Greenridge Exploration Inc. announced that it has acquired through staking a 100% interest (the "Acquisition") in the Nut Lake Uranium South claims (the ?Claims?) located in the Thelon Basin, Nunavut Territory. The newly staked Claims contain historical grab sample results of up to 10.39% U3O8 and 5.51% Cu. The new Claims cover an area of approximately 1,818 ha (18km2) making the Nut Lake Project (the ?Project?) now a total of approximately 5,854 ha (59km2).

A successful exploration season executed by Pan Pacific in 1979 and the discovery of Anomaly 448 (?448?) led to further exploration of the Nut Lake area, south of the Tundra and Lake showings. 448 consists of a frost boil in mafic gneiss yielding 22,700 ppm Uranium (approximately 2.3% U) and the location of two radioactive shears in mafic gneiss. In addition to this, there were five main showing areas, #1-#4 and the Yell showings.

Showings #1-3 were discovered by ground prospecting in 1979. The #1 showing consists of a limonitic shear, assaying 0.2-0.5% U3O8 (1979 assay), measuring approximately 2 ft wide and exposed for 5 ft. strike length in mafic gneiss.

Numerous radioactive fractures occur on the shoreline and immediately south of the #3 showing. The #2 showing is a similar occurrence to the #1 in frost-heaved boulders, assaying 0.07-2.81% U308. Follow up prospecting by Pan Pacific in 1980 resulted in the discovery of two new showings.

The #4 showing occurs as a fracture with pitchblende mineralization up to 1 cm wide, in mafic gneiss. The Yell showing area on 448W consists of a series of en-echelon tight fractures in a mixed mafic gneiss-granite. In 1980 a total of 37 trenches were blasted over the showing areas with grab samples taken and assayed for uranium, copper, and nickel.

Thirty-two diamond drill holes tested these trench exposures and assays were taken of radioactivity in the hole. The Yell showing assays ranged from 0.05% to 10.39% U3O8 and 5.51% Cu. Mineralization occurs in mafic gneiss where fractures dilate to a maximum thickness of 5 cm, but in most cases where fractures run into granite they become hairline in thickness.

The #3 showing when trenched under the radioactive frost boil, encountered a highly radioactive zone of pink calcite flooded gangue with chloritized breccia fragments in hematite altered greenish black mafic gneiss with quartz-feldspar vein injections and breccia clasts. Further trenching discovered a second trend of radioactivity along tight fractures to the west. This trend appeared to follow the radioactive soil zone discovered on the surface.

Grab sample assays from this trench ranged from 0.001%-1.29% U3O8. Sixteen diamond drill holes for a total 171.75m were completed in the #3 showing area. Pitch 8-12 tested structures with weak radioactivity on the lakeshore.

Pitch 10 intersected a 0.5 ft. interval of 0.022% U3O8 in a pink calcite-hematite altered vein on strike with the radioactive trend in the trench. Pitch 11 was terminated in a non-radioactive hematite altered zone.

Pitch 5 was collared too close to the main trench and therefore just intersected the radioactive structure assaying 0.433% U3O8 over 0.25 ft. Therefore, Pitch 15, 16, 17, were stepped back and drilled to depth which determined the dip of the structure. Pitch 19, in drilling the east-west radioactive trend, intersected the 135° structure north of the trench at depth.

It became apparent from this drilling on the lakeshore and on the main trench that a radioactive structure trending 135°/80°E was the prime target as Pitch 6, 7, 19 and 20 did not intersect mineralization along an east-west direction. Pitch 18, 21, 22 attempted to pick up this structure along strike, but failed to do so. The extent of the mineralization in the #3 showing area appears to be 8.4 m of strike length, tested to a depth of 12.5 m and thus should be followed up on to extend.

In late 1980, four holes were drilled using Winkie diamond drilling, totaling 202 feet, at the Lake showing. DDH Lake 1 and 2 were angled to intersect the main mineralized zone at dips of 45° and 60° respectively. DDH Lake 3 was positioned southeast, 13.5 meters down strike of the main mineralized fracture, to intersect this zone and a galena-erythrite radioactive structure.

DDH Lake 4 aimed to intersect a radioactive fracture to the east but was abandoned due to weather. DDH Lake 1, 2, and 3 encountered mafic gneiss and a chlorite-hematite alteration aureole up to 7 feet from the gneiss-biotite trachyte contact. The biotite trachyte trends at 140°/45°N, with microsyenite forming a border phase varying in thickness from 0.5 to 1.5 feet.

Hematitic alteration and chlorite veining were observed in the mafic gneiss, sometimes associated with mineralization. Silver mineralization was identified in three forms: Disseminated mineralization (A and B zones) associated with finely disseminated galena in chloritic veinlets and pyritic stringers in hanging wall gneiss. Vein mineralization (C Zone) - thin veinlets of massive galena-sphalerite mineralization with associated silver values.

Intrusive mineralization (D Zone) - associated with finely disseminated galena in the border phase microsyenite.