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Alchemist to acquire 80% interest in Tchentlo Lake
2014-06-24 14:31 ET - News Release
Also News Release (C-FAT) Far Resources Ltd
Mr. Keith Anderson of Alchemist reports
ALCHEMIST MINING ENTERS INTO OPTION AGREEMENT TO ACQUIRE UP TO 80% INTEREST IN PORPHYRY COPPER-GOLD PROPERTY, BRITISH COLUMBIA
Alchemist Mining Inc. has entered into an option agreement with Far Resources Ltd., a British Columbia corporation, whereby Alchemist may acquire up to 80-per-cent undivided interest in and to six mineral claims, consisting of 2,508 hectares, located in north-central British Columbia, Canada, known as the Tchentlo Lake property.
Under the terms of the agreement, Alchemist can earn a 51-per-cent interest in the property by incurring $280,000 of expenditures in exploration activities on the property by the end of the three-year earn-in period; and paying and issuing to Far: $5,500 and 100,000 common shares in the capital of the company upon TSX Venture Exchange approval and completion of a non-brokered private placement financing; $10,000 and 150,000 shares on the first anniversary of exchange approval; $20,000 and 250,000 on the second anniversary of exchange approval; and $25,000 on the third anniversary of exchange approval. Far will retain a 2-per-cent net smelter return on the property, of which Alchemist can buy back 1 per cent within seven years of exchange approval for $500,000.