Sunrise International Resources to Acquire Canadian Orebodies’ Crescent Lake Lithium Project
[Click image to enlarge]
[Click image to enlarge]
Canadian Orebodies Inc. has entered into an option agreement to sell its 100 percent interest in the Crescent Lake Project which comprise the Zigzag and Falcon Lake lithium properties to Sunrise International Resources Ltd, a subsidiary of Argonaut Resources NL.
The principal terms of the option are:
1. Orebodies grants Argonaut exclusivity to conduct a due diligence study on the Crescent Lake Project for a period of six weeks in return for a cash payment of $20,000.
2. Argonaut may exercise the option by making a cash payment to Orebodies of $50,000.
3. An interim option fee of $150,000 in cash is due within 5 business days of July 1, 2016.
4. Argonaut will then have until November 30, 2016 to complete its assessment of the project, at which time it can elect to purchase 100 percent the Crescent Lake Project for $200,000 in cash.
5. The following milestone payments are also defined in the option:
• $400,000 in cash or shares payable to Orebodies on announcement of a maiden resource estimate; and
• $1,000,000 in cash or shares payable to Orebodies on a decision to mine.
About Canadian Orebodies
Canadian Orebodies Inc. is a junior natural resource exploration and development company with a number of mineral properties located in Canada. The company is dedicated to its properties and prides themselves on the extensive research they devote to them. Canadian Orebodies is currently focused on developing and de-risking its Haig Inlet Iron Ore Project on the Belcher Islands in Nunavut. The company is headed by a diverse management team with years of successful experience in mineral exploration, geology, and business.
To stop by Canadian Orebodies’ website, CLICK HERE
Be in-the-know when you’re on-the-go!
FREE eNews delivery service to your email twice-weekly. With a focus on lead-driven news, our news service will help you develop new business contacts on an on-going basis.
CLICK HERE to register your email address.
Copyright © 2016 Mining Connection LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
For licensing permission, .(JavaScript must be enabled to view this email address)
