Linear Metals Agrees to Option Agreement on Seymour Lake Project

Linear Metals Corporation (TSX:LRM) agrees to terms whereby Canadian Copper Core Inc will have the right to earn a 70% interest in Linear’s Seymour Lake property.

The press release is quoted as saying:

The terms of the agreement provide CCC with the option to earn a 70% interest in the project by making a series of cash payments aggregating $500,000, issuing CCC shares valued at $1,750,000 and incurring qualifying exploration expenditures of $3.0 million, all over a period of three years. Linear retains the right, following CCC’s 70% earn-in, to require CCC to deliver a bankable feasibility study on the Seymour Lake project in order to earn an additional 10% interest. Linear will also retain a 1% NSR covering the project.

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