NEWSIciena options 118 B.C. mineral claims
2008-03-28 18:13 ET - News Release
Mr. Harry Lappa reports
ICIENA ENTERS INTO OPTION AGREEMENT FOR THE RIGHT TO ACQUIRE 118 MINERAL CLAIMS IN CENTRAL BRITISH COLUMBIA
Iciena Ventures Inc. has entered into an option agreement dated effective Feb. 18, 2008, with Joseph Lawrence, John Ostler and Bruce Squinas to acquire a 100-per-cent interest in 118 contiguous mineral exploration claims. The claims are located in central British Columbia and consist of approximately 2,186 hectares.
Pursuant to the terms of the option agreement, in order for the company to maintain its interest in the claims it is required to issue to the optionors a total of $210,000 payable in multiple tranches over a five-year period, and allot and issue to the optionors a total of 180,000 common shares in the capital of the company. Upon completion of the cash payments and the share issuances by the company to the optionors, the company will have earned a 100-per-cent interest in the claims, subject only to a 1.5-per-cent net smelter return in favour of the optionors.