Mountain Lake Minerals Inc. (CNSX:MLK) and Minco completed Phase I of the sale of the Bobbys Pond property to Centrerock Mining Limited, a wholly owned subsidiary of Minco Plc.
As quoted in the press release:
Under the terms of the two-phase sale agreement announced July 31, 2013 (http://www.mountain-lake.com/2013-News/MLK_NR_07-31-13_Minco-BobbysPond.pdf), Centrerock has acquired a 75% interest in the Property for a cash payment of CAD$450,000; and granted a 1% net smelter return royalty (“NSR”) on commercial production to Mountain Lake, which is in addition to the existing 2% NSR on the Property held by previous owners.
Phase II of the sale agreement gives Centrerock the right to acquire the remaining 25% of the Property, subject to fulfilling certain conditions, for a one-time further payment of CAD$ 175,000 to Mountain Lake.
Centrerock has also become the operator of the Property and has agreed to spend CAD$ 150,000 in exploration and development on the Property by July 31, 2014.