VMS Ventures Ontario property agreement

VMS Ventures Inc (C:VMS)
Shares Issued 114,017,955
Last Close 5/3/2010 $0.285
Monday May 03 2010 - Property Agreement

The TSX Venture Exchange has accepted for expedited filing documentation of option agreements dated April 5, 2010, between the company, and John Brady and Marie Brady, whereby the company may acquire an undivided 100-per-cent right title and interest in and to the mineral claims, located in the Black Creek property, the Terra Incognita property and the Gold Pine property, all of which are located in the north range of the Sudbury basin in Ontario.

The consideration payable for each property is as follows:

• Black Creek property, $100,000 in cash payments, 250,000 common shares and exploration expenditures of $112,800, all payable in stages over a three-year period;
• Terra Incognita property, $90,000 in cash payments, 150,000 common shares and exploration expenditures of $49,200, all payable in stages over a three-year period;
• Black Creek property, $150,000 in cash payments, 200,000 common shares and exploration expenditures of $20,400, all payable in stages over a three-year period.

The optionors will retain a 2.5-per-cent net smelter royalty. The company shall have the right to repurchase 60 per cent of the net smelter royalty (1.5 per cent) for $1.5-million.

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