Fairmont agreement for Forestville, Baie-Comeau 2015-02-13 17:40 ET - Property Agreement
The TSX Venture Exchange has accepted for expedited filing a mineral property option agreement dated Jan. 21, 2015, between Fairmont Resources Inc., and Frederic Bergeron, Mario Bourque and Guy Barette, whereby the company has the option to acquire a 100-per-cent interest in the Forestville quartzite property and the Baie-Comeau property.
The Forestville property is located 20 kilometres north-northwest of the town of Forestville, Que., and consists of 22 mineral claims totalling approximately 1,244 hectares, and the Baie-Comeau property is located eight kilometres northwest of Bai-Commeau, Que., and consists of eight mineral claims totalling approximately 449 hectares.
Total consideration consists of $6,000, 500,000 shares and $60,000 of exploration expenditures in the first year, and $150,000 payable in shares in the following two years. Upon commencement of commercial production, the company will pay the vendors a 2-per-cent production royalty on products produced from the property. The company may repurchase the royalty at a price equal to 25 cents per tonne of product on each tonne of calculated, measured and indicated mineral resource on the property.