Zone Resources Inc. Adds to its Labrador Trough Iron Project

Zone Resources Inc. (TSXV:ZNR) reports it has acquired an option to earn a 100% interest in the Bob Lake Iron Property.

The press release is quoted as saying:

Pursuant to the terms of the option agreement, Zone will pay a cumulative amount of $150,000 cash and issue 1,500,000 common shares over a three year period. The Bob Lake Iron Property is subject to a 2.0% Net Smelter Royalty (“NSR”). Zone shall have an option to purchase 1% of the NSR for the sum of $1,000,000 at any time up to when a production decision is made. The terms of the agreement are subject to regulatory approval of the TSX Venture Exchange.

For the complete press release, click here.

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