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Mr. Philippe Cloutier reports
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CARTIER SIGNS OPTION AND JOINT VENTURE AGREEMENT FOR ITS RIVIERE DORE COPPER NICKEL PROPERTY
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Subsequentto the letter of intent announced in Stockwatch on Oct. 28, 2010,Cartier Resources Inc. has signed the option and joint-venture agreementwith Copper One Inc. to explore and develop the Riviere Dore coppernickel property in Quebec. Copper One can acquire up to a 75-per-centinterest in the property, located near the town of Val-d'Or, Que. The52,400-hectare project area covers an 80-kilometre-long newly discoveredlayered mafic intrusive complex. Copper One and Cartier have recentlyreported numerous high copper and nickel showings, includingnet-textured copper-nickel sulphides in pyroxenite.
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Under the terms of the agreement, Copper One will earn a 51-per-centinterest in the property by financing $5-million of explorationexpenditures, including $750,000 before Dec. 31, 2011, and by making acash payment of $250,000 to Cartier and issuing to Cartier 350,000common shares before Dec. 31, 2015. Copper One can earn an additional24-per-cent interest in the property, for a total interest of 75 percent, by completing a bankable feasibility study or by making furtherexpenditures of $20-million.
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Cartier will manage the exploration program during the initial optionperiod. After the first year of the initial option, Copper One may electto operate the project. If it elects to do so, Copper One will make anannual cash payment to Cartier of $50,000 for each year that it shalloperate the project during the initial option. The agreement providesthat a joint venture will be formed once Copper One's interest hasreached 51 per cent or 75 per cent, at Copper One's discretion.
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Copper One and Cartier are completing an aggressive exploration programfocused on initiating drilling on the vast, underexplored propertyduring the second quarter of 2011.
A location and exploration highlights map is available on-line.