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Alpha Exploration (TSXV:AEX) announced the TSX Venture Exchange had accepted its application to file an oprtion agreement for the Kelic Lake uranium property. The property is located along the inferred southern margin of the Athabasca Basin.
According to the press release:
Under the terms of the option, AEX may earn a 100% interest in the Property by making cash payments totaling $80,000; issuing a total of 1,000,000 common shares; and completing a total of $750,000 worth of exploration expenditures, all in stages prior to December 14, 2016. The optionors shall retain a 2.5% royalty on production from the Property, which can be reduced, at the option of AEX, to a 1% royalty by payment of the sum of $1,500,000 to the optionors at any time prior to commencement of commercial production.
Click here to read the Alpha Exploration Inc. (TSXV:AEX) press release
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