EagleRidge Minerals Ltd. announced that it has signed an option agreement with Mustang Minerals Corp. to earn a 100% interest in a pegmatite project. The option agreement covers 20 contiguous claims (4547 hectares) in the Greer Lake area, in southeast Manitoba. The property has potential for significant rare earth element (REE) and lithium (Li) mineralization.

The Silverleaf Project is located approximately 130 kilometres northeast of Winnipeg, Manitoba and along the Winnipeg River in the Greer Lake area. Historically the area is well known for the presence of numerous surface pegmatites. To date more than 20 pegmatites have been identified in the historic records from the Greer Lake area. Several of the surface pegmatites have been reported to be well zoned and have been traced for over 150 metres in length and 30 metres in width. Dimensions of the pegmatites vary. Past exploration in the region has focused on the lithium, beryllium and tantalum potential of the pegmatites. The REE potential of the pegmatite field has not been previously evaluated, despite the presence of REE-bearing minerals as indicated in the historical and academic literature on the pegmatites. Bulk samples, for testing purposes, were removed from the pegmatites in the 1930's for beryllium, lithium, rubidium, gallium and germanium but no large scale mining was undertaken.

An exploration program is planned by ERM for the summer of 2010 that will consist of prospecting, geological mapping and geochemistry. The company will focus on completing an evaluation study of the REE and lithium potential of the known surface pegmatites while exploring for new pegmatite resources on the property. Work will be supervised by Carey Galeschuk who has over a decade of pegmatite exploration experience in the region.