BKT contiguous to CAJ's discoveryBROOKEMONT ACQUIRES 6,687 CONTIGUOUS ACRES BORDERING CANASIA'S CLONE GOLD PROSPECT
Brookemont Capital Inc. has entered into an option agreement with an arm's-length vendor to acquire a 100-per-cent interest in six contiguous claim blocks consisting of 2,706 hectares (6,687 acres) in the Stewart mining region of British Columbia. This prospect directly borders Canasia Industries Corp.'s Clone prospect, and is the closest property located to their current drill program location.
Conrad Clemiss, president of Brookemont, stated: "Not only is this prospect directly tied onto the Canasia's Clone prospect, but it is the closest property to the Clone prospect's actual drill location. Recently, there has been a staking rush in the Stewart region of British Columbia due to Decade Resources Ltd.'s recent discoveries and the visible gold announcement made by Canasia. Management is pleased to acquire a sizable contiguous block bordering Canasia's Clone prospect. This region has historically been a location of significant discoveries such as Eskay Creek, the Silbak Premier, the Big Missouri, the Silver Coin, the Sulphurets and the Red Mountain deposits. Not only do we have this new acquisition, but we are currently working on our 100-per-cent-owned Yukon gold prospect bordering Underworld Resources as well."
Brookemont will pay the vendor $50,000 cash and issue 2.4 million common shares of the company and grant a 3-per-cent net-smelter-return royalty, with an option to buy back 1 per cent for $1-million. The company also agrees to spend $250,000 by Sept. 30, 2010, and an additional $250,000 by Sept. 30, 2011, as a work commitment. There will be a finder's fee payable in connection with this transaction. This transaction is subject to TSX Venture Exchange approval.
Schedule of payments would be as follows:
- $25,000 and 1.2 million shares upon exchange approval;
- $25,000 and 1.2 million shares within 12 months of exchange approval.
Brookemont currently has 96 mineral claims prospective for lithium covering an area of approximately 3,800 acres located in Northern Ontario, 93 load quartz mineral claims covering an area of approximately 4,836 acres, located in the Yukon, bordering Underworld Resources, and now 6,687 acres in the Stewart gold district of British Columbia.