On December 9, 2009 a LOI was announced by KATX, and today it has been announced that the signing is complete and Kat has agreed to acquire a 100 percent interest in the Twi-Lite property during a three-year period in consideration of total cash payments of $144,000, which includes a payment of $18,000 on signing $30,000 on first anniversary of the option agreement, $46,000 second anniversary and $50,000 third anniversary.
"We are very pleased to have the Twi-Lite property as part of our gold portfolio. It provides us with greater opportunity to expand our position as a real gold player. The company's field crews will now build on past work and examine high priority targets which offer excellent potential for the discovery of new gold mineralization.
"Our management team believes that Twi-Lite is a highly prospective property based on strong exploration results to date, its favorable geology and strategic location," said Ken Stead, President and CEO of Kat Exploration.
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About Kat Exploration
Kat Exploration's principal objective is to locate, stake, prove up and sell mineral properties throughout the province of Newfoundland. It is the Company's objective to take advantage of increased activity to generate joint venture clients, and sales of our existing and yet to be acquired properties.
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