Orestone Mining Corp. (TSX-Venture: ORS) has entered a Letter Agreement (the "LOI") dated November 26, 2009 for the acquisition of all issued shares of Intuitive Exploration Inc. Intuitive has acquired and holds a 51% undivided interest in a mineral exploration property in the Skeena Mining Division, Stewart Gold Camp, and known as the Todd Property. Intuitive also holds an option to acquire a 51% interest in the Funk Property which is also in the Stewart Gold Camp.
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Pursuant to the terms of the LOI, the company has proposed to acquire all of the issued and outstanding common shares of Intuitive on a one for one basis. The final structure, of which the details will be announced when available, will be determined on the basis of tax, security and corporate law advice in or to insure the most efficient process for both parties. Pursuant to the LOI, the company has loaned Intuitive $200,000.
About Orestone
Orestone is presently exploring three large claim blocks in northern B.C and one claim block in southern B.C., all within the Quesnel Terrane, which extends from the US border to northern B.C. The Quesnel Terrane hosts numerous mines and many developing bulk tonnage Cu-Au prospects, such as those on the Mt. Milligan and Kwanika properties in north-central B.C. It is also host to sediment-hosted gold mineralization on the Spanish Mountain and Frasergold properties in south-central B.C., as well as gold vein deposits throughout B.C.
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