Junior gold explorer Aldrin Resource Corp. (CVE:ALN) saw its shares plummet over 34 percent Monday after it said its board has decided to cease development of its two remaining projects in the Yukon, Canada, and stop work at certain prospects in Nevada.
The move is part of a plan to change its resource strategy, the company said. Aldrin will allow the option agreements covering the IND and Brew projects, located south of Dawson City, to lapse.
The company's board has also decided that further development of the Jenny Hill/Black Hills prospect and the Slate Mountain prospect in Nevada is no longer warranted.
Aldrin has already terminated the definitive agreement regarding these Nevada prospects.
CEO, Johnathan More, said in a statement: "We will be embarking in a new direction within the resource sector in 2012. We will be evaluating a number of prospective resource exploration properties and will advise shareholders at such time as a definitive agreement is reached on rights to a new prospect.
"As we enter this new phase, we have no debt and continue to have a strong cash position."
Aldrin Resource is a Canada-based mineral exploration company trading on the TSX Venture Exchange. It has until recently been focused on the development and exploration of gold properties located in Canada's Yukon Territory and in the state of Nevada, USA.
Shares were down over 28 percent as of early afternoon Monday, trading at $0.11.