Probe Mines Borden Lake South property agreement
2012-03-26 17:37 ET - Property Agreement
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The TSX Venture Exchange has accepted for filing documentation relating to an option agreement dated March 12, 2012, between Reliant Gold Corp., a TSX Venture Exchange-listed company and Probe Mines Ltd. Pursuant to the agreement, the company shall have the option to acquire up to a 70-per-cent interest in its Borden Lake South property, located 10 kilometres east of Chapleau in Northwestern Ontario.
Pursuant to the terms of the agreement, the company can earn a 60-per-cent interest in the property by making total cash payments of $140,000, issuing 225,000 common shares and incurring $900,000 in exploration expenditures over a three-year period. In order to earn an additional 10 per cent in the property, the company must make further payments of $60,000, issuing 225,000 common shares and delivering a feasibility study.