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Constantine Metal Resources Ltd. (CVE:CEM) reports the signing of an option agreement with Ocean Park Ventures Corp. (CVE:OCP) on its Trapper gold project, northwest British Columbia.
Constantine Metal Resources Ltd. (TSXV:CEM) reports the signing of an option agreement with Ocean Park Ventures Corp. (TSXV:OCP) on its Trapper gold project, northwest British Columbia.
The press release is quoted as saying:
Pursuant to the terms of the option agreement, Ocean Park will pay $100,000 and issue 100,000 common shares to Constantine upon receipt of applicable regulatory approvals. In order to maintain the option and earn a 50% interest in the Property, Ocean Park must make cumulative exploration expenditures on the Property totalling $4,750,000 as follows: $750,000 by December 15, 2011, $1,250,000 by second anniversary, $2,250,000 by the third anniversary and $4,750,000 by December 15, 2014.
Constantine’s President and CEO, Garfield MacVeigh says:
“We are pleased to have Ocean Park as an exploration partner.” “With a firm $750,000 year one exploration commitment that includes drilling, we look forward to the advancement of this attractive early stage gold project. In addition to the Company’s core asset, the copper-zinc rich Palmer VMS Project, Constantine shareholders will have exposure to at least three active gold exploration projects in 2011. These include new Carlin-type gold targets in the Yukon, where the Company has moved quickly to secure a large land position in an exciting new gold district in a 50-50 joint venture with Carlin Gold Corporation, and near-term drilling on the 100% owned Munro-Croesus Gold Project that is planned for early 2011.”