SLAM Exploration Signs $400,000 Agreement With MERC

SLAM Exploration Ltd. (TSXV:SXL) announced it has signed an agreement for the sale of the Reserve Creek and Miminiska Lake mineral properties to Mishkeegogamang-Eabametoong Mineral Resources Corp.
As quoted in the press release:

MERC will purchase 100% interest in the Properties for a price of $400,000 to be paid to SLAM in cash installments over two years as follows; twenty five thousand dollars ($25,000) paid upon signing, fifty thousand dollars ($50,000) due within 30 days; two hundred thousand dollars ($200,000) on or before the first anniversary of the Agreement; and, one hundred and twenty-five thousand dollars ($125,000) on or before the second anniversary of the Agreement. SLAM will retain a 2% NSR for potential streaming revenue in the event of production. MERC may purchase half of this NSR for one million dollars ($1,000,000).
About The Properties: The Properties comprise 13 mineral claims that cover 2,832 hectares of highly prospective volcano-sedimentary terrranes in the Reserve Creek and Miminiska Lake area of northwestern Ontario. The properties include the Reserve Creek gold deposit and the promising Keezhik Creek (KCR) gold occurrence, both with significant gold intercepts drilled by SLAM.

SLAM Exploration President and Ceo, Mike Taylor, stated:

We are proud to sign this historic agreement with MERC, a new company established expressly to provide the good people of the two historic Ojibway sister nations of Eabametoong and Mishkeegogamang with economic development opportunities and hope in a future made better through cooperative ownership and control in mineral exploration, development, mining and related services on their Traditional Territories. The agreement provides MERC an opportunity to unlock and develop the significant mineral potential of these properties in return for a cash consideration and retained NSR that may generate potential streaming revenues to SLAM.

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