Vendome Resources to Acquire Clinton Manganese Project

Vendome Resources Corp. (TSXV:VDR) announced that it’s entered into an agreement to acquire Geomap Exploration Inc.’s Clinton manganese project in British Columbia.
As quoted in the press release:

The 3 claims comprising the acquired property are located approximately 3-6 kilometers to the south of the village of Clinton, British Columbia and cover 954.53 hectares of land.
In exchange for 100% interest in the Clinton Manganese Project, both Geomap, a British Columbia corporation wholly owned by Afzaal Pirzada and Larry Nemeth, an Ontario resident, both arm’s length parties to Vendome, will each receive 200,000 common shares of Vendome on a post-30:1-Share Consolidation (as defined below) basis and will each receive a cash payment of $10,000. In addition, both Geomap and Larry Nemeth will each retain a 1% net smelter return on the project which may be reduced on payment of $1million per 1%.

John Priestner, CEO of Vendome, commented:

We are very excited to have acquired the Clinton Manganese Project in such a prospective manganese district in Canada. We will be reviewing the past geological and exploration data available on the property. We intend to test the targets in the next drilling season.

Click here to read the full Vendome Resources Corp. (TSXV:VDR) press release.