeds raised in the Private Placement are expected to be C$18,000,000. The Company intends to use the proceeds from the Private Placement together with its current cash on hand: (i) to fully fund the Company's proposed three year exploration program aggregating approximately C$15,000,000; (ii) exercise the option (the "Option") to complete the acquisition of 100% of the 21 properties, comprising approximately 12,301 quartz claims located in the White Gold District of the Yukon Territory (the "Properties") from Shawn Ryan and Wildwood Exploration Inc.; and (iii) for general working capital purposes. David D'Onofrio, President and CEO of the Company, states: "We are very excited to welcome Agnico Eagle as a strategic investor and partner in White Gold.