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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.

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.

Click here to read the Playfair Mining (TSXV:PLY) press release
Click here to see the Playfair Mining (TSXV:PLY) profile

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