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Cadillac Ventures Inc. (TSX VENTURE:CDC) announced that the Pickle Gold claims held by Cadillac in Pickle Lake, Ontario have been optioned to Newcastle Minerals Ltd. subject to regulatory acceptance.
Cadillac Ventures Inc. (TSX VENTURE:CDC) announced that the Pickle Gold claims held by Cadillac in Pickle Lake, Ontario have been optioned to Newcastle Minerals Ltd. subject to regulatory acceptance.
The press release is quoted as saying:
Under the terms of the option agreement Newcastle can earn an initial 60% interest in the 21 claims by the payment to Cadillac of $30,000 and 1,000,000 shares of Newcastle, and the completion of $250,000 in exploration work on the claims within 12 months of the date of the agreement. To earn the remaining 40% interest in the claims Newcastle must make payment to Cadillac of an additional $85,000 and an additional 1,000,000 shares within 24 months of the date of the agreement, incur exploration expenses on the claims of an additional $300,000 within 30 months, and issue to Cadillac an NSR of 2%. Newcastle can purchase from Cadillac 1% of the NSR for $1,000,000 at any time prior to the date that is three years after the commencement of commercial production on the claims.
Click here to access the entire press release