Shoreham Res..Symbol SMH
Shares Issued 24,006,653
RPT Uranium options Bear Head Lake to Shoreham
2007-03-21 06:12 PT - News Release
See News Release (C-RPT) RPT Uranium Corp
Mr. Nelson Baker of RPT reports
RPT URANIUM OPTIONS BEAR HEAD LAKE URANIUM PROJECT TO SHOREHAM RESOURCES LTD.
RPT Uranium Corp. has optioned the Bear Head Lake uranium property to Shoreham Resources Ltd. The option agreement grants Shoreham the right to earn a 70-per-cent working interest (subject to a 2-per-cent net smelter returns royalty (NSR) payable to an underlying vendor) in RPT's three-claim, 64-unit, 1,024-hectare Bear Head Lake property located in the Setting Net Lake and Favourable Lake areas of Northwestern Ontario.
The Bear Head Lake property covers prospective uranium targets which were previously explored during the period 1955 to 1977 including a reported 29,871 feet of drilling by Kerr Addison Mines Ltd. and Dolores Branch Resources in 1977. Uranium is reported to occur in pegmatite-bearing zones, altered granitoid rocks and migmatites along a major structural break called the Bear Head Lake fault. Shoreham's field programs will commence during the second quarter of 2007, with grid work, radiometric surveys, geological studies and synthesis of historic data including drilling results and evaluation of pre-National Instrument 43-101 resource estimates. Subsequent drilling programs will be planned to advance these uranium targets.
Under the terms of the signed letter agreement, which is subject to regulatory approval, Shoreham has the option to earn a 70-per-cent interest in the Bear Head Lake property by paying to RPT $10,000 upon closing of the agreement and an additional $20,000 annually over three years on Feb. 1 of 2008, 2009 and 2010. Shoreham has the right to make these payments in either cash or Shoreham shares. Shoreham is also required to spend a cumulative total of $700,000 on exploration activities on the property by Aug. 15, 2011, of which $100,000 is to be spent by Aug. 15, 2008. RPT retains a right of first refusal on any offer to acquire Shoreham's rights under this agreement. The property reverts 100 per cent to RPT if Shoreham does not complete its 70-per-cent earn-in. Additional property acquired within a defined area of interest will be included in the agreement as qualified expenditures on the property but at no cost to RPT during the 70-per-cent earn-in period by Shoreham.
Shoreham may terminate the agreement at any time on with the condition that Shoreham is current in its obligations to RPT and the claims are in good standing. Exploration programs will be conducted by Shoreham subject to review and approval by RPT management. |
