TSX-V: ORS May 13, 2010 - Orestone Mining Corp. (“Orestone” or the “Company”) and Intuitive Exploration Inc. (“Intuitive”) announce that they have agreed to amend certain terms of the arrangement agreement announced on March 23, 2010. Under the terms of the amendment, the deadline for completion of the plan of arrangement has been extended to May 31, 2010. In addition, Intuitive has agreed to deliver to the Company, prior to completion of the plan of arrangement, audited financial statements for Intuitive’s financial year ended January 31, 2010 and unaudited financial statements for the interim period ended April 30, 2010.
Intuitive has scheduled a meeting of its shareholders to be held in Vancouver on May 25, 2010 for the purpose of seeking shareholder approval of the plan of arrangement.
The plan of arrangement remains subject to acceptance by the TSX Venture Exchange.
Intuitive is a private British Columbia company that holds a 51% undivided interest in the Todd Creek mineral exploration property in the Skeena Mining Division, Stewart Gold Camp, in northwestern British Columbia, located 35 km northeast of Stewart. The Todd Creek property occurs within the favorable Hazelton Group stratigraphy and associated suites of intrusions. This geological environment hosts many large and significant mineral deposits including the Granduc, Eskay Creek, Silbak-Premier and Kerr/Sulphurets/Mitchell zones. In addition, Intuitive holds an option to acquire a 51% interest in the adjoining Funk Property which together with the Todd Creek property, cover more than 19,467 hectares.
Orestone is presently exploring three mineral properties in northern B.C and one mineral property in southern B.C. all within Quesnel Terrane, which extends from the US border to northern B.C. The Quesnel Terrane hosts numerous mines and many developing bulk tonnage Cu-Au prospects such as those on the Mt. Milligan and Kwanika properties in north-central B.C., sediment-hosted gold mineralization on the Spanish Mountain and Frasergold properties in south-central B.C. as well as gold vein deposits throughout B.C. For further information contact Gordon Richards, the President of Orestone, at (604) 940-6466 or Jim Mitchell, a director of Orestone, at 1-604-796-9418.
ON BEHALF OF THE BOARD OF DIRECTORS OF ORESTONE MINING CORP.
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