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2010-12-17 15:06 MT - Property Agreement
The TSX Venture Exchange has accepted for filing the documentation relating to a property option acquisition agreement dated Dec. 10, 2010, between the company, and Derrick Fancey and Donald LeDrew, whereby the company may acquire a 100-per-cent interest in mineral exploration licence 016270M, consisting of 30 claims and located in Wings Point, Nfld.
In order to obtain the 100-per-cent interest, the company is required to issue 400,000 common shares (40,000 within the first year), as well as pay $180,000 in cash ($15,000 within the first year).
Further, should the company exercise the option in full, each of the vendors is entitled to receive an additional 75,000 common shares (for a total of 150,000). Where the property attains a level of proven gold reserves equal to two million ounces, each of the vendors is entitled to receive a further 100,000 common shares (for a total of 200,000).
The vendors will retain a 3-per-cent net smelter return royalty, two-thirds of which (2 per cent) may be repurchased for a sum of $2-million.
Angus Bradley will receive a finder's fee of $46,688, as paid in stages over the course of the agreement.
For further information, please refer to the company's press release dated Dec. 14, 2010.
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