The TSX Venture Exchange has accepted for filing Alita Resources Ltd.'s qualifying transaction described in its filing statement dated Dec. 16, 2011. As a result, effective at the opening Monday, Jan. 30, 2012, the trading symbol for the company will change from AL.P to AL and the company will no longer be considered a capital pool company. The qualifying transaction consists of the following transaction.

Acquisition of an option to acquire a 60-per-cent interest in the Rowan Lake property

The exchange has accepted for filing a an option agreement dated Oct. 14, 2011, between the company and Mainstream Minerals Corp. which grants the company an option to acquire a 60-per-cent interest in the Rowan Lake group of mineral claims in Ontario. To maintain and exercise the option, the company must issue the following consideration to Mainstream:

Year 1

1. Pay $20,000 in cash and issue and allot to Mainstream 100,000 shares in the capital of the company within five days of the date of this bulletin;
2. Perform not less than $200,000 of exploration work on the claims within a period of one year from the date of this bulletin.

Year 2

1. Pay $20,000 in cash and issue and allot to Mainstream 100,000 shares in the capital of the company within a period of one year from the date of this bulletin.
2. Perform not less than a total of $550,000 of exploration work on the claims within a period of 24 months measured from the date of this bulletin.

Year 3

1. Pay $20,000 in cash and issue and allot to Mainstream 100,000 shares in the capital of the company within 24 months from the date of this bulletin.
2. Perform not less than a total of $900,000 of exploration work on the claims within 36 months from the date of this bulletin.

The claims, known to the parties as the Rowan Lake claims, are 25 contiguous claims covering 5,076.1 hectares (approximately 12,543 acres) in the Cameron and Rowan Lakes area approximately 60 kilometres southeast of Kenora, in southwestern Ontario. The claims are subject to a 2-per-cent net smelter royalty obligation. If the company earns the 60-per-cent interest in the claims it and Mainstream will form a joint venture which will be entitled to purchase a 1-per-cent net smelter return royalty for $1-million cash.

The company will pay a finder's fee of 100,000 shares of the company to Kal Mali, an arm's-length finder, for his services in introducing the company and Mainstream and assisting in negotiating of the qualifying transaction.

The full particulars of the company's qualifying transaction are set forth in the filing statement, which has been accepted for filing by the exchange and which is available under the company's profile on SEDAR.

The company is classified as a mineral exploration and development company.

Capitalization:  unlimited shares with no par value of which 8,356,000 shares are issued and outstanding

Escrow:  2.15 million common shares are subject to a 36-month staged release escrow under the CPC escrow agreement; 960,000 common shares are subject to a 36-month staged release escrow

Transfer agent:  Valiant Trust Company

Symbol:  AL

Cusip No.:  016423 10 5 (unchanged)