MacDonald Mines Sachigo Lake property agreement

MacDonald Mines Exploration Ltd (2) (C:BMK)
Shares Issued 139,823,400
Last Close 10/17/2008 $0.09
Monday October 20 2008 - Property Agreement

The TSX Venture Exchange has accepted for filing documentation relating to an option agreement dated Oct. 2, 2008, between Shoreham Resources Ltd. and MacDonald Mines Exploration Ltd.

Pursuant to the agreement, the company shall have the option to acquire an undivided 40-per-cent interest in the Sachigo Lake property (the company will acquire an undivided 100-per-cent interest in the event Escape Group Inc. does not earn its 60-per-cent interest in the property pursuant to its pre-existing option agreement with the optionor). The interest in the property shall be subject to a 2.5-per-cent net smelter return royalty, of which the company shall have the right to buy back 1 per cent at any time for the sum of $1-million.

In order to earn its interest in the property, the company must pay the optionor a total of $150,000 within three years, issue 300,000 common shares within one year and issue 600,000 common share purchase warrants (each exercisable into one common share at a price of 40 cents for a period of two years from issuance) within one year.