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Sheltered Oak Resources purchases 100% interest in Kerrs Gold Property from Sage Gold

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Sheltered Oak Resources

On December 23, 2009, Sheltered Oak Resources Corp., through its 100% owned subsidiary Sheltered Oak Resources Inc., and Sage Gold Inc. (TSX VENTURE:SGX) announced they had closed the previously announced acquisition by Sheltered Oak of a 100% interest in Sage's unpatented claims and leasehold interests in the Larder Lake Mining District in Kerrs Township in the Abitibi Greenstone Belt of Ontario (the "Kerrs Gold Property"), subject to registration of the transfers with various government offices. In consideration thereof Sage received 2 million common shares of Sheltered Oak and $500,000 in cash to be paid to Sage on or before December 22, 2010 as a deferred purchase price. Sheltered Oak's obligation to pay the deferred purchase price is secured by a charge on the Kerrs Gold Property. Sage will receive a 2% Net Smelter Royalty on the Kerrs Gold Property of which 1% can be purchased from Sage by Sheltered Oak at any time for $500,000. Sheltered Oak will also pay to Sage an advance royalty payment of $125,000, payable in five annual instalments with the first payment due on December 22, 2011. Sheltered Oak was advised in this transaction by Michael Bourassa, Nancy Eastman and Amira Abouali of Fasken Martineau.



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