Lithium Corporation (OTCBB:LTUM) announced that the company has signed an option agreement for the acquisition of Mount Heimdal Flake Graphite property in British Columbia. The property comprises of 3 claims totaling 1,045 hectares.
As quoted in the press release:
The terms of the option agreement dictate that Lithco spend $15,000 in exploration on the property, and complete an assessment report by 30 November of 2013. Upon successful completion of the program and the report Lithium Corporation will earn a 100% interest in the claims, subject to a 1.5% Net Overriding Royalty to the vendor from the proceeds of production. The Company intends to conduct prospecting and geological field work on this property during the summer of 2013.