Mountain Lake Enter into a Letter of Intent with SG Spirit Gold Inc.

Mountain Lake Resources Inc.(TSXV:MOA) signed a letter of intent to sell its 100% interest in the Bobby’s Pond base metals project.

Terms and conditions include:

• In consideration for the transfer of 100% of Bobby’s Pond to SG, upon closing, Mountain Lake shall receive:
• The number of common shares of SG representing 3.65% of the issued and outstanding common shares of SG following completion of the Financing;
•  A 0.5% Net Smelter Royalty on production from Bobby’s Pond; and
•  A one-time cash payment of $100,000.

Mountain Lake, President & CEO, said:

We have long believed that area consolidation was the logical way to develop Bobby’s Pond and the other known VMS deposits in the Buchans Camp.This transaction gives us the opportunity to monetize value from a non-core asset while retaining an interest in the future potential of the consolidated company.

Click here to read the Mountain Lake Resources Inc (TSXV:MOA) press release
Click here to see the Mountain Lake Resources Inc (TSXV:MOA) profile.