Mountain Lake Minerals Inc. (CNSX:MLK) announced the signing of an agreement whereby Centrerock Mining Limited, a wholly owned subsidiary of Minco Plc, will acquire a 100% interest in the Property in two phases.
As quoted in the press release:
Under the terms of the Agreement, and subject to regulatory approval, Centrerock will acquire a 75% interest in the Property for a cash payment of CDN$450,000 and a 1% net smelter return royalty (“NSR”) on commercial production in favor of Mountain Lake. The 1% NSR is in addition to the existing 2% NSR on the Property held by previous owners.
Centrerock has the right to acquire the remaining 25% of the property, subject to fulfilling certain conditions, for a one-time further payment of CDN$ 175,000 to Mountain Lake.
Centrerock will become the operator of the Property and has agreed to spend CDN$ 150,000 in exploration and development on the Property over the next year.