Printer Friendly

United States : MERC to buy 100% stake in Properties.

MERC is planning to buy 100% stake in the Properties for a price of $400,000 to be paid to SLAM in cash installments over two years as follows; twenty five thousand dollars ($25,000) paid upon signing, fifty thousand dollars ($50,000) due within 30 days; two hundred thousand dollars ($200,000) on or before the first anniversary of the deal; and, one hundred and twenty-five thousand dollars ($125,000) on or before the second anniversary of the pact.

SLAM would keep on a 2% NSR for potential streaming revenue in the event of production. Half of this NSR could be bought by MERC for one million dollars ($1,000,000).

The Properties includes of 13 mineral claims, which covers 2,832 hectares of highly prospective volcano-sedimentary terrranes in the Reserve Creek and Miminiska Lake area of northwestern Ontario.

The properties comprises of the Reserve Creek gold deposit and the promising Keezhik Creek (KCR) gold occurrence, both with significant gold intercepts drilled by SLAM.

SLAM Exploration President and Ceo, Mike Taylor, stated: We are proud to sign this historic agreement with MERC, a new company established expressly to provide the good people of the two historic Ojibway sister nations of Eabametoong and Mishkeegogamang with economic development opportunities and hope in a future made better through cooperative ownership and control in mineral exploration, development, mining and related services on their Traditional Territories. The agreement provides MERC an opportunity to unlock and develop the significant mineral potential of these properties in return for a cash consideration and retained NSR that may generate potential streaming revenues to SLAM .

[c] 2015 Al Bawaba ( Provided by SyndiGate Media Inc. ( ).

COPYRIGHT 2015 SyndiGate Media Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2015 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Mena Report
Date:Nov 3, 2015
Previous Article:United States : Chevron Announces First Production From the Lianzi Development Offshore the Republic of Congo and Angola.
Next Article:United States : BlackBerry completes purchase of Good Technology.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters