Laurion Mineral Exploration Inc. (TSX-V: LME) along with Stroud Resources Ltd. (TSX-V: SDR) have executed a letter of intent (LOI) for Laurion to receive an option to acquire 60% of the mineral rights to Stroud's 100% interest in the Leckie Lake Gold Property.
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Pursuant to the LOI, Laurion can acquire a 50% legal and beneficial interest in the mineral rights through cash and share payment along with spending exploration expenditures totaling $2,850,000 over a 36 month period from the proposed closing date. Laurion will be able to make cash payments of $25,000 and issue $50,000 worth of Laurion common shares. The LOI also states that if Laurion obtains the 50% interest, they have the option to increase their interest to 60% by paying an additional $1 million within 9 months of the closing date.
Laurion is an exploration specialist company with key interests in highly prospective mining properties located in Ontario. Laurion's primary exploration focus is the identification of gold deposits; its exploration horizon also encompasses base metals and PGEs.
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