OTCQX:SREMF - Post by User
Post by
razzsson Aug 10, 2010 7:24am
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Post# 17336510
Selling non core assets
Selling non core assetsSan Gold Corp. and SGX Resources Inc. have entered into a purchase agreement with Canada Lithium Corp. (previously Black Pearl Minerals Consolidated Inc.) (CLQ) to acquire a 100-per-cent interest in 18 mineral claims held by CLQ located in Tully township, Porcupine mining division, district of Cochrane, Ontario. The consideration to be paid for the mineral claims by San Gold and SGX consists of $200,000 in cash, 600,000 common shares of SGX and 150,000 common shares of San Gold. SGX and San Gold will each acquire a 50-per-cent interest in the mineral properties and SGX will be the operator of the mineral properties. San Gold and SGX have also agreed that SGX will be required to pay the cost of certain additional work on the mineral properties in order to earn its 50-per-cent interest in the mineral properties.