Alpha Exploration Inc. (TSXV:AEX) has entered into an option agreement dated August 29, 2014, with Jody Dahrouge and 877384 Alberta Ltd. for a 100% interest in mineral claims known as the Kelic Lake property, which is comprised of five mineral claims which cover approximately 17,247 hectares of land along the southern margin of the Athabasca Basin in Saskatchewan.
As quoted in the press release:
Under the terms of the Option, AEX may earn a 100% interest in the Property by making cash payments totalling $80,000; issuing a total of 1,000,000 common shares; and completing a total of $750,000 worth of exploration expenditures, all in stages prior to December 14, 2016. The Optionors shall retain a 2.5% royalty on production from the Property, which can be reduced, at the option of AEX, to a 1% royalty by payment of the sum of $1,500,000 to the Optionors at any time prior to commencement of commercial production. The Option is subject to TSX Venture Exchange acceptance.