Sphere Aquires More Property in Red LakeSphere to acquire three Ontario mineral claims
2010-06-01 10:57 ET - News Release
Mr. Malcolm Stevens reports
SPHERERESOURCES INC. ENTERS INTO AGREEMENT TO ACQUIRE MINING CLAIMS INBYSHE/DOME TOWNSHIPS, IN THE RED LAKE MINING DISTRICT OF ONTARIO
Sphere Resources Inc. has entered into an agreement with Perry Englishof Manitoba, Canada, to acquire a 100-per-cent interest in threeunpatented mineral claims comprising a total of four claim units andcovering 64 hectares located in Byshe/Heyson/Dome townships in the RedLake mining district of Ontario.
The addition of these new claims increases the total holdings in theRed Lake area to 38 claim units covering an area of 608 hectares. Theclaims are located approximately four kilometres west, northwest andnorth of the town of Red Lake.
The company has identified that the claims have been properlylocated, staked and recorded in accordance with the mining laws of theprovince of Ontario and are in good standing, and the parties areunaware of any action or claim, pending or threatened, which may affecthis ownership in the claims or his right to deal with the claims.
The company has agreed to purchase a 100-per-cent interest in the claims for the following consideration:
- The issue of 175,000 common shares of the company on signing the agreement;
- Payment of $5,000 in cash in twelve months from the date of the agreement.
The owner retains a 2-per-cent net smelter royalty, however, thecompany has the right to repurchase the 2-per-cent net smelter royalty at anytime by the payment of $400,000.
MalcolmStevens, chief executive officer of Sphere Resources, stated: "As canbeen seen from the map of the Dome property claims, these additionalclaims are strategic to Sphere's exploration efforts with Duncan ParkHoldings Corp. at Red Lake and are to be included in the current IPprogramme which is scheduled to start shortly. Red Lake in NorthwesternOntario remains one of the richest and most prolific producing goldcamps in Canadian mining history, with more than 30 million ounces ofgold recovered."
We seek Safe Harbor.