Playfair Mining Signs Letter of Intent With Great Atlantic Resources

Playfair Mining (TSXV:PLY) is pleased to announce it has signed a Letter of Intent with Great Atlantic Resources (TSXV:GR) to allow Great Atlantic to acquire up to a 75% interest in the Grey River Tungsten property.

As quoted in the press release:

Under the terms of the letter of intent, Great Atlantic, as operator, can acquire a 75% undivided interest by making cash option payments of $500,000 over the next six months upon signing a definitive option agreement. Great Atlantic will further issue 19.9% of its issued and outstanding shares to Playfair over a four year period. Playfair shall fund the first $500,000 in exploration costs within year one. Either Playfair or Great Atlantic has the right to accelerate the terms of the agreement under certain conditions.

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