Arianne Sells the Majority of its James Bay Interest to Virginia Mines

Arianne Resources (TSXV:DAN) reports the sale of its Wabamisk and Lac H properties in the James Bay area to Virginia Mines (TSX:VGQ).

The press release is quoted as saying:

Under this agreement, Virginia acquires a 100% participating interest in the Komo (118 claims) and Wabamisk (45 claims) properties in exchange for the issuance of 40,000 common shares of Virginia’s capital stock to Arianne Resources Inc. Lithium One Inc. owns full interests in any potential lithium discovery on four of the claims that constitute the Komo property.

Arianne’s President, Bernard Lapointe says:

“The granting of an option to acquire a 50% interest in Opinaca allows for the development of a possible joint venture with Virginia Mines. This transaction will enable us to increase our efforts to develop Lac à Paul, as we continue to explore James Bay with an esteemed partner. “

Click here to access the entire news release.

Click here to access Arianne’s company profile.